Faraday Future Intelligent Electric Inc., a Gardena-based electric vehicle manufacturer, has nabbed $41 million in funding.
The recent cash financing commitment brings the company’s total fundraising to over $100 million since September 2024, and the third funding commitment in six months that involved at least $30 million.
The $41 million is structured in the form of unsecured convertible notes and warrants that can be used to gain more shares of the public company’s common stock. An additional $10 million may be committed before the first closing.
What the funding will be used for
The fresh round will be used to bolster several of the company’s key goals, one of which is rolling out the first Faraday X vehicle by the end of the year. Faraday X, a new brand that injects autonomous driving and artificial intelligence into Faraday Future’s vehicles, was launched in September to bring a lower-cost car that still has the same high-tech features of similar vehicles on the market. The company said it expects vehicles to cost anywhere from $20,000 to $50,000, depending on the model. Prototypes arrived at its Los Angeles office at the end of December.
“This new round of funding lays a solid foundation for not only FF (Faraday Future) but also our new FX (Faraday X) brand as it continues to make important milestones in market strategy and in product development,” Matthias Aydt, the global chief executive of Faraday Future, said in a statement. “I am optimistic about the opportunities that this new funding will bring, including supporting the ongoing production of our FF 91 2.0 and the growth of the FX brand in 2025.”
The funding will also go towards hiring personnel for its AI division and building out infrastructure to support the development of AI tools.
“FF is consistently focused on operational efficiency and ensuring that capital is invested in the most valuable areas,” Koti Meka, chief financial officer of Faraday Future, said in a statement. “The success of this financing round further strengthens our financial flexibility, enabling us to execute the FX strategy more efficiently and drive FF’s long-term growth.”
