By Michael Elkins
Investing.com - American electronic vehicle maker, Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) announced on Monday that the company entered into a definitive agreement for a new financing facility with a total potential funding of as much as $600 million. Funds managed by ATW Partners, a U.S.-based institutional investor, led the transaction. FFIE will receive an initial $52 million of committed funds as part of the new financing facility.
According to a report by Reuters, the electric-vehicle maker said it was in active discussions with investors in the United States and globally for "significant additional near-term funding" as it looks to deliver its FF 91 luxury car later this year.
The EV firm highlighted the need for more cash to launch its FF 91 model in a regulatory filing in July after CEO Dr. Carsten Breitfeld told Reuters a month earlier that it would be able to launch the car without the need for additional funding.
However, Dr. Breitfeild sees this new funding as an important piece needed to complete and launch the company’s FF91.
“I am very pleased to have this important new committed capital and framework in place for substantial additional funding. We are working diligently to complete this capital raise process in order to raise sufficient new funds to launch the FF 91. Subject to successful completion of this fundraising process, I am confident that we can deliver cars to our customers in late Q3 or Q4.” said Dr. Breitfeld.
Faraday Future also announced on Monday, its head of global supply chain, Mathias Hofmann, will temporarily oversee manufacturing operations at its Hanford, California factory, replacing Vice President of Manufacturing Matt Tall, who will be leaving the company.
“Our Hanford manufacturing facility, recently renamed the “FF ieFactory California” is nearing completion.” Said Dr. Breitfeild. “We have all the equipment on site needed to begin production and are in the final stages of installation. The FF ieFactory California has already produced over a dozen production-intent vehicles. Testing and validation of the FF 91 is well underway, and I am very pleased with the results we are seeing. The FF 91 will be the world’s first ultra-luxury EV and will reset customer expectations for what the future of intelligent mobility can be.”