Faraday Sinks on Word It Needs $150 Million to Start Making SUVs

Faraday Future Intelligent Electric Inc. says it could start building its first electric SUVs by the end of March, but first has to raise between $150 million and $170 million.

Chief Executive Officer Xuefeng Chen said the company has letters of intent for a “significant portion” of the financing, according to a video posted on the Los Angeles-based startup’s website Thursday. Faraday had only $22.5 million in cash at the end of November.