EV maker Faraday Future plans to raise up to $600 million

16 Aug 2022 , 09:19 AM

In order to launch its FF 91 premium automobile later this year, electric vehicle company Faraday Future Intelligent Electric Inc. plans to raise up to $600 million in investment.
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As part of a new financing agreement, the firm will get an initial commitment of $52 million in funding.
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Due to escalating material prices, EV entrepreneurs that promised to disrupt the automotive industry by employing a technology-heavy approach to their car designs are now frantically trying to get new lines of credit and reduce expenses.
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However, the Faraday Future FF 91 electric vehicle has been tested at the California production plant, which is almost finished.