The startup Moribund EV, Faraday Future, could receive up to $350 million to help launch its first vehicle, according to a regulatory filing.
The company has said it signed an agreement with a subsidiary of Yorkville Advisors Global for a home equity line of credit of up to $350 million. Financing, which involves a $200 million initial commitment by New Jersey-based investment firm, will be "key" to produce the company's long-awaited first model, the sports FF 91. Until very recently, Faraday Future had a market capitalization of 234 million.
“This new funding line is a key part of our strategy to raise the funds we need to get the FF 91 on the road and in the hands of users as quickly as possible”Said carsten breitfeldCEO Faraday Future, it's a statement.
Faraday Future has faced numerous challenges in delivering the car to customers, including the removal of founder and former CEO Yueting Jia as CEO and the investigation by the US Securities and Exchange Commission into charges that he F misled investors.
Yorkville has also provided funding for electric vehicle start-ups Canoe y Lordstown Motors.
Faraday Future said The 1,050-horsepower car has a 350-mile battery range and can accelerate from 0-60 mph in less than 2.4 seconds., impressive figures comparable to those of supercars like the Rimac Refrigerator, if the company can meet its goal.
“Our FF 91 vehicle program is moving forward and recent test and validation results have exceeded our targets”Said breitfeld.
