Faraday secures manufacturing site

Faraday Future, which some believe will emerge as Tesla’s main rival, has signed a lease on site that will become its assembly plant.

The one million square foot building in Hanford, California, will help company get its inaugural vehicle, the 1,000-horsepower, self-driving SUV FF91, on the road by the end of the next year.

The company had looked at a number of sites before selecting Hanford.

CFO Stefan Krause, who described the site a significant step forward, said, ‘We know there is a lot of work and risks ahead. Investors invest in people, and our employees continue to be Faraday Future’s strongest asset.’

The company is seeking an additional $1bn in funding from multiple investors.