Dr. Carsten Breitfeld, GLOBAL CEO of Faraday Future, said that we completed the business merger on July 21, 2021 and received nearly $1 billion in cash injection. The Hanford plant is currently progressing well and we have ample cash support to complete production by July FF 91.
We anticipate increased costs compared to the business plan we launched prior to the business merger. These increases are primarily due to certain product improvements and upgrades related to the enhancement of FF91 product capacity, accelerated spending related to the preparation and development of FF81 projects, and recent macroeconomic challenges including increased construction and labor costs, rising raw material prices, semiconductor chip shortages, tariffs, and other supply chain constraints. We believe that we are well funded to complete the FF91 project, and the start-up time target for the project is still July 2022.
In addition, FF has revised its estimate of the additional funding required to achieve positive earnings and cash flows in 2024, and it will also require $1.5 billion in additional funding, up from our previous estimate of $1.4 billion. This additional funding will be used for the FF81 and FF71 projects, independent of the first car project, the FF91.
FF also said that it believes that they have sufficient funds to complete the FF91 project, and the project's production time target is still July 2022.
The FF 91 was the first model of FF, which was first unveiled in 2017. Although the car has not yet been listed, its price has been exposed, and the FF 91 is sold for 2 million yuan and 200,000 US dollars in China and the United States, respectively.
In terms of power, the FF 91 has 1050 horsepower, peak torque of more than 1800 Nm, 2.39 seconds to complete the 100 km acceleration, equipped with a battery pack with a capacity of 130 kWh, NEDC endurance of more than 700 km.
![Sister: Last year's Spring Festival held a classmates' association, a table in pairs, a table with a single stick. This year's alumni association, a married table, a table that hates marriage. Look at this posture, next year is a table for holding children, the last one[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)