Faraday Future to raise $100 million in debt to ramp up production

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The company signed agreements for financing commitments of $100 million in unsecured convertible notes to generate cash to increase production and development of its sales & service system for the vehicle.

The Los Angeles-based company had pushed back deliveries of the FF 91 Futurist vehicle by two months and said it was down to about $30 million in cash and resumption of deliveries would depend on additional financing.

Faraday Future has been struggling with a cash crunch and a board reshuffle following a governance dispute with one of its largest shareholders, FF Top Holding. Last November, Faraday Future raised doubts about its ability to continue as a “going concern”.

(This story has been corrected to say that funding would help ramp up production, not sales, in both the headline and paragraph 1)