Faraday Future announced that it received 135 million dollars in financing commitments in the form of convertible secured notes – enough to kick off production of its FF 91 model at the end of March. If all funds are received as planned, first units could be delivered as soon as early April, Faraday says.
Moreover, the carmaker plans to hold an investor meeting on 28 February to consider a proposal to increase the authorized shares of Faraday Future Class A common stock. If approved, it would allow the company to receive further financing in order to ensure that deliveries of the FF 91 stay on schedule.
In July of last year, Faraday had to admit that its pockets were empty and that it therefore had to postpone the the start of production of its luxury electric car. Initially, the company hoped to raise enough funds by the end of that year in order to still start production in 2022 – a goal Faraday failed to achieve.
Following the debacle, Faraday then ousted CEO Carsten Breitfeld in late November.
Keyword: Faraday Future secures funds, gets ready for production