Yes, this is really happening, Faraday Future is going to raise a total of 1 billion dollars.
On the stock exchange of Nasdaq, Faraday Future is going to be listed there as it officially goes public, and will be raising a total of 1 billion dollars while they are at it. The electric vehicle company has been plagued with a lot of troubles which is why it opted to merge with SPAC (Special Purpose Acquisition Corporation), which is Property Solutions, which was reported by Bloomberg at the start of the month of January.
Property Solutions raised a total of 230 million dollars in its SPAC, the other money, which is 775 million will be coming by the funding round which will happen during the merging period. So far, it has been known that Chinese companies are investing in this funding round, such as the Chinese automaker “Geely”, is investing a totally of 10 percent of the reported investment, while the 175 million dollars are coming from an unnamed Chinese company. So, Faraday Future won’t be having any troubles now as it will have a total of 748 million dollars of money to utilize and make profit with.
It has been reported that Faraday Future will be making its production factory soon in Hanford, California, with the new funding it is going to release and in just a matter of 1 year it will be releasing its luxury SUV called FF91, which is going to become a reality in the second quarter of 2021. Faraday Future has said that small models as compared to the FF91 will also be released and delivery vehicle will also be produced at it is needed. Faraday Future is ultimately targeting China, US, and the EU markets, even South Korea is in talks with Faraday Future. Therefore, things are looking up for Faraday Future.