Electric-vehicle company Faraday Future Intelligent Electric said it received $41 million in new cash financing commitments in a new financing round, adding the latest round is expected to bring its total fundraising to over $100 million since September.

The shares jumped 13.8% in premarket trading.

The financing commitment is mostly made up of unsecured convertible notes and warrants to acquire additional shares of the company's common stock, Faraday said Monday.

Proceeds from the offering are expected to be used to help accelerate growth and development, for general corporate purposes, and to advance of the FX brand, Faraday Future said, adding it has a target of rolling out the first FX vehicle by the end of this year.

Proceeds will also be used for AI development, including research and development and AI talent acquisition and infrastructure building, the company added.

Faraday Future is scheduled to report its fourth quarter and full year financial results for 2024 after market close on Thursday, March 27, 2025, and will hold an earnings call at 5:00 p.m. Pacific Time (8:00 p.m. Eastern Time) that same day.