Faraday Future has 401 pre-orders for the FF91

Faraday Future this week published its financial results for the first quarter of 2022 (it’s been a public company since mid-2021), and in the documents it was revealed the company had just 401 pre-orders for the FF91 at the end of the quarter.

Although Faraday Future has previously mentioned as many as 14,000 reservations, those didn’t require a refundable deposit like the pre-orders ($1,500 for the FF91 Futurist and $5,000 for the FF91 Futurist Alliance Edition).

The number of pre-orders isn’t high considering the FF91 was first shown five years ago, though it isn’t entirely unexpected given recent doubts of production even happening and rumors that the FF91’s pricing will start as high as $180,000.

Faraday Future FF91 prototype

Faraday Future FF91 prototype

Other tidbits revealed in the documents include reported assets of $706 million, which includes $276 million in cash. The company reported a net loss of $153 million for the quarter, up from a $76 million loss in the same period a year ago. A bright spot was total liabilities being a relatively low $271 million, down from $340 million at the start of the quarter.

Faraday Future is confident of starting production of the FF91 at its plant in Hanford, California, in the third quarter of 2022. A second, high-volume model called the FF81 is slated to be built under contract by Korea’s Myoung Shin starting in 2024.

There are still plenty of headwinds. According to the financial documents, Faraday Future’s cumulative losses total $3 billion and the company expects to continue to generate “significant” losses for the foreseeable future as it racks up further expenses with ramping up production and developing vehicles.

Source link