Embattled electric vehicle manufacturer Faraday Future is raising $100 million in debt in a bid to finally start deliveries of the FF 91 SUV.
Faraday Future had hoped to start deliveries of the FF 91 in late 2022 but a cash shortage forced a delay. In April, it revealed that deliveries had been pushed back by a further two months but the carmaker says the latest round of debt financing should be enough for vehicles to start reaching the hands of customers.
“This round of financing commitments is expected to provide the Company with capital to support our FF 91 delivery milestone, sales and service system development, as well as support our near-term production ramp-up goals,” Faraday Future chief executive Xuefeng Chen said.
The automaker has a long history of financial woes and only emerged from the brink of death last year. It managed to commence production of the FF 91 in March after a separate round of financing, although this came just four months after the company indicated it would have to shut down were it not to attract additional investments.
Read: Faraday Future FF 91 Prototype Burnt To The Ground Two Weeks Before CEO Fired
Reuters reports that FF Global Partners consisting of current and former executives of Faraday Future have committed $80 million to this latest debt financing round, acting as the anchor investor. Additional investment will come from Metaverse Horizon Limited and V W Investment Holding.
The FF 91 is currently being assembled at the company’s facility in Hanford, California. The carmaker says that the sole variant of the FF 91 being produced has electric motors combining to produce 1,050 hp, giving it enough grunt for a 0-60 mph (96 km/h) in just 2.27 seconds. Faraday Future also says it can travel up to 381 miles (613 km) on a charge but this figure has not been verified by the EPA.
