It seems as though Faraday Future has found a temporary reprieve from being evicted from their Los Angeles headquarters.
The struggling EV startup recently reached an agreement with their landlord, Rexford Industrial, to stay in the building as long as certain conditions are met. However, any violation of these terms could result in a swift demand for payment and ultimately, eviction from the premises. But if all requirements are met, Faraday Future can remain in their headquarters until their lease expires in September 2025.
This resolution comes at a time when Faraday Future is facing financial difficulties once again.
According to their most recent financial report from September 2023, the company only had $8.5 million in cash. This delay in their annual financial report is due in part to their inability to pay third-party audit consultants.
Earlier this year, their landlord Rexford Industrial filed a lawsuit against Faraday Future for allegedly missing lease payments totaling almost $1 million. As a result, the startup now has to pay $312,524.46 by April 30th, $305,617.08 by April 15th, and $312,419.63 by May 6th in order to fulfill their payment obligations.
Unfortunately, Faraday Future has not been as fortunate in avoiding trouble with their San Jose office. In January, their landlord BXP Realty filed a lawsuit claiming that the startup had stopped making lease payments in December, resulting in a debt of $127,311.16. So far, Faraday Future has not responded to the lawsuit, and a default order was entered in early March. It remains unclear if the startup still occupies the space.
Despite their current struggles, Faraday Future is determined to keep pushing forward and continue their operations. Hopefully, they will be able to overcome these challenges and find success in the future.
