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Delivery of the sports utility vehicle, originally slated to start in late 2022, will now begin before the end of April, the company said on Sunday.
The development offered a spot of relief to investors who have seen the stock plummet 92% since listing in July 2021 as the loss-making startup grappled with a boardroom battle, governance issues and a dwindling cash balance that hurt its production plans.
The company plans to hold an investor meeting on Feb. 28 to vote on a proposal for increasing its outstanding stock, which it said will allow for future financing to support deliveries.
Major shareholder FF Top Holdings, which has an 8.4% stake in the firm, has agreed to support such a proposal at the shareholder meeting, it said.
Los Angeles-based Faraday has moved to save cash in recent months by slowing development of future cars. It had $22.5 million in cash as of Nov. 30, down from $31.76 million at the end of the third quarter.
In November, Faraday Future named its China head Xuefeng Chen as chief executive officer after Carsten Breitfeld was asked to resign following a review of the company’s performance since it went public in 2021.
Its shares rose to $1.38 before the bell on Monday.
