On October 15, Faraday Future (FF) announced official news that it had obtained up to 45 million US dollars (over 300 million yuan) in debt financing provided by two major US financial institutions. The two major US financial institutions that provide financial support to FF include BIRCH LAKE FUND MANAGEMENT LP (hereinafter referred to as “Birch Lake”) and ATW Partner.
It is understood that Birch Lake is a well-known merchant bank (a financial institution that operates part of the banking business including long-term, medium-term and short-term financing services) in Chicago, USA. It helped FF survive the previous round of funding crisis last year. ATW Partners, a private equity firm based in New York, is the new joint capital provider.
While thanking the financial supporters, Bi Fukang, the global CEO of FF, also revealed that the completion of the financing means that FF has obtained sufficient operating funds before the official IPO, has basically survived the short-term cash flow crisis, and will also promote FF to complete financing as soon as possible Planning and mass production of FF 91.
According to FF insiders, FF has made breakthroughs in many aspects in the past few months. In addition to the smooth progress of the IPO plan that has already been launched, it has also reached a preliminary cooperation intention with partners in the Asia-Pacific region, and will announce the joining of many insiders and outsiders in the near future.
Earlier, according to Reuters, FF is preparing to seek US stock IPOs through SPAC (special purpose mergers and acquisitions), but relevant FF departments have refused to disclose more details about US stock IPOs. According to the FF production plan, FF 91 will start mass production approximately 9 months after the successful completion of the equity financing. The development preparations for the recently announced FF 81 electric vehicle, future models and next-generation core technologies will also be completed as soon as possible.
According to people familiar with the matter, despite the financial difficulties, FF has not been relaxed to improve product quality through product testing and I.A.I (Internet, autonomous driving and artificial intelligence) system upgrades. At the same time, according to FF insiders, FF’s mass production plan has been steadily advancing. Once the IPO is successful, FF will be back on track in the shortest possible time.