It’s been a busy few days for Faraday Future, with the Californian independent confirming that the first examples of its
2.0 halo model will arrive on the East Coast this coming Friday. This announcement comes just days after $41 million USD in additional funding was sought, with potentially an additional $59 million USD forthcoming, as the company looks to roll out its ‘FX’ sister brand before the end of the year and increase development on its AI project.
$41 Million Of Funding Confirmed; Latest In $100 Million Cash Injection
The $41 million USD of “new cash financing commitments” has been sourced from new partners and shareholders through unsecured convertible notes and warrants. An initial commitment of $31.5 million has been made up front, with the company potentially set to secure a further $10 million in funding as deals with new investors are finalized. This latest round of financing means Faraday Future has now surpassed $100 million in third-party investment over the last seven months.
“This new round of funding lays a solid foundation for not only FF but also our new FX brand as it continues to make important milestones in market strategy and in product development. I am optimistic about the opportunities that this new funding will bring, including supporting the ongoing production of our FF 91 2.0 and the growth of the FX brand in 2025.”
– Matthias Aydt, Global CEO of Faraday Future
While $1.5 million will be assigned to outstanding debts, Faraday states that the majority of this new investment will be used to “further strengthen the Company’s financial stability” amidst a backdrop of fiscal problems FF has faced since its foundation in 2017. Specifically, Faraday is looking to grow the company around the following pillars:
- Development of its ‘FX’ subsidiary brand, including an accelerated plan to roll out the first production FX 6 by the end of 2025.
- AI research and development for Faraday’s infotainment and driver assist systems.
- AI talent acquisition and recruitment, and the build of essential infrastructure.
- Testing the autonomous driving capabilities of its range-topping FF 91 2.0.
- Forming new company partnerships, and improving supply chains.
Faraday Can Now Be Leased On The East Coast Of America
Alongside its fiscal announcement, Faraday Future has also confirmed that the first examples of its FF 91 2.0 Futurist Alliance will arrive in New York on March 28. These will be overseen by “boutique investment banking firm” Univest Securities, LLC.
This, plus a brand-new office in New York City, marks Faraday’s first steps into the United States’ East Coast market, the Los Angeles-based independent having touted New York as “a growth opportunity” for the company. Though the FF 91 will not yet be sold directly to customers in New York, examples of the all-electric luxury sedan will be leased through Univest in the near future, with the company’s subsidiary ‘FX’ brand “eventually” set to arrive on the East Coast as well. No timeframe has been provided.
FX 6 Prototypes Land In Los Angeles; Validation Testing Begins
Finally, one month on from their arrival in North America, two prototype mules of the all-electric FX 6 have landed at the company’s headquarters in Los Angeles ahead of a final testing program. Designed and marketed specifically to be “Advanced Intelligent Electric Vehicles (AIEVs)” aimed at a mass-market audience, both FX 6 mules will begin a three-way validation process over the coming weeks ahead of a planned rollout later this year. This includes fine-tuning each vehicle’s electric powertrain, their onboard software, the driver assistance systems, the electric range, the infotainment systems, and cabin refinement.
Faraday Future has yet to provide any details regarding the FX 6, save only that the electric crossover, set to be priced between $30,000 and $50,000, is one of three models planned for the ‘FX’ subsidiary brand. The others include the ‘Super One’ “AI-MPV” and the budget-conscious ‘FX 5,’ which could be priced from as low as $20,000.
Read the full article here