Faraday Future raises $2 billion in first-round funding, secures US government approval

Faraday Future

Faraday Future (FF) has confirmed that it raised $2 billion in first-round equity funding following approval by the Committee on Foreign Investment in the United States (CFIUS).

FF is headquartered in Los Angeles, and has a manufacturing facility in Hanford, California, but a substantial amount of its funding comes from Chinese investors, so it needed CFIUS approval in order to proceed with its plans to enter the US automotive market.

FF will use the committed funds to finalize the development and delivery of its first production vehicle, FF 91, to both US and Chinese markets. FF 91 is a full-size luxury crossover EV that Faraday says will offer 0-60 mph acceleration of 2.39 seconds and an EPA-certified range of 378 miles. The new EV has already undergone nearly two years of road tests in the US.

FF has big plans for autonomous driving. FF 91 is equipped with over 30 smart sensors, as well as a motion-enabled 3D lidar system. The company says it will offer features such as valet parking, facial recognition and seamless entry.

 

Source: Faraday Future