EV maker Faraday Future says it procured an additional $225 million in financing
Embattled electric vehicle (EV) maker Faraday Future has received another lifeline in the wake of a dispute with Chinese real estate giant Evergrande—one of the startup’s major investors.
Faraday announced on Monday that it had received $225 million in bridge financing ahead of the company completing a $1.25 billion capital raise, which it expects to close this year. The latest financing, led by US-based asset management firm Birch Lake Associates, is aimed at helping to bring Faraday’s flagship FF91 SUV to market.
Part of the financing seeks to reassure Faraday’s suppliers after the financial turmoil the company has seen since late last year, and to “obtain their commitments” to make sure the FF91 enters mass production. To secure the financing, Faraday had its intellectual property and technology valued, which the company said are worth $1.25 billion.
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