Faraday Future secures $14m in bridge funding

The electric vehicle startup Faraday Future has recently secured $14 million in bridge funding while it seeks new investment sources.

"The $14 million is the bridge funding till the Series A. We are in the process of seeking $1 billion in funding through a Series A fundraising campaign, with a target of $500 million by the end of Q3, and the other funding by early 2018," Dan Zhu, a spokeswoman with Faraday, told China Daily on Monday.

The company has pledged its corporate headquarters in Los Angeles as collateral to secure the rescue loan from Innovatus Capital Partners, a New York investment firm, for a term of one year, according to a Wall Street Journal report on Aug. 3.