Faraday Future’s best shot at redemption may be a SPAC
Despite a whirlwind of electric vehicle SPAC mergers in the last few months, there’s still one startup flying solo that’s arguably the best-positioned. Yes, Faraday Future is still on the market — though maybe not for long.
Sure, Faraday Future is distressed and its electric SUV is outrageous, but it developed valid technology over the last few years that is further along than what some competitors have. It will take a lot of money to get that vehicle over the proverbial finish line. Lucky for Faraday Future, though, money is now incredibly easy to come by.
In the last seven months alone, a half-dozen startups have gone public or announced plans to go public by merging with SPACs, or special-purpose acquisition companies — publicly...