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Dow Jones Newswires: Faraday Future shares rise after financing news

Faraday Future Intelligent Electric Inc.

shares rose 21% to $2.42 in the regular session after the electric vehicle company entered a non-binding term sheet with shareholder FF Top Holding LCC for up to $600 million of financing.

After the market closed Tuesday, the company provided updates about its production plant in Hanford, Calif., including its official name, FF ieFactory California.

Faraday Future said “we continue to make exceptional progress on construction and development,” and “we are getting closer to our start of production” later this year. Main body lines, e-coat systems and paint ovens and conveyance are all in place.

Shares were recently at $2.48 after hours.

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