By Senad Karaahmetovic
Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) stock is set to open about 30% lower today after the electric vehicle (EV) marker said it is in talks with potential investors to raise $150-170 million.
Additional capital is needed to produce the FF 91 Futurist, the EV maker’s first production vehicle and flagship model. Faraday Future expects to start producing the first units at the end of March 2023 and deliver them to the first customers before the end of April 2023.
FFIE added that it has received a $30 million binding letter of intent draft from a current FF investor.
“We will utilize our capital in a disciplined manner that is focused on bringing the best product to market,” said Xuefeng (“XF”) Chen, Global Chief Executive Officer of FFIE.
FFIE stock previously soared after announcing that executive and board member Matthias Aydt would take on the role of global senior vice president of product execution, therefore replacing Robert Kruse.
Faraday Future stock is down over 90% year-to-date after closing at $0.34 yesterday.