Faraday Future to raise $600Mn funding
2022-08-16
Faraday Future Intelligent Electric Inc will raise up to $600 million in funding as it looks to deliver its FF 91 luxury car later this year. The company will get an initial $52 million of committed funds as part of a new financing facility.
The electric-vehicle maker said it was in active discussions with investors in the United States and globally for significant additional near-term funding as it looks to start deliveries in the third or fourth quarter.
The EV firm flagged the need for more cash to launch its FF 91 model in a regulatory filing in July after Chief Executive Officer Carsten Breitfeld said that it would be able to launch the car without the need for additional funding.
Meanwhile, Faraday Future’s Head of global supply chain, Mathias Hofmann will temporarily oversee manufacturing operations at its Hanford, California factory, replacing Vice President of Manufacturing Matt Tall, who will be leaving the company.
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