Shulou(Shulou.com)11/24 Report--

CTOnews.com, December 16 / PRNewswire-FirstCall-Asianet /-- Faraday Future announced today that it is in discussions with potential new investors and existing FF investors to secure approximately $150 million to $170 million in additional funding needed to produce FF 91 Futurist.

According to reports, its FF 91 Futurist is expected to start production at FF's manufacturing plant "FF ieFactory California" at the end of March 2023 and go offline in early April, and delivery to users is expected in April 2023, provided that additional financing and shareholder approval are received in a timely manner.

Faraday Future (Faraday Future) has recently been trying to raise money to kick-start its FF91 production. The company said on Thursday local time that it had received a binding letter of intent of $30 million from an existing investor. According to the company, existing investors will also provide funds to support the production of its first model.

In November, the company said it had "significant doubts" about its ability to continue to operate and delayed delivery of the FF 91 electric car. Faraday's future share price has fallen more than 90 per cent this year to less than $1 a share, and shareholders approved a reverse split proposal at a special meeting in November last year to comply with Nasdaq's public listing rules.

CTOnews.com has previously reported that Jia Yueting said through social media at the end of November that in the 16 months since its listing, FF has made a lot of mistakes and suffered a lot because of issues such as top governance and top management. It is very pleased to see that after the completion of the qualified adjustment of the board of directors, this management adjustment will help FF to further rectify the mess and get back on track.

Jia Yueting said that they will completely correct the mistakes and look to the future, with full efforts to promote the delivery of FF 91 Futurist as the first goal. With the achievement of the sixth manufacturing milestone and the continued higher-than-expected results of product performance tests, coupled with Chen Xuefeng's appointment as global CEO, they are only one step away from this goal.

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