Palantir-Backed Faraday Future Starts Production Of Flagship EV In California

California-based EV firm Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) announced the start of production of its flagship model, the FF91 Futurist Alliance.

What Happened: Faraday Future announced the start of production of the FF91 electric SUV at its factory in Hanford, California.

Faraday expects to offer the vehicle in both the U.S. and China, the company said in a statement.

It will commence 2023 sales efforts in the Los Angeles metro region, followed by San Francisco’s Bay Area and eventually, the New York metro region. In China, initial sales will be launched in Shanghai and Beijing, the company added.

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Faraday Future went public in a SPAC deal in 2021 and began trading on the Nasdaq. It is backed by data analytics company Palantir Technologies (NYSE:PLTR), which invested $25 million in its PIPE. Faraday Future initially planned to begin production of the FF91 electric vehicles in the spring of 2022.

Price Action: Shares of Faraday Future closed 1.9% higher at $0.355 on Wednesday and added 0.3% in extended trading, according to data from Benzinga Pro.

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