Faraday Future Intelligent Electric Inc. announced that it has exercised its option to purchase its Hanford, California manufacturing facility and simultaneously completed a sale leaseback. This transaction is expected to generate up to $12 million of non-dilutive capital that can be used toward the completion of plant improvements and infrastructure enhancements to facilitate FF 91 2.0 Futurist Alliance production ramp-up. The Hanford manufacturing plant, officially called ?FF ieFactory California?

is a one million square foot facility that uses highly skilled craftsmanship and automated production. The facility, where the Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance is currently produced, is situated between technology-focused Silicon Valley and FF?s Global HQ in Los Angeles. It is expected that the plant, upon completion of the factory build-out, will have the capacity to produce approximately 10,000 vehicles per year.

FF announced the start of production and completion of its first production build vehicle coming off its production line at FF ieFactory California earlier this year.