Faraday Future avoids eviction at its LA headquarters, for now

Trending 2 weeks ago

Faraday Future has avoided getting evicted from its Los Angeles office — for nan clip being.

The troubled EV startup reached an statement April 2 pinch its landlord, Rexford Industrial, to enactment successful nan building arsenic agelong arsenic it met a fewer conditions. If nan startup violates immoderate of nan terms, Rexford has nan correct to trigger a 48-hour request for costs and tin footwear Faraday Future if it doesn’t salary up. If Faraday Future makes its payments, it tin enactment successful nan building until September 2025 erstwhile nan lease expires.

The solution comes arsenic Faraday Future is erstwhile again strapped for cash.

The institution reported having conscionable $8.5 cardinal successful rate arsenic of September 2023. That’s nan astir caller fig disposable because nan institution is precocious successful submitting its yearly financial study for 2023 successful portion because it has put disconnected payments to third-party audit consultants, according to an April 2 regulatory filing.

Rexford first sued Faraday Future successful February, claiming it missed aggregate lease payments totaling astir $1 million. Now, nan EV startup has to salary $312,524.46 towards what’s owed by April 30. It must salary this month’s rent of $305,617.08 connected aliases earlier April 15. And it has to salary nan pursuing month’s rent of $312,419.63 connected aliases earlier May 6.

Faraday Future was not truthful fortunate successful avoiding problem successful a different case, revenge successful January, by nan landlord of an agency it leased successful San Jose. There, BXP Realty claimed that Faraday Future stopped making lease payments successful December, and that it owed $127,311.16. Faraday Future does not look to person formally responded to nan lawsuit, and successful early March, a default bid was entered. It’s unclear if Faraday Future still occupies nan space.