Faraday Future Plans SPAC Merger to Go Public
Faraday Future, the embattled electric vehicle (EV) startup, is pursuing a public listing through a Special Purpose Acquisition Company (SPAC) merger, CEO Carsten Breitfeld confirmed to Reuters. The move could provide the capital needed to finally launch its long-delayed FF91 luxury SUV.
Key Details of the SPAC Deal
- Status: Discussions are ongoing, with an announcement expected “quite soon” (per Breitfeld).
- Funding Goal: Faraday aims to secure $850 million to advance production.
- Production Timeline: Mass production of the FF91 could begin within 12 months of securing funding.
Why a SPAC?
SPACs have surged in popularity as an alternative to traditional IPOs, especially for companies like Faraday Future that face:
- Regulatory hurdles of conventional public listings.
- Pandemic-related delays in IPO timelines.
- Urgent capital needs to accelerate product development.
Faraday Future’s Rocky Road
Founded in 2015, the company has struggled with:
- Financial instability: By July 2019, Faraday held just $6.8 million in cash.
- Leadership turmoil: Former CEO Jia Yueting filed for bankruptcy in 2020 and no longer holds equity.
- Failed partnerships: Fallouts with backers like Evergrande Health (2018) and ties to LeEco’s collapse (2017).
The FF91: A Make-or-Break Project
Faraday’s flagship FF91 SUV represents its last chance to prove viability:
- Initial production will occur at its Hanford, California plant.
- Asian expansion: A contract manufacturer in Asia is already lined up for scaling.
- Market entry: Prototypes exist, but mass production hinges on SPAC funding.
Challenges Ahead
Breitfeld admits skepticism persists:
“Because of the history and sometimes the bad news of the company, not everyone is really trusting us. They want to see that we’ve become a stable company.”
SPACs: A Growing Trend
SPAC mergers offer startups:
- Faster access to public markets.
- Flexibility compared to traditional IPOs.
- A lifeline for capital-intensive industries like EVs.
Faraday’s success now depends on finalizing this deal—and delivering the FF91 to a competitive EV market.
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