June 27 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) has received $90 million in funding commitment from its existing investors, the electric-vehicle startup said on Tuesday, sending its shares up about 5%.
The company, which had last year raised going-concern doubts, said its investors will also speed up the $15 million funding commitment made earlier.
The production of FF 91 began in March in its California factory although there are concerns over potential delays in delivery.
The funding support comes as peer EV start-up Lordstown Motors (RIDE.O) filed for bankruptcy protection and sued investor-partner Foxconn for failing to keep certain contractual promises.
The company, which had last month announced plans to raise $100 million in debt, said in an exchange filing that it will continue to look for additional funding sources.
Persons:
Foxconn, Faraday, Yuvraj Malik, Anil D'Silva
Organizations:
ATW Partners, Senyun International, FF, EV, Lordstown Motors, Thomson
Locations:
California, Bengaluru