Published - May 10th, 2023 @ 1:13 PM (CET)

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Faraday Future Intelligent Electric, an electric vehicle (EV) startup, announced on Tuesday that it is raising $100 million in debt funding to support the production and initial deliveries of its flagship FF 91 Futurist vehicle. This move follows a series of setbacks caused by funding shortfalls that resulted in multiple delays.
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Faraday Future will utilize the debt funding to accelerate its production capabilities. Xuefeng Chen, the global CEO of the company, said,
"This round of financing commitments is expected to provide the Company with capital to support our FF 91 delivery milestone, sales and service system development, as well as support our near-term production ramp-up goals."

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In April, the company postponed the initial deliveries of the FF 91 Futurist by two months, citing the need for "substantial additional financing." The deliveries were initially scheduled for late 2022.

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Headquartered in Los Angeles, Faraday Future has been grappling with cash flow problems and a board reorganization stemming from a governance conflict with one of its largest shareholders, FF Top Holding. In November last year, the company questioned its ability to continue operating as a "going concern." Nevertheless, Faraday Future managed to secure sufficient funds in February to commence the long-delayed production of its vehicle.

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FF Global Partners (NYSE:GLP) (FFGP), a consortium of current and former company executives, has pledged $80 million as an anchor investor in this debt financing round. Other investors participating in the round include Metaverse Horizon Limited and V W Investment Holding.

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