Sunday, July 14, 2024
NewsFaraday Future Raised $100 Million Ahead of the Launch of the FF91

Faraday Future Raised $100 Million Ahead of the Launch of the FF91

Faraday Future has now raised more money, but not has much as it wanted.

  • The company reported having financial problems earlier this year.

  • About $100 million has now been raised out of the required $325 million.

  • The automaker says the FF91 will begin production by the end of the year.

Start-up automaker Faraday Future has yet to begin production of the FF91 electric SUV But it has now raised $100 million from investors.

This comes a few months after the company announced it would need $325 million to continue operating amid losses of $137 million in the second quarter of 2022 alone.

This is not the only problem encountered by Faraday Future over the last few years since the former CEO and founder of the company filed for bankruptcy and resigned back in 2019.

In addition, the automaker’s largest shareholder sued the company due to what they called a crisis of leadership.

This dispute has now been settled with the replacement of a number of executives at the helm of Faraday Future.

The automaker continues to say its first model is on track to be delivered starting later this year, despite having only raised less than a third of what it said was needed to survive.

If it does get to market before 2023, the FF91 will already be four years late since the company had initially planned for a 2018 debut.

It is not surprising then that the proposed FF81 and FF71 models now appear to have been shelved, with the automaker concentrating its efforts on the FF91 flagship.

This model is intended to be very luxurious, but also very powerful. Indeed, the specifications announced recently say that this large electric SUV will be powered by three motors that will deliver up to 1,050 horsepower while its battery could allow it a range of up to 631 kilometres, which is more than any SUV currently on the market.

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