Palantir-Backed Faraday Future Secures $90M To Accelerate FF 91 Production

California-based EV startup Faraday Future Intelligent Electric FFIE said on Tuesday that it has secured a funding commitment of $90 million. The investment round is led by ATW Partner Funds, with participation from Senyun International.

Boost For Production: The funding will be used to support the production and delivery of Faraday’s luxury electric SUV, the FF 91. In addition to the $90 million commitment, investors will also accelerate an existing commitment of $15 million, serving as a boost for the company that has faced delays and funding challenges.

Faraday Future CEO Xuefeng Chen expressed confidence in its delivery plans, stating, “We are poised to continue moving forward to deliver the FF 91 Futurist Alliance to our users focused on our three-phase delivery plan.”

Why It Matters: Despite this funding, Faraday Future is still actively seeking additional sources of financial support. The company, backed by data analytics firm Palantir Technologies PLTR, has encountered setbacks, including delays in the production of the FF 91, which was originally scheduled for release in 2018.

To address its current low stock price and create more investment opportunities, Faraday Future has proposed a reverse stock split. This move aims to increase the market price of the class A common stock and reduce the risk of delisting from the Nasdaq Capital Market. However, the implementation of the stock split is contingent upon stockholder approval.

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Image Credit – Faraday Future