Faraday Future

Faraday Future's management reshuffled this week, as an investor insisted on the removal of two board members and the company was under investigation for falsifying financial statements. The postponement of the start of mass production of electric cars was caused by rising material costs and a worsening macroeconomic situation, which caused difficulties in financing the startup. The company's shares have fallen in value by more than 90 per cent since the beginning of the year, and in November shareholders decided at an extraordinary meeting that a merger of shares - a so-called "reverse split" - would be necessary in accordance with Nasdaq stock exchange rules.

Like many other startups aiming to develop and produce electric cars, Faraday Future has so far not been characterised by executive discipline and attractive financial stability indicators for investors. Back in the summer of this year, the company promised to launch its debut FF 91 model in the third quarter, but now it is learnt that the moment will have to be postponed until April next year and will require additional funds. According to Reuters, Faraday Future executives this week said they are in talks with existing investors about a new tranche of investment worth $170 million, which would be needed to set up mass production of the FF 91 electric cars by the end of March 2023 at a facility in the US. A key investor has already provided the company with a $30m guarantee for this purpose.

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