© Reuters. FILE PHOTO: Faraday Future’s luxury electric car FF91 is seen at the company’s headquarters in Gardena, California, U.S. November 21, 2019. REUTERS/Lucy Nicholson
(Reuters) – Faraday Future Intelligent Electric has received $90 million in funding commitment from its existing investors, the electric-vehicle startup said on Tuesday, sending its shares up about 5%.
The funding will be led by private equity ATW Partners, with participation from Senyun International, and will support the production and delivery of FF 91 EV, its much-delayed luxury electric sports utility vehicle.
The company, which had last year raised going-concern doubts, said its investors will also speed up the $15 million funding commitment made earlier.
The production of FF 91 began in March in its California factory although there are concerns over potential delays in delivery.
The funding support comes as peer EV start-up Lordstown Motors filed for bankruptcy protection and sued investor-partner Foxconn for failing to keep certain contractual promises.
Faraday Future too has been struggling with a cash crunch and a governance dispute with one of its largest shareholders, FF Top Holding, which resulted in a board reshuffle.
The company, which had last month announced plans to raise $100 million in debt, said in an exchange filing that it will continue to look for additional funding sources.
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