EV startup Faraday Future looks to raise $600m

Author: EIS Release Date: Aug 22, 2022

Faraday Future Intelligent Electric, the electric car startup, is aiming to raise $600 million to get its first car into production, reports Reuters.

 

The company is hoping to get the car, designated the FF 91 (pictured) on the market in Q3 or Q4.

 

Faraday is reported to have got $52 million in committed funds and needs more to complete its factory in California.

 

In June, CEO Carsten Breitfeld said the company didn’t need any more funding to get products built but in July the company said it was looking to raise $200 million.

 

Faraday’s vp manufacturing Matt Tall has now left the company and his job is being taken over by the head of global supply chain, Mathias Hofmann.

 

Faraday, founded in 2014, has a long history of financial struggles and its founder and onetime CEO Jia Yueting went bankrupt.

 

The company went public last year via a SPAC.