Faraday Future Looking To Go Public Through SPAC Merger

EV startup Faraday Future is looking to go public through a reverse merger with a special-purchase acquisition company (SPAC), according to its CEO, Carsten Breitfeld.

A SPAC acts as a shell company that raises money through an IPO (initial public offering) to buy an operating entity, usually within two years. This is a quick way for companies to enter the stock market, as SPACs can be particularly useful for tech startups, reports Reuters.

“We are working on such a deal and will be able to announce something hopefully quite soon,” said Breitfeld, who declined to say who Faraday is negotiating with or when exactly a deal would close.

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The FF CEO did add that his company would deliver its first electric luxury SUV, the FF 91, nine months after securing funding, with production starting 12 months after completing such a deal. The EV startup aims to raise $800 to $850 million in order to launch the FF 91.

The latter will be built initially at Faraday’s plant in Hanford, California, but ultimately production will shift to a contract manufacturer in Asia with which FF signed an agreement. Breitfeld declined to identify the contract manufacturer.

The FF 91 boasts a multi-motor powertrain with up to 1,050 HP (1,065 PS), allowing you to hit 60 mph (96 km/h) in less than 3 seconds. Inside, there are a maximum of 11 displays, including an ultra-wide 27-inch screen that descends from the roof if you go for the optional Rear Cinema Experience.