by In the first quarter, Faraday Future reported catastrophic results, delivering only two FF 91 electric vehicles.
The company’s revenue amounted to a modest $300 thousand, while the net loss reached $48.2 million.
Despite claimed 1300 pre-orders for the Super One van, only three of them have been confirmed.
Faraday Future announced ambitious plans, including the launch of a new model. The lineup will include the Super One minivan, the FX 6 crossover, and the budget FX 5 priced at $20-30 thousand.
Although the list of new models is impressive, the company’s reputation raises questions. The first quarter financial results have only intensified concerns.
How bad is the situation? In three months, the company shipped only two vehicles. 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 resembles 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 exacerbated by continuous financial losses. The presentation indicates 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 a deal for 300 minivans with Sky Horse Auto — actual deliveries might amount to just one vehicle. The only positive is receiving a non-refundable deposit of $30 thousand (£22,550 / €26,658), which for Faraday is a substantial amount.
