by In the first quarter, Faraday Future showed catastrophic results, delivering only two FF 91 electric cars.
The company’s revenue amounted to a meager $300 thousand, while the net loss reached $48.2 million.
Despite the announced 1300 pre-orders for the Super One van, only three of them are confirmed.
Faraday Future announced ambitious plans, including the launch of a new model. The lineup is set to include the Super One minivan, the FX 6 crossover, and the budget FX 5 priced at $20-30 thousand.
Although the list of new products is impressive, the company’s reputation is questionable. The financial results for the first quarter only heightened concerns.
How bad is the situation? In three months, the company shipped only two cars. That’s less than one per month, yet the manufacturer stated it is “expanding its customer base” and entering the US East Coast after a delivery to New York.
This vision is reminiscent of an attempt to find a positive in a failure. Revenue from sales and leasing amounted to only $300 thousand (£225,576 / €266,712).
The situation is worsened by constant financial losses. The presentation indicated a net loss of over $48.2 million (£36.2 million / €42.8 million).
The financial report contains numerous warnings, including a history of losses and expectations of their continuation, as well as risks associated with operations in China.
The company reminded of a deal for 1000 pre-orders from JC Auto but clarified that the actual number might be limited to two units.
A similar situation exists with the deal for 300 minivans with Sky Horse Auto – actual deliveries may amount to only one car. The only positive is receiving a non-refundable deposit of $30 thousand (£22,550 / €26,658), which is a substantial amount for Faraday.
