(Yicai Global) Sept. 22 -- Faraday Future, the US electric car startup set up by Chinese businessman Jia Yueting, has received over 400 pre-orders for its flagship model the FF91 just two months after raising the funds it needs to start mass production through a backdoor listing on the Nasdaq stock exchange, The Paper reported.

Over 70 percent of the orders were placed through online sales channels, Chen Xuefeng, chief executive officer of the firm’s China office, said at an event on Sept. 19. The company has formed an asset-light sales network through its e-platforms FF Intelligent app and FF.com as well as through a string of brick-and-mortar outlets in major cities such as Beijing, Shanghai and New York.

The FF91, which has been in the pipeline for the last seven years, will finally start to roll off the production line a year after going public, Chief Executive Officer Carsten Breitfeld told Yicai Global in July. Sales should reach 40,000 vehicles a year in the second year and top 270,000 units a year within five years, he added.

In the meantime, the carmaker will focus on deliveries of the futuristic version to unseat traditional luxury brands such as Mercedes-Benz’ Maybach and Volkswagen’s Bentley, the California-based firm said on July 28. The 300 limited-edition FF91 Futurist Alliance Edition vehicles have already sold out. The firm also has plans to roll out an FF71 and FF81 series in the next five years, the report said.

There has also been substantial progress in the Faraday Future’s co-operation with Zhejiang Geely Holding Group, and the pair have entered the first stage of technical co-operation which will help drive Faraday Future’s business in China, The Paper reported.

Shares in Faraday Future [NASDAQ:FFIE] closed down 1.07 percent at USD7.39 yesterday.

Editor: Kim Taylor