Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) said it has completed a new $25 million financing round, lifting the total capital raised over the past two months to $70 million after including the $45 million secured in April.
Company shifts focus toward robotics and Physical AI
The electric vehicle maker said it is repositioning itself as a “Physical AI ecosystem company” with a strategic emphasis on robotics technologies.
Chief executive YT Jia, who resumed the CEO role last week after a seven-year absence, detailed plans to expand into humanoid robots, bionic robots and automotive robotics systems.
Faraday Future stated that it aims to become one of the three largest robotics companies in North America within five years based on deployment volume.
The company also raised its robot shipment target for 2026 to 1,500 units from a previous goal of 1,000 units. Pricing for the robots is expected to begin at $10,000.
New financing to support first phase of robotics strategy
According to the company, the latest funding will be used to finance Phase 1 of its robotics development strategy through the end of 2026.
Faraday Future said its initial commercial focus will target sectors including education, security, reception services and research applications.
Jia added that the company is aiming to reach positive operating cash flow by the fourth quarter of 2027 and hopes to rebuild its market valuation to levels seen in 2021, when the company first listed on NASDAQ, within the next two years.
Expansion plans include AI platform and Middle East growth
The company also unveiled plans for an “EAI Brain” platform designed to attract more than 100 developers and support the launch of over 100 applications.
Faraday Future further said it intends to scale its data-related business to generate more than $1 million in revenue and achieve positive operating cash flow from its Middle East business through the sale of more than 200 robots.
Founded in 2014, Faraday Future has struggled financially for several years and has not yet achieved profitability in its electric vehicle operations.