EV Faraday Future Company Appoints New CFO As It Looks To Start Production
Electric vehicle manufacturer Faraday Future Intelligent Electric Inc.
appointed a new chief financial officer as the company, which recently went public, works to launch its auto production.
Los Angeles-based Faraday has appointed Walter McBride as chief financial officer, succeeding Zvi Glasman, who is stepping down after less than a year in the post to pursue other opportunities, the company said on Tuesday. Prior to joining Faraday, Mr. McBride was managing director and chief financial officer of technology consultancy Orange County Financial Services LLC for eight years, according to a securities filing.
Orange County is Mr. McBride’s personal consulting firm, according to a spokesperson for Faraday. He was also chief financial officer at Iteris Inc., a smart mobility software company based in Santa Ana, Calif., From December 2013 to July 2014, according to the filing.
Faraday is one of many electric vehicle makers that have gone public by merging with a specialist acquisition company without generating revenue or producing vehicles on a commercial scale. In July, the company raised around $ 1 billion through the SPAC deal and began trading on the Nasdaq after completing its merger with Property Solutions Acquisition Corp.
Other companies that have gone public through PSPC agreements, including Canoo Inc.
and manufacturer of batteries for electric vehicles Romeo Power Inc.
– have struggled with issues ranging from missed production targets to executive turnover.
Faraday plans to begin production of its first vehicle, its FF 91 model, in the summer of 2022. The luxury vehicle includes features such as autonomous driving capabilities and reclining seats, according to Faraday’s website.
In his new role, McBride will be responsible for ensuring Faraday avoids cost overruns and delays as he seeks to start production, according to Dan Ives, an analyst at Wedbush Securities Inc., which covers the company. “It’s about making sure, especially given the chip shortage and vendor issues, that there are no shoes to let go when it comes to meeting goals,” said he declared.
Faraday Managing Director Carsten Breitfeld praised Mr. McBride’s experience in capital markets and strategic planning in a press release announcing the appointment. Faraday refused to make Mr. McBride available for an interview.
Faraday has not filed a quarterly report showing its financial performance since its IPO in July. The company said in an investor presentation in January, filed as part of its SPAC transaction, that it expected to report earnings before interest, taxes, depreciation and amortization of $ 227 million in 2021. It also said in the presentation it planned to report positive EBITDA by 2024.
Faraday operates a manufacturing facility in Hanford, Calif., With an expected production capacity of 10,000, according to the January investor presentation. The company also said it plans to build cars in South Korea from 2023.
Faraday, which was founded in 2014, has had a bumpy ride to public listing. The company scrapped plans to build a billion-dollar auto plant in Nevada in 2017 after its founder, Chinese entrepreneur Jia Yueting, suffered financial troubles. A Chinese court seized some of Mr. Jia’s assets and regulators ordered him to return to the country to manage his debt.
Mr. Jia, who was not allowed to run state-owned enterprises in China, filed for bankruptcy in 2019 and resigned as chief executive of Faraday. He was replaced by Mr Breitfeld, a former BMW AG executive who co-founded Byton Ltd., a Chinese electric vehicle company. Mr. Jia remains with the company as a product manager.
As part of its SPAC deal, Faraday has attracted investors, including Chinese automobile company Zhejiang Geely Holding Group Co. The two companies are in talks on the possibility of working on a technology partnership to promote the development of Faraday’s business in China. , according to the September investor presentation.
Write to Kristin Broughton at [email protected]
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