On June 27, Faraday Future (FF) officially announced the securing of up to $105 million (approximately RMB 759 million) in funding commitments. This capital will primarily be utilized for the production and delivery of the FF 91 electric vehicle.

Leading this funding round is existing investor ATW Partners, with participation from Senyun International. ATW Partners has increased its commitment by $90 million (approximately RMB 651 million), adding to its original $15 million (approximately RMB 108 million) investment, bringing the total commitment to $105 million.

It's worth noting that a portion of the unsecured funding will only be disbursed after the company completes its registration statement and obtains shareholder approval.

In addition, two other investment institutions have prepaid $25.2 million, which is part of a previously committed $100 million in funding. These institutions have also waived the original investment conditions. These funds will also be fully dedicated to the production of the FF 91.

Chen Xuefeng, CEO of Faraday Future, expressed gratitude for the continued support from existing investors, emphasizing their confidence in the company and the market potential of the FF 91. This funding will undoubtedly aid the company in advancing its upcoming delivery plans.

Earlier this year, on May 31, Jia Yueting announced the commencement of deliveries for the FF 91, introducing three models. The top-tier FF 91 2.0 Futurist Alliance, priced at approximately RMB 2.2 million, is a global limited edition of 300 vehicles, with pre-orders opened at that time. According to the initial plan, fully paid car owners were expected to receive their vehicles by the end of the second quarter of this year. However, in mid-June, the company announced a delay in deliveries until August due to supplier issues and the time required for vehicle system testing.

Jia Yueting acknowledged at the time that insufficient funds were the core reason for the delivery delay, leading to a lag in industrialization and financing capabilities. He urged shareholders to support the funding plan, expressing confidence in rapidly scaling up production capacity once funds are secured.

With the securing of the RMB 750 million in funding, Faraday Future and Jia Yueting can now breathe a sigh of relief. This money is expected to accelerate the production and delivery schedule of the FF 91, enabling the company to more smoothly progress with its long-term plans to expand production capacity and enhance sales services.

Nevertheless, whether FF can deliver vehicles as scheduled and successfully tap into the market remains an open question.