Faraday Future raises $100 million in debt financing

By Taylor Fox

New York, March 26 – Faraday Future announced it has raised $100 million in debt financing commitments led by Ares, existing lender Birch Lake and other lenders joining the debt financing round, according to a news release.

Birch Lake affiliates are the majority notes purchaser and collateral agent on the secured financing facility.

The new funding allows Faraday to build upon the momentum of a vehicle program, begin production preparation at its manufacturing facility in Hanford, Calif., and advance the countdown of the delivery of the FF 91, which is planned for one year after the close of its merger with Property Solutions Acquisition Corp.

The funds will also help further product testing, upgrade the advanced internet, autonomous driving and intelligence system, reboot supply chain efforts, build out the user ecosystem organization and accelerate the Faraday China business operations strategy.

Faraday is a global shared intelligent mobility ecosystem company based in Los Angeles.

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