Faraday Future Intelligent Electric is a California-based global shared intelligent electric mobility ecosystem company. The firm is advancing its FX brand and continuing production of the FF 91 2.0 while targeting rollout of the first FX vehicle by the end of 2025. It plans to use new funding to accelerate growth, advance the FX brand, and execute strategic projects. The company is investing in AI development, including R&D and testing of end-to-end autonomous driving capabilities, along three key AI directions previously announced. Funding will also be used for AI talent acquisition, infrastructure building and forming capital partnerships. Management says the financing will strengthen financial stability and support improvements in resource allocation, cost control, supply chain efficiency and overall operational effectiveness. Faraday Future develops intelligent electric vehicles and related mobility software and services, with a focus on AI and software-enabled user experiences. The company is executing FF 91 2.0 production while pursuing a Global Automotive Industry Bridge Strategy and a second-brand approach to accelerate mass-market entry. FF says it will integrate strengths of U.S. automotive industry players with Chinese OEMs and parts suppliers to target the $20,000–$80,000 price segment while maintaining an ultra-luxury offering. The company recently established a Middle Eastern sales entity in Dubai as part of a third-pole geographic strategy beyond the U.S. and China. Faraday Future expects its software and AI capabilities to serve multiple market segments and support global expansion and product updates. The company is pursuing growth and new business opportunities supported by recent financing commitments. Faraday Future is working to bring the FF 91 luxury electric SUV to production and delivery. The company has repeatedly delayed production and has not delivered vehicles to customers. In May it announced that its luxury EVs would include ChatGPT capabilities. Faraday has been investigated by the U.S. Securities and Exchange Commission and the Department of Justice and has experienced internal turmoil while burning through cash. As of April the company reported having $30 million on hand, and its stock closed at $0.24 after the funding news. Faraday says it will continue to seek additional funding, including plans to raise debt to support initial deliveries. Faraday Future is an electric vehicle maker focused on bringing its long-delayed FF 91 flagship to market. The company says it plans to open a factory in China mid-decade to build two additional models: an FF 81 sedan and an FF 71 last-mile delivery vehicle. Faraday has faced severe cash constraints and recently warned it was running out of money. To address near-term needs it secured up to $100 million in funding, but has said it is seeking more capital to fund operations through the end of 2022 and beyond. The company has warned of future cost reductions and potential layoffs despite the infusion. Faraday went public in July 2021 via a $3.4 billion SPAC merger and later removed founder Yueting Jia amid an SEC investigation into whether the company misled investors. Faraday Future builds luxury electric sedans centered on the FF 91 and has unveiled a finished vehicle after years of development. The company says its Hanford, Calif. manufacturing facility—rebranded as the FF ieFactory California—is nearly ready and has produced about a dozen vehicles intended for mass production. Management says testing and validation of the FF 91 is well underway and expects customer deliveries as soon as the third or fourth quarter of 2022. Financially, Faraday announced it raised $52 million in convertible notes and is pursuing up to $600 million in total funding, engaging investors in the U.S. and overseas. The company has recently restructured leadership, including demoting founder Yueting 'YT' Jia and promoting Mathias Hofmann to head of manufacturing operations. Critics and some investors have alleged in a class-action lawsuit that 78% of Faraday’s roughly 14,000 reservation deposits came from an “undisclosed company.”

Total raised

$3.0B

Funding rounds

11

Latest round

Equity

Latest activity

Mar 2025