Faraday Future needs additional cash to commercially launch FF 91 luxury EV

Asian Tech Press (July 26) -- California-based electric car startup Faraday Future (NASDAQ:FFIE) said it needs additional cash to commercially launch the FF 91 luxury EV.

Faraday Future plans to seek $200 million in financing via PIPE in the near future, according to a filing Monday. Under the current business plan, the electric car startup needs to raise $325 million in incremental capital by the end of 2022.

The automaker said the fundraising is primarily due to rising raw material costs, technology and production updates for its flagship FF 91 electric vehicle, and costs incurred by an internally driven special committee investigation.

Faraday Future also announced a delay in the delivery of the FF 91 until the third or fourth quarter of 2022.

According to previously announced data, Faraday Future has pre-sold 401 units of the FF 91 Futurist Alliance and/or FF 91 Futurist, which the company is initially selling to customers in the U.S. and China.

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