California-based electric car startup Faraday Future announced Sunday that it has closed about $30 million in cash financing, following the closing of a $30 million round in September.

The funding will be used to advance the company and its second brand, Faraday X (FX), Faraday Future said in a statement.

According to the company, its FX strategy aims to introduce mass-release models in the U.S. market that are "twice the performance at half the price" to fill structural gaps in the U.S. AIEV market and drive the company's overall growth strategy.

Faraday Future said the first FX prototypes are expected to arrive in Los Angeles at the end of this month, after which they will be sent to its Hanford, California plant for product development and testing.

In addition, the two prototypes will be unveiled in Las Vegas on January 5-7, 2025, where a presentation on the latest major developments and next steps in the FX strategy will be held.

Of the $30 million financing, the first $7.5 million was prepaid in the fourth quarter of this year, with the remaining $22.5 million in new financing commitments.