EV maker Faraday Future postpones EV launch as it seeks more cash from investors

Faraday Future Intelligent Electric Inc.
FFIE,
-11.54%
said in a filing late Monday it continues “discussions and negotiations” with unnamed potential investors to raise more money to fund its business through the end of the year and beyond. That has led to postponing the start of production of its FF91 electric crossover, its flagship EV, to the third or fourth quarter of this year, the company said. Faraday Future “needs additional cash to commercially launch the FF91, and is currently seeking to raise additional capital to fund its operations through” Dec. 31, it said in the filing. Cash needs after the launch will depend on costs and whether the company is able to raise additional funds, it said. “Any challenges in supplier engagements, delays in ramping capacity or labor at the company’s Hanford, California manufacturing facility or for sales and service engagements, rising prices of materials, or ongoing global supply chain disruptions may further increase the need for additional capital” for the launch, Faraday Future said. Shares of Faraday Future rose 3% in the extended session Monday after ending the regular trading day down more than 11%. The company went public through a SPAC deal in July 2021 and earlier this year received a noncompliance notice from the Nasdaq relating to filing delays.