For a long time, the startup appeared to be on the brink of bankruptcy.

back from the dead? faraday future raises $100 million, hopes to finally launch ff91

Faraday Future appears to be alive and kicking again. The EV startup originally wanted to launch its first model, the FF91 SUV, back in 2018. However, the startup faced a wide array of financial setbacks and staff turnover issues. Founder Jia Yueting filed for bankruptcy in 2019 and stepped down as CEO, instead taking up a more reserved role as Chief Product and User Officer.

In July 2021 the company was listed on the Nasdaq and plans were announced for additional FF81 and FF71 models. Still, many were doubtful about FF91 production and little progress was seemingly made in the months following Faraday Future’s listing. Clearly, the startup was still struggling financially and needed to raise more capital.

Faraday Future reported an operating loss of $137 million in Q2 of this year and suggested that it would need to raise $325 million in order to continue running. Furthermore, the company’s largest shareholder, FF Top Holding, sued the startup stating that it’s “suffering from a crisis of leadership at the board level”. Hence FF Top Holding called for several board members to be removed, including director Brian Krolicki.

Earlier this week it was revealed that Faraday Future had settled its dispute with FF Top Holding and several executives had been replaced with new members coming in. An additional $40 million in near-term funding from convertible notes has subsequently been raised, as well as a further $60 million from Senyun International.

Whether or not this latest round of funding will be enough to see the FF91 reach production remains to be seen. After all, Faraday Future stated a few months ago that it needs in excess of $300 million in order to “continue operations”.

TECH NEWS RELATED

5 Cars That Santa Claus Would Probably Drive

Spoiler alert: Santa Claus isn’t real. OK, now that we just ruined Christmas (sorry about that), we can get down to brass tax. The jolly bearded man has historically been known to drive a sleigh with a bunch of magical reindeer. But we thought it would be fun to wonder ...

View more: 5 Cars That Santa Claus Would Probably Drive

Apple Project Titan self-driving car project scaled back; delays debut to 2026

Apple scaled back its self-driving car, dubbed Project Titan by employees, and plans to debut it in 2026, Bloomberg reported, noting that the project has been in limbo for the past several months. After realizing that a fully autonomous vehicle without a steering wheel or pedals isn’t possible with ...

View more: Apple Project Titan self-driving car project scaled back; delays debut to 2026

New CEO for 2 Cheap

Parent company announces permanent appointment after raft of changes for the business this year.

View more: New CEO for 2 Cheap

Polestar offers over-the-air power boost for its Polestar 2 sedan

Polestar owners can get a power upgrade delivered directly by over-the-air technology The upgrade increases the performance sedan’s horsepower and torque The $1,595 upgrade includes door stickers to indicate the extra power Polestar has announced a performance upgrade for North American owners, upping the all-electric Polestar 2 by 68 ...

View more: Polestar offers over-the-air power boost for its Polestar 2 sedan

VW ID.4 Gets Long Awaited Software Update In The US, But Not OTA

The update will begin with MY2021 vehicles and continue for certain MY2022 ID.4 SUVs; it will only be installed at dealers.

View more: VW ID.4 Gets Long Awaited Software Update In The US, But Not OTA

Progressive Temporary Car Insurance

Weekly and monthly car insurance policies don’t exist, but there are other ways you can get short-term car insurance. Full coverage car insurance is ideal to ensure you’re fully covered in an accident, but it can be expensive and unnecessary when you’re only driving a car for a limited ...

View more: Progressive Temporary Car Insurance

How Much Does the 2023 GMC Sierra 1500 Cost?

The official price for the new GMC Sierra 1500 is officially here! Now we can see how much this new full-size truck may hurt our wallets. But it coils also be a great deal. The 2023 GMC Sierra 1500 may have enough value to be worth every penny.  How much ...

View more: How Much Does the 2023 GMC Sierra 1500 Cost?

The 2 Most Reliable Nissan Models of 2022 According to Consumer Reports Owner Surveys

Nissan is a Japanese automaker that has a lot of good cars in its lineup, and like other Asian automakers, some Nissan models are very reliable. These Nissan vehicles also provide drivers with a strong balance of features and specs, and that makes them solid options in their segment. Here’s ...

View more: The 2 Most Reliable Nissan Models of 2022 According to Consumer Reports Owner Surveys

Watch Travis Pastrana Shred Tires Through Florida in Gymkhana 2022

Romain Grosjean Will Race for Lamborghini in LMDh

Lexus Built an EV With a Fake Manual Transmission

IndyCar Drops Plans for New Engine

Watch a Ford Column Shifter Put Itself Into Park

The Audi RS3 Is a No-Compromise Sport Sedan

Hertz Announces $168 Million Payout for Claims of False Car Theft Accusations

Crew Chief Lineup Announced At GMS Racing

VIDEO: The most extreme Gymkhana ever

V8-themed Winton round added to 2023 SpeedSeries calendar

Gen3 Camaro and Mustang engines ‘incredibly close’

Rising battery prices threaten to derail the arrival of affordable EVs

OTHER TECH NEWS

Top Car News Car News