The Faraday Future FF 91 may finally become a reality after the company revealed that it has secured an investment of $105 million, less than two weeks after deliveries were delayed while the company looked for new funding.
The funding consists of an additional $90 million from existing investor ATW Partners with participation from Senyun International. The remaining $15 million had already been committed to Faraday Future but it will now be accelerated and like the $90 million, support the production and delivery of the FF 91.
Read: Faraday Future Celebrates First EV Deliveries With $309,000 Limited Edition FF 91 2.0
“This remarkable display of support from our existing investor base serves as a powerful testament to their unwavering belief in FF’s vision and its immense market potential,” Faraday Future chief executive Xuefeng Chen said. “We are grateful to our investors and partners for their trust. This funding is another critical step for FFIE to complete immediate and medium-term strategic objectives. We are poised to continue moving forward to deliver the FF 91 Futurist Alliance to our users focused on our three-phase delivery plan.”
Faraday Future has added that independent investment fund Metaverse Horizon Limited have waived closing conditions and made prefunding contributions of $25.2 million towards their previously announced commitment of $100 million in unsecured notes. The carmaker adds that it is continuing to pursue additional funding sources.
Deliveries of the long-awaited FF 91 officially started on May 31 but only appear to have run for a few days before being halted. Just two variants are currently available, known as the 2.0 Futuristic Alliance starting at a staggering $309,000, and the ‘regular’ Futurist from $249,000.
For that money, shoppers will receive an EV with a claimed 381 miles (613 km) of range that pumps out a monstrous 1,050 hp and can apparently hit 60 mph (96 km/h) in 2.2 seconds.
