Chinese electric vehicle developer Faraday Future announced on Monday that it is ready to go ahead with plans to launch its premium electric car, the FF91.
The last two years have not been easy for Faraday Future, who is struggling to survive. However, the latest round of investment, combined with a major restructuring, allowed the company to announce the resumption of work on the launch of the FF91 into production.
Who was reckless enough to invest in a company with the history that Faraday Future has? And the reputation that its founder has?
First, it is the Chinese online video game manufacturer The9 Limited, in a $600 million joint venture with Faraday Future in exchange for relinquishing the rights to use some land for the purpose of producing electric vehicles.
Second, Faraday Future, with the help of consultants, valued its intellectual property at $1,25 billion and used it to raise other funds in the form of bridge investments. These milestone investments total an additional $225 million and are mediated by merchant bank Birch Lake Investments.
In addition, Faraday Future is working with the Stifel Nicolaus group on an equity raising program.
The capital raised will primarily be used to pay off debts to suppliers. The investment will also allow the design and development of the FF91 to be completed and development of a mass production model dubbed the FF81 can begin.
Source: 3dnews.ru