Despite EV delivery delays, Faraday Future raises $90M to stay afloat

Faraday Future (NASDAQ: FFIE) has managed to raise $90 million from existing investors to help it get its much-delayed FF 91 luxury electric SUV to production and delivery. Faraday’s investors will also accelerate an existing commitment of $15 million, the EV company said Tuesday.

Faraday is one of a litany of EV SPACs — EV startups that went public via a merger with a SPAC— that has struggled to stay afloat. The company keeps burning through cash and putting its hand out for more, while pushing the delivery date of its vehicles. Against that backdrop, Faraday Future has also been investigated by the U.S. Securities and Exchange Commission and the Department of Justice, and suffered through one internal drama after another.