Asia Tech Wire (Oct 31) -- California-based electric car Faraday Future (NASDAQ: FFIE) announced on Wednesday that the company has received the full net proceeds from the $30 million previously committed financing announced in September 2024

Faraday Future said the funding came from Middle Eastern, U.S. and Asian investors, with the final investment amount received this week.

The full net proceeds will support the delivery of its first production vehicle, the FF 91, and the gradual restoration of its supply chain, as well as fund the second-brand FX project, the company said.

Chinese entrepreneur YT Jia founded Faraday Future in May 2014, which went public on the Nasdaq in July 2021 through a merger with a blank check company.