Faraday Future Is Back From The Dead

It's been quite some time since we've heard from Faraday Future, the California-based EV startup that started off with a bang but later fell intodeep financial troubles. A few years ago, its chief investor and CEO, Jia Yueting, managed to secure a last-minute $800 million investment from a Chinese real estate group, but it came with some tough conditions, such as forfeiting its intellectual property and other assets. Unfortunately, that wasn't enough to prevent layoffs and salary cuts. Even two of its co-founders resigned.

But today is a new day and according to Reuters, Faraday Future is hoping to close a deal shortly to go public. It aims to do so through a reverse mortgage with a special-purchase acquisition company, also known as a SPAC.

This isn't the first time an EV startup has used a SPAC, or a shell company, to go public.Lordstown Motors did the samein August for its own IPO. The new shell company basically raises money through an initial public offering to purchase an operating entity usually within two years or so.

As for Faraday Future, its current CEO, former BMW executive Carsten Breitfeld, says that they are "working on such a deal … and will be able to announce something hopefully quite soon." Breitfeld only joined Faraday Future last year and has since promised to begin production of theTesla Model X-fightingFF 91在九个电动豪华SUVmonths after securing funding. Assuming all goes well, series production will get underway 12 months after a deal is signed.