Faraday Future has received $41 million in funding to advance Faraday X and AI innovation.
Takeaway Points
- The company wants to use the net proceeds to increase the company’s growth and development.
- This round of financing is expected to bring the company’s total fundraising to over $100 million since Sept 2024.
- The company has also agreed to call a shareholder meeting to ask for stockholder approval for this financing.
Faraday X and AI Innovation
Faraday Future Intelligent Electric Inc., a California-based global shared intelligent electric mobility ecosystem company, on Monday said that it has secured $41 million in new cash financing commitments. The Company wants to use the net proceeds to increase the Company’s growth and development, including for general corporate purposes, the continued advancement of the Company’s FX brand and the execution and advancement of strategic projects to achieve the Company’s target of rolling out the first FX vehicle by the end of 2025, AI development, including research and development and testing of end-to-end autonomous driving capabilities, focusing on the three key AI directions outlined in the Company’s previous AI announcements, as well as AI talent acquisition and infrastructure building, recruiting AI-related top talent, building essential infrastructure and forming capital partnerships.
Matthias Aydt, Global CEO of FF, commenting about the funding, said, “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.”
Koti Meka, CFO of FF, remarked, “We appreciate our strategic partner, Univest Securities, as our exclusive placement agent in this offering, has demonstrated exceptional dedication and expertise throughout the financing process. We also appreciate FF Global Partners and Jerry Wang’s support on this transaction. FF is consistently focused on operational efficiency and ensuring that capital is invested in the most valuable areas. The success of this financing round further strengthens our financial flexibility, enabling us to execute the FX strategy more efficiently and drive FF’s long-term growth.”
The Funding
This latest round of financing has made the company’s total committed financing over the past seven months exceed $100 million. Univest Securities, LLC served as exclusive placement agent in this financing, the company said in a statement.
The company said that it will ensure that the newly secured funds are distributed to the core initiatives of the FX strategy, increasing business growth, expanding market presence, and enhancing long-term competitiveness.
The Securities
FF, in a statement, said that the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
According to the report, the company has agreed to file one or more registration statements with the SEC to register the resale of the shares of common stock issuable upon conversion of the convertible notes and exercise of the warrants issued in connection with the financing.
The company has also agreed to call a shareholder meeting to ask for stockholder approval for this financing, the report stated.
ABOUT FARADAY FUTURE
Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first and smart driving experience. Faraday Future’s flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance. The new FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. For more information, please visit https://www.ff.com/us/
