Company says the new money will mean suppliers are finally paid, and hopes it lays the pathway to completing development of the FF 91 crossover.
- shares

Faraday Future has secured bridge financing worth up to US$225 million ($315 million) from Birch Lake Associates, a boutique merchant bank based in Chicago.

With the new source of funding secured, Faraday Future plans to continue development of the FF 91 electric car, which had stalled due to money issues stemming from a disagreement between the company's two major shareholders.

Faraday Future also says it is hoping to develop a mass market model, to be known as FF 81, which will be launched by the end of 2021.

To get this project off the ground, the company will need to gain further investment and has "begun engaging with other investors".

US$150 million ($210 million) of the new bridge financing has been put into a new vendor trust, which can be used by large suppliers to turn their unsecured debt into a share of the trust funds.

The automaker also plans to use some of this money to directly pay off all vendors owed less than US$20,000 ($28,000), as well as 60 per cent of supplier base.

This, the company says, has been designed to "provide greater confidence" to the company's suppliers and "obtain their commitments to support the scheduled production launch of FF 91".

Last month, Faraday Future signed a joint venture deal with The9, a mobile gaming company based in Shanghai. As part of the joint venture, The9 will invest up to US$600 million ($840 million) over three instalments, while Faraday Future will contribute land in China and intellectual capital.

The joint venture will be responsible for making and selling Faraday Future vehicles in China. Pre-production models are expected to begin rolling off the line late next year.