Faraday Future Intelligent Electric Inc undoubtedly encountered many problems related to finances, among others, as an electric vehicle startup in America. However, the “substantial doubt” it had about the delivery of its FF 91 seems to have vanished now as it announced a prospective $170 million capital.
Schedule
After multiple delays, Faraday Future now claims to begin the FF 91 production by the end of March 2023 and push through with its initial customer deliveries in April 2023, according to Reuters.
Fresh funding
Apart from the unofficial $170 million capital it may get from the negotiations with investors, an existing investor also granted a $30 million binding letter of intent to Faraday Future on December 15.
The EV startup’s current investors will also be committed to funding the FF 91 production, as per Faraday Future.
Previous issues
Late September reports revealed that the company has to dismiss two directors under its agreement with FF Top Holding due to a protracted internal investigation into fraud allegations. Last week, the EV startup officially declared reorganization in management.
Apart from fraud issues, Faraday Future’s investors were also concerned about the company’s declining cash reserves and expensive raw materials.
In November, Faraday Future announced the delivery delay of its FF 91 electric car due to financial limitations. It has also expressed worries about the progression of its operation in general.
Furthermore, the value of Faraday Future’s shares has dropped below $1 this year, representing a 90% decline. That said, shareholders authorized the reverse stock split proposal in November to continue adhering to Nasdaq’s public listing guidelines.
Nonetheless, the EV startup seems fully committed to making its aspirations a reality as it continues to seek ways to go forward. As long as Faraday Future has not yet given up, it would not be impossible for the FF 91 to hit the roads in the future.
