Faraday Future to Raise up to $600 Million in new Funding

US EV maker, Faraday Future Intelligent Electric Inc.,  has announced an agreement for a new financing facility of up to $600 million of total funds. Funds managed by ATW Partners, a US-based institutional investor, led the transaction. 

Faraday Future says it continues to have active discussions with multiple capital providers for potential significant additional near-term funding. 

These discussions may or may not lead to additional funding commitments beyond what has already been executed.

The company will provide further updates on financing negotiations as appropriate, and upon the conclusion of any additional definitive agreements.

Faraday Future’s first flagship product is the FF 91 Futurist.

Dr. Carsten Breitfeld, Global CEO of Faraday Future., says: “I am very pleased to have this important new committed capital and framework in place for substantial additional funding. We are working diligently to complete this capital raise process in order to raise sufficient new funds to launch the FF 91. Subject to successful completion of this fundraising process, I am confident that we can deliver cars to our customers in late Q3 or Q4.” 

He adds:  “Our Hanford manufacturing facility, recently renamed the “FF ieFactory California” is nearing completion. We have all the equipment on site needed to begin production and are in the final stages of installation. The FF ieFactory California has already produced over a dozen production-intent vehicles. Testing and validation of the FF 91 is well underway, and I am very pleased with the results we are seeing. The FF 91 will be the world’s first ultra-luxury EV and will reset customer expectations for what the future of intelligent mobility can be.”

Faraday Future's manufacturing facility in Hanford, California, which is now called ‘FF ieFactory California’,  will lead the production of the all new TechLuxury FF 91 EV, arriving later this year.