Faraday Future receives US$30 million in financing and will launch two FX

Faraday Future has teetered on the edge of collapse many times in recent years, but it refuses to die, at least not yet. In September, the company announced a new mainstream brand called Faraday car.

The troubled automaker secured a new round of $30 million in funding to help make Faraday X a reality. Of this amount, $7.5 million has been provided to the company immediately, while the company will receive $22.5 million in new cash commitments if the company achieves its goals.

Read: Faraday Future Teases Mainstream FX Prototype

The two FX prototype mules will arrive at the company’s Los Angeles headquarters later this month before being revealed to the world at CES. During the event, the brand will also “provide updates on its FX strategy.” Faraday Future is tight-lipped about its immediate plans, but we do know it hopes to launch two more affordable electric cars, called the FX 5 and FX 6. The first model is “expected” to sell for between $20,000 and $30,000, while the latter should cost between $30,000 and $50,000. Interestingly, battery-electric and extended-range powertrains will be available.

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“As the company approaches the end of 2024 and enters the new year, the new financing lays a solid foundation for FF and its new brand,” said Matthias Aydt, Faraday Future’s global CEO. ” I am optimistic about the opportunities this new funding will bring, including supporting the continued production of our FF 91 2.0 and the growth of the FX brand.”

Launching an electric car brand isn’t easy, and Faraday Future knows this firsthand. The company was founded in 2014 but appears to have spent more time securing its finances than developing and testing its first production car, the FF 91. Not long ago, Fisker got into trouble trying to break into the mainstream with recalls. -A troubled ocean. Can Faraday Future avoid such a fate?