Electric vehicle (EV) startup Faraday Future Intelligent Electric on Thursday pushed back initial deliveries of its flagship FF 91 Futurist by another two months, saying they would depend on “substantial additional financing”.
The Los Angeles-based company said it was down to about USD 30 million in cash as of Tuesday and deliveries of the sport-utility vehicle, its first production model, would depend on “sufficient” funding, receiving parts in time from suppliers, as well as completing necessary crash tests.
Still, the company said its first vehicle would come off the production line on Friday, and shares rose 13% to USD 0.31. They hit a high of USD 1.32 in February after a funding announcement and had fallen 80% since then.
