Electric vehicle startup Faraday Future (FF) has received new cash financing commitments of $41 million that it says will be used, in part, to advance its Faraday X (FX) brand and roll out the first FX vehicle by the end of this year.

The $41 million is FF’s third funding commitment of at least $30 million in the past six months, adding up to $100 million, according to a press release from FF.

In May 2024, Reuters reported that FF warned it might file for bankruptcy after withdrawing its production forecast of around 1,000 vehicles by the end of the year.

The new investment will also fund AI development including R&D and testing of end-to-end autonomous driving capabilities as well as talent acquisition and building infrastructure.

Last week, FF’s first two FX 6 camouflaged prototype mules arrived at its U.S. headquarters in Los Angeles.

The FX 6 concept is part of the broader FX product strategy to deliver advanced intelligent electric vehicles (AIEVs) to the mass market.

The mules signal the start of an initial three-phase testing and validation process “ensuring that they meet FF’s high standards for performance, technology, and user experience,” the release states.

Evaluations will include ADAS, powertrain, and performance assessment; range testing, and intelligent cabin and user experience refinement.

“This new round of funding lays a solid foundation for not only FF but also our new FX brand as it continues to make important milestones in market strategy and in product development,” said Matthias Aydt, FF global CEO, in the release. “I am optimistic about the opportunities that this new funding will bring, including supporting the ongoing production of our FF 91 2.0 and the growth of the FX brand in 2025.”

FF has plans to manufacture up to three models — the Super One, the FX 5 with a price target of $20,000-$30,000, and the FX 6 at a targeted $30,000-$50,000.

“FF is consistently focused on operational efficiency and ensuring that capital is invested in the most valuable areas,” said Koti Meka, FF’s chief financial officer, in the release. “The success of this financing round further strengthens our financial flexibility, enabling us to execute the FX strategy more efficiently and drive FF’s long-term growth.”

Images

Featured image: Faraday Future (FF) FX 6 (Provided by FF)

FF’s first two FX 6 camouflaged prototype mules arrive at its U.S. headquarters in Los Angeles. (Provided by FF)