SPACs have emerged as a quick route to the stock market for companies, particularly auto technology startups, and have proven popular with investors seeking to echo Tesla Inc.'s high stock valuation.
Breitfeld, who joined the Los Angeles-based company as CEO last year, also said the company would deliver its first electric luxury SUV, the FF 91, nine months after securing funding, with volume production beginning 12 months after such a deal.
Faraday has said it wants to raise $800 million to $850 million to launch the FF 91.
It will initially build the vehicle at its plant in Hanford, California, but ultimately will use a contract manufacturer in Asia with which Breitfeld said Faraday has signed an agreement. He declined to identify the company.
Once one of the more hyped EV startups, Faraday burned through $2 billion in cash and its founder Jia Yueting finalized his personal bankruptcy filing in June.
Breitfeld said Jia no longer owns stock in Faraday, which is more than half owned by employees through an executive partnership and an employee stock ownership plan. Jia's stake had been a "major blocking point" to bringing in other investors, he said.
Breitfeld acknowledged Faraday has struggled in the past with executing its business plan.
"Because of the history and sometimes the bad news of the company, not everyone is really trusting us," he said. "They want to see that we've become a stable company."
Breitfeld, a former BMW executive, also co-founded Chinese EV startup Byton. Breitfeld left Byton in early 2019 and that company suspended production in July to reorganize.
