October 31, 2024 - $Faraday Future Intelligent Electric Inc. (FFIE.US)$ shares rose 8.37% to $2.20 in pre-market trading on Thursday. The company has announced it has received the full $30 million in net proceeds from financing committed in September 2024.

The financing, from investors in the Middle East, the U.S., and Asia, was received in incremental tranches, with the final amounts completed this week. The funds will support deliveries of the FF 91 model and aid the FX project, enhancing the company’s position in the luxury and mass AIEV markets. In addition to this financing, Faraday Future has secured agreements with key suppliers to strengthen operational partnerships and optimize cost efficiencies. Global CEO Matthias Aydt emphasized that the funding and supplier collaborations highlight the solid foundation being built for the company's dual-brand strategy, fostering confidence in Faraday Future’s future and supporting efforts to reduce costs and enhance production capabilities.

ABOUT FARADAY FUTURE

Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.