Jia Yueting got the money again: Faraday announced a commitment of $52 million in the future, with a potential maximum of $600 million
CTOnews.com August 15 news, Jia Yueting founded the car brand FF Faraday future released a financing announcement this evening, the new guaranteed note instrument provides 52 million US dollars (about 351 million yuan) of committed funds, potentially up to 600 million US dollars (about 4.05 billion yuan) total funds.
Faraday Future said it is actively discussing additional funding with multiple investors and that FF ieFactory California is nearing completion.
According to the official announcement, under the new financing mechanism, the total potential capital of convertible guaranteed note structure is up to 600 million US dollars, and Faraday will receive an initial commitment of 52 million US dollars in the future. The deal was led by funds managed by US institutional investor ATW Partners.
Faraday Future Global CEO Bi Fukang said: "I am pleased to have this important new commitment capital and framework to secure significant additional funding. We are working hard to complete this funding process to raise enough new funding to launch FF 91. Subject to the successful completion of the financing process, I believe we can deliver vehicles to customers by the end of Q3 or Q4. "
"Our Hanford manufacturing facility, recently renamed 'FF ieFactory California', is nearing completion. We have all the equipment needed to start production on site and are in the final stages of installation. FF ieFactory California has produced more than a dozen production cars. Testing and validation of FF 91 is ongoing and I am very pleased with the results I have seen. The FF 91 will be the world's first ultra-luxury electric vehicle and will reset customer expectations for the future of smart mobility. "
▲ FF 91 |Source: Faraday Future
CTOnews.com has learned that FF ieFactory California will produce electric vehicles FF 91 for the North American and Chinese markets, after officials announced they would hire more than 350 new employees at FF ieFactory California.
As of March 31, 2022, Faraday Future had total assets of approximately $706 million, of which $276 million was cash. The decrease in cash between December 31, 2021 and March 31, 2022 was due in part to the scheduled repayment of $97 million notes and accrued interest. Total liabilities as at 31 March 2022 were approximately $271 million, compared to approximately $340 million as at 31 December 2021.
