Dive Brief:
- Electric vehicle startup Faraday Future raised $90 million in additional funding to produce and deliver its FF 91 luxury SUV, the company announced last week.
- Investors also agreed to move up a previous commitment to invest $15 million in Faraday Future. ATW Partners, an existing investor, led the funding round with additional investment from Senyun International.
- The fledgling automaker plans to use the money to increase production capacity, improve its sales and service, boost its global business development and improve operating cash flow.
Dive Insight:
Faraday Future went public via a merger with a special-purpose acquisition company in 2021, but the company has struggled to meet the expectations of consumers and investors, battling production delays, investigations and other troubles along the way. The EV automaker nearly went bust last year before receiving a $350 million line of credit.
“We are grateful to our investors and partners for their trust. This funding is another critical step for [Faraday Future] to complete immediate and medium-term strategic objectives,” Faraday Future CEO Xuefeng Chen said in a statement.
Last month, the company pricing for its long-delayed FF 91 model, which has a manufacturer’s suggested retail price starting at $249,000.
Lordstown Motors, another EV startup that went public via a SPAC, recently filed for Chapter 11 bankruptcy after a failed deal with contract manufacturer and investor Foxconn.
Faraday Future has not announced when it will start delivering vehicles to customers.
