03:59 AM EST, 12/23/2024 (MT Newswires) -- Faraday Future Intelligent Electric ( FFIE ) said Sunday it has secured $30 million in cash financing commitments.

The financing includes a pre-funded $7.5 million, which was received in Q4, and $22.5 million in new cash commitments in the form of unsecured convertible notes and warrants to acquire additional shares, the company said.

The funds will partly be used to develop the Faraday X, the company's more affordable product line, as well as for general corporate purposes.

The company said it expects the first two Faraday X prototype mules to arrive in Los Angeles later this month and to begin testing and development of the vehicles at its Hanford, California, facility.