Faraday Future (NASDAQ:FFIE) stock is getting a boost on Wednesday after the company confirmed $90 million in new funding.
According to a press release from the company, it has secured $90 million in new funding from current investor ATW Partners funds and Senyun International. To go along with that, it also accelerated an existing $15 million commitment, making its total funds gained reach up to $105 million.
Faraday Future says that this new funding will allow it to continue its development and manufacturing of the FF 91 electric vehicle (EV). The company has been trying to release the FF 91 for some time now but has been running into troubles that have delayed its deliveries.
Xuefeng Chen, CEO of Faraday Future, said the following about the funding news:
“This funding is another critical step for FFIE to complete immediate and medium-term strategic objectives. We are poised to continue moving forward to deliver the FF 91 Futurist Alliance to our users focused on our three-phase delivery plan.”
What This Means for FFIE Stock
A new batch of funding is good news for investors in the EV company. While it’s continued to struggle to release its FF 91, this extra cash could give it the push it needs to do so. It also helps alleviate investor fears that deliveries of the EVs may never manifest.
FFIE stock is up 1.1% as of Wednesday morning but is still down 10.8% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
