For EV upstart Faraday Future, 2022 has brought with it a particularly strenuous set of ups and downs. The EPA announced earlier this year that the automaker’s flagship FF 91 would be able to travel 381 miles on a single charge. That follows the announcement of a “production-intent” version of the FF 91. As good news goes, that’s all pretty good!
Now for the less-great news: according to a new article at Autoblog, the company’s stock price has dropped relatively significantly this week — and even more so over the course of the year. Over the summer, its stock was trading at a 52-week high of $7.85; as of this writing, a share can be had for $.35. (Though, to be fair, that’s a slight increase from where it was trading a little over a week ago.)
That’s one of two interconnected financial challenges facing the company. As the article points out, Faraday Future is currently attempting to raise between $150 million and $170 million that will allow for production of the FF 91, now scheduled to take place in March 2023.
According to a Faraday Future press release, an existing investor has also provided “a $30 million binding letter of intent draft.”
The aforementioned press release also addressed some of the fiscal issues the company is presently dealing with. “We will utilize our capital in a disciplined manner that is focused on bringing the best product to market,” said Xuefeng (“XF”) Chen, the company’s Global Chief Executive Officer, in a statement.
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