Faraday Future Intelligent Electric Inc. (“Faraday Future,” “FF” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, announced that it has received the full net proceeds from the $30 million previously committed financing announced in September 2024. The initial closing occurred on September 12, 2024, and the second closing occurred on September 30, 2024. The proceeds, from investors in the Middle East, the United States, and Asia, were received in incremental tranches, with the final investment amounts received this week. For the FF brand, the net proceeds can support FF 91 deliveries and the gradual restoration of the supply chain; for the FX brand, the net proceeds can provide financial support to help progress the FX project.
This latest capital infusion is supporting Faraday Future’s dual brand operational requirements as the Company continues to establish its position within the luxury AIEV market through its FF brand, while concurrently establishing its FX brand’s presence in the mass AIEV market.
In addition to the recently completed financing, Faraday Future has reached agreements with several key suppliers. The agreements strengthen FF’s operational partnerships and support the Company’s ongoing commitment to optimizing cost efficiencies as it develops its dual-brand strategy.
“Receiving the committed funding and the partnerships with our key suppliers underscore the foundation we are building for our dual-brand strategy,” said Matthias Aydt, Global CEO of Faraday Future. “These collaborations are a testament to the confidence our partners have in FF’s future, allowing us to move forward with our commitment to reducing costs and enhancing production capabilities.”
