Faraday Future Intelligent Electric – a California-based global shared intelligent electric mobility ecosystem company – announced that it has secured $41 million in new cash financing commitments.
The company plans to use the funding to accelerate 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, and AI talent acquisition and infrastructure building, recruiting AI-based top talent, building essential infrastructure and forming capital partnerships.
This funding marks FF’s third commitment of at least $30 million in the past six months, surpassing the previous two $30 million financing rounds in September 2024 and December 2024. With this latest round of financing, the Company’s total committed financing over the past seven months has now exceeded $100 million. Univest Securities served as the exclusive placement agent in this financing.
This new financing is expected to strengthen the company’s financial stability further. FF remains committed to optimizing resource allocation, enhancing cost control, improving supply chain management efficiency and further increasing overall operational effectiveness. And the company will ensure the newly secured funds are strategically allocated to the core initiatives of the FX strategy, accelerating business growth, expanding market presence and enhancing long-term competitiveness.
KEY QUOTES:
“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.”
– Matthias Aydt, Global CEO of FF
“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.”
– Koti Meka, CFO of FF
