Faraday Future Raises $52M of Planned $600M Funding

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Faraday Future's FF91 in silver and black
Courtesy of Faraday Future

Faraday Future hopes to raise up to $600 million to fund the delivery of its luxury electric sedans, promising investors that customers will finally receive their cars as soon as the third or fourth quarter of 2022.


Faraday Future announced Monday that it raised $52 million in convertible notes from New York-based investors ATW Partners (which also backs Pasadena-based wearable biosensor tech company Rockley Photonics). Financing the new facility could inject as much as $600 million into Faraday’s coffers, the company said in a statement Monday – adding that it is in “active discussions” with investors in the U.S. and overseas about securing additional capital.

Faraday Future’s CEO Carsten Brietfeld said Monday that the company’s manufacturing facility in Hanford, Calif .—which was recently rebranded as the FF ieFactory California — is nearly ready to begin operations. Brietfeld said the Hanford facility is fully equipped and has already produced a dozen vehicles intended for mass production.

This could signal progress for Faraday, which unveiled a finished FF91 car in March after hyping it for nearly eight years – but it still faces challenges beyond the usual hurdles that come with getting a line of EVs into mass production.

The company recently restructured its leadership and demoted founder Yueting 'YT' Jia in April. Some of Faraday’s investors and critics recently argued in a class action lawsuit that 78% of Faraday’s 14,000 reservation deposits were from an “undisclosed company” and not actual prospective drivers.

“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,” Brietfeld stated Monday.

Faraday also announced the promotion of Mathias Hofmann to head of manufacturing operations. Hoffmann was previously the company’s head of global supply chain management, and he’ll keep that job while temporarily stepping in to lead manufacturing after former lead Matt Tall left the company.

“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,” Brietfeld added in a statement.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Raises $30 Million to Expand Manufacturing Footprint in Los Angeles
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

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