On the evening of July 16, Faraday Future (FF) announced that the company had signed a financing agreement of about $105 million. It is reported that after the financing is in place, FF is expected to have sufficient funds to launch the new model FX Super One, and plans to use these funds to accelerate the development and delivery of FF and FX brand products and AI-related technologies, and accelerate the production and delivery of FX Super One.
Image source: FF
According to reports, of the above approximately US$105 million financing, US$82 million is newly obtained financing commitments (“New Financing”), mainly in the form of unsecured convertible notes (“Convertible Notes”) and warrants (“Warrants”) for the subscription of additional shares of the Company’s Class A common shares (“New Financing”); The remaining funds come from existing investors who are funded based on the conversion and exercise of convertible securities issued in previous financings.
The new financing comes primarily from existing institutional investors, including the company’s strategic Middle East partner, Master Investment Group, an investment firm of Sheikh Abdulla Al Qassimi from Ras Al Khaimah, UAE. A number of new institutional investors also participated in the new financing.
According to public information, FF continues to make efforts in financing. In March this year, FF founder Jia Yueting officially announced through his personal Weibo that the company had received a new round of financing of up to US$41 million (about 297 million yuan). At that time, the funds will be mainly used in two key areas: on the one hand, to accelerate the mass production process of FX models to ensure that the first car at the end of the year can roll off the production line as scheduled, which is a key step for FF to enter the market; on the other hand, it has invested in the in-depth research and development of AI technology, aiming to further improve FF in intelligenceElectric vehicletechnical barriers and market competitiveness in the field.
Earlier, FF successfully completed two rounds of financing of $30 million in September and December 2024, respectively.
Officially, this appointment$105 millionFinancing means that the shortcomings of Super One’s mass production funds have been completely solved. At present, the strategy of building a bridge between FF and FX and the Sino-US automobile industry is progressing smoothly, and the world’s first press conference of Super One, Super EAI F.A.C.E and FF EAI embodied agent 6×4 architecture will be held on July 17. According to FF, Super One’s B-side (for commercial users such as enterprises and institutions) has reached 4,800 units.
