Faraday Future investors commit $90 million in funding (updated)

Nu Ride

27/06/2023 15:11

(Adds shares in paragraph 1, details in paragraph 2 and 3 and
background in paragraph 4 through 7)
       June 27 (Reuters) - Faraday Future Intelligent Electric
 FFIE.O  has received $90 million in funding commitment from its
existing investors, the electric-vehicle startup said on
Tuesday, sending its shares up about 5%.
    The funding will be led by private equity ATW Partners, with
participation from Senyun International, and will support the
production and delivery of FF 91 EV, its much-delayed luxury
electric sports utility vehicle.
    The company, which had last year raised going-concern
doubts, said its investors will also speed up the $15 million
funding commitment made earlier. 
    The production of FF 91 began in March in its California
factory although there are concerns over potential delays in
delivery.  
    The funding support comes as peer EV start-up Lordstown
Motors  RIDE.O  filed for bankruptcy protection and sued
investor-partner Foxconn for failing to keep certain contractual
promises.
    Faraday Future too has been struggling with a cash crunch
and a governance dispute with one of its largest shareholders,
FF Top Holding, which resulted in a board reshuffle.
    The company, which had last month announced plans to raise
$100 million in debt, said in an exchange filing that it will
continue to look for additional funding sources.

 (Reporting by Yuvraj Malik in Bengaluru; Editing by Anil
D'Silva)
 ((yuvraj.malik@thomsonreuters.com;))