Faraday Future is back again this time with new investors

Posted On Sep 10 2019 by

first_img Electric Cars Car Industry 3 2020 Volvo XC90 first drive: An improvement worth subscribing to More From Roadshow 2019 Mercedes-Benz S560e: Luxury cruising with an electric edge Share your voice 43 Photoscenter_img Tags Faraday Future FF 91 gets a high-speed shakedown Comments Enlarge ImageFaraday Future once again has funding as it hopes finally to get the FF91 into production. Faraday Future Faraday Future is back. Maybe. Probably? Well, kind of. Anyway, that’s what it said in a press release on Monday.Faraday has had a rough few years of late, and this latest round of investors, coupled with some serious restructuring has the company talking about finally sending its FF91 electric minivan supercar thing into actual honest-to-gosh production.Who would be crazy enough to invest in a company with the history that Faraday has? And the reputation that its founder has? Well, a few companies. First, there is The9. The9 entered into a joint venture agreement with FF in which it will provide up to $600 million in cash and Faraday will kick in some Chinese land use rights which the two will use to build electric cars.Next, Faraday Future — with the help of a valuation advisor — got its IP valued at $1.25 billion and has used that to attract other funds in the form of bridge investments. Those bridge investments are worth an additional $225 million and are being facilitated by a merchant bank called Birch Lake Investments.”Birch Lake is pleased to partner with FF at this critical juncture and is looking forward to assisting FF toward becoming a leading manufacturer of EVs in the United States, China and beyond,” said Birch Lake CEO Jack Butler in a statement. “FF’s technology, product strategy and unwavering commitment to its early 2020 production launch of the FF 91 are impressive.”Faraday Future is also working with a group called Stifel Nicolaus on an equity capital-raising program.What is all this money going to go toward? Primarily paying suppliers, finishing the design and development of the FF91 and beginning development of a volume-production model which FF is calling the FF81. 2020 BMW M340i review: A dash of M makes everything betterlast_img

Last Updated on: September 10th, 2019 at 6:52 am, by

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