Faraday Future secures $225 million in bridge financing
Chinese electric vehicle developer Faraday Future said it had obtained up to $225 million (1.52 billion yuan) in bridge financing from a U.S. merchant bank to allow it to complete the development of its flagship FF 91 model.
Faraday, which has ambitions to overtake Tesla like EV producer, said in November that it was exploring strategic options, including debt and equity financing.
The company said in a statement that it had now signed the agreement with Birch Lake Associates, with parts of the financing also set to be used to pay around 60 percent of the suppliers to which it owes money.
The company also said it had launched a program to raise $1.25 billion in capital.