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Faraday Future says 'misinformation campaign' hurt fundraising efforts

Faraday Future Intelligent Electric said on Thursday (Sep 22) a "misinformation campaign" has affected its fundraising efforts as the startup looks to start production of its FF 91 luxury electric car.

"Threats that began with lawsuits have escalated to threats of physical violence and even death threats," the company said, adding it was working with law enforcement to investigate.

Late last month, some Faraday Future employees wrote to the board and shareholders seeking the removal of executive chairperson Susan Swenson, suspecting she had organized attempts to "push the company into bankruptcy and restructuring".

The Los Angeles, California-based company said a law firm hired to conduct a "thorough independent external investigation" found the "allegations" were without merit.

Earlier this week, FF Top Holding - a shareholder with 36 per cent voting rights in the company - filed a lawsuit against the startup seeking the removal of Swenson and director Brian Krolicki.

FF Top did not immediately respond to a Reuters request for comment.

Amid cooling capital market conditions, Faraday Future has faced hurdles to raise funds required to start production of its car at its Hanford facility in California.

The electric-vehicle startup said in August it was in talks with investors for "significant additional near-term funding" after raising US$52 million in committed funding with a financing facility to raise up to $600 million.

The company has also been battling high costs and supply-chain disruptions that have delayed the production of FF 91 to the fourth quarter of 2022.

Source: Reuters

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