Faraday Future Secures $30 Million Financing for Development of Faraday X Strategy

Faraday Future Intelligent Electric Inc., a California-based technology company focusing on artificial intelligence electric vehicles, has announced that it has obtained approximately $30 million in cash financing commitments. The funds are intended to accelerate the company’s growth and the development of Faraday X (FX), FF’s strategy of launching affordable high performance artificial intelligence electric vehicle equipped cars with cutting edge technology.

The financing includes a pre-funded $7.5 million received in the fourth quarter of this year, and $22.5 million in new cash commitments structured as unsecured convertible notes and warrants to acquire additional shares of the company’s common stock. The conversion price for the Convertible Notes and exercise price for the Warrants are $1.16 and $1.392 per share, respectively.

The funding is planned to support the ongoing production of FF 91 2.0 and the growth of the FX brand. The company is expected to have its first two FX prototype mules arrive in Los Angeles later this month, with product development and testing scheduled to begin at FF’s manufacturing facility in Hanford, CA. The financing is subject to customary closing conditions. 

Faraday Future is dedicated to establishing an ever-evolving, interactive in-car software and operating system powered by artificial intelligence and user-generated data, optimizing the experience for each individual within an ecosystem of worldwide users who are also contributors to the innovative FF model. Read full details at Faraday Future's press release.