Faraday Future has been struggling with a cash crunch and a
board reshuffle following a governance dispute with one of its
largest shareholders, FF Top Holding. Last November, Faraday
Future raised doubts about its ability to continue as a "going
concern".
(Reporting by Akanksha Khushi in Bengaluru; Editing by Rashmi
Aich)
(Corrects headline and first paragraph to say funding would
help ramp up production, not sales)
May 9 (Reuters) - Electric vehicle (EV) startup Faraday
Future Intelligent Electric said on Tuesday it was
raising $100 million in debt to ramp up production and achieve a
delivery milestone for its flagship FF 91 Futurist vehicle.
The company signed agreements for financing commitments of
$100 million in unsecured convertible notes to generate cash to
increase production and development of its sales & service
system for the vehicle.
The Los Angeles-based company had pushed back deliveries of
the FF 91 Futurist vehicle by two months and said it was down to
about $30 million in cash and resumption of deliveries would
depend on additional financing.
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