Faraday Future Intelligent Electric Inc said on Monday that the electric-vehicle startup will raise up to $600 million in funding as it looks to deliver its FF 91 luxury car later this year.
The company will get an initial $52 million of committed funds as part of a new financing facility.
EV startups that promised to disrupt the automotive industry by using a technology-heavy approach to their vehicle designs are now scrambling to secure fresh lines of cash and cut costs due to rising commodity prices.
Faraday Future’s manufacturing facility in California was nearing completion and was testing the FF 91 electric vehicle, the company’s Chief Executive Officer Carsten Breitfeld said.
The electric-vehicle maker said it was in active discussions with investors in the United States and globally for “significant additional near-term funding” as it looks to start deliveries in the third or fourth quarter.
Faraday Future said on Monday its head of global supply chain, Mathias Hofmann, will temporarily oversee manufacturing operations at its Hanford, California factory, replacing Vice President of Manufacturing Matt Tall, who will be leaving the company.
The EV firm flagged the need for more cash to launch its FF 91 model in a regulatory filing in July after CEO Breitfeld told Reuters a month earlier that it would be able to launch the car without the need for additional funding.
Faraday Future is one of the many EV startups that went public through blank-check mergers, a market that has slowed this year due regulatory scrutiny and the poor share performance of companies that listed via that route.
