In 2021, Faraday Future went public on the NYSE via a SPAC valuing the company at $3.4B. The company has raised nearly $3B in equity and debt since its founding in 2016. As of the start of 2024, the company is at the risk of being delisted as the stock is worth below $20M.
Much like its peers, Faraday Future has been battling mounting costs and supply-chain disruptions that have delayed the deliveries of its electric car.
Costs of lithium and raw battery materials rose as the war in Ukraine exacerbated the pandemic-induced disruption of global supply chains.
Higher costs and depleting cash reserves have forced investors to question the health of EV startups’ balance sheets.
