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.

https://twitter.com/samsonamore
samsonamore@dot.la

Subscribe to our newsletter to catch every headline.

Why Women’s Purchasing Power Is a Huge Advantage for Female-Led Leagues

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.

Why Women’s Purchasing Power Is a Huge Advantage for Female-Led Leagues
Samson Amore

According to a Forbes report last April, both the viewership and dollars behind women’s sports at a collegiate and professional level are growing.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la
LA Tech Week Day 5: Social Highlights
Evan Xie

L.A. Tech Week has brought venture capitalists, founders and entrepreneurs from around the world to the California coast. With so many tech nerds in one place, it's easy to laugh, joke and reminisce about the future of tech in SoCal.

Here's what people are saying about the fifth day of L.A. Tech Week on social:

Read moreShow less

LA Tech Week: Six LA-Based Greentech Startups to Know

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.

LA Tech Week: Six LA-Based Greentech Startups to Know
Samson Amore

At Lowercarbon Capital’s LA Tech Week event Thursday, the synergy between the region’s aerospace industry and greentech startups was clear.

The event sponsored by Lowercarbon, Climate Draft (and the defunct Silicon Valley Bank’s Climate Technology & Sustainability team) brought together a handful of local startups in Hawthorne not far from LAX, and many of the companies shared DNA with arguably the region’s most famous tech resident: SpaceX.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la
RELATEDEDITOR'S PICKS
Trending