Faraday Future this week revealed its monetary outcomes for the primary quarter of 2022 (it has been a public firm since mid-2021), and within the paperwork it was revealed the corporate had simply 401 pre-orders for the FF91 on the finish of the quarter.
Though Faraday Future has beforehand talked about as many as 14,000 reservations, these did not require a refundable deposit just like the pre-orders ($1,500 for the FF91 Futurist and $5,000 for the FF91 Futurist Alliance Version).
The variety of pre-orders is not excessive contemplating the FF91 was first proven 5 years in the past, although it is not solely surprising given current doubts of manufacturing even taking place and rumors that the FF91’s pricing will begin as excessive as $180,000.
Faraday Future FF91 prototype
Different tidbits revealed within the paperwork embrace reported property of $706 million, which incorporates $276 million in money. The corporate reported a internet lack of $153 million for the quarter, up from a $76 million loss in the identical interval a 12 months in the past. A shiny spot was complete liabilities being a comparatively low $271 million, down from $340 million at first of the quarter.
Faraday Future is assured of beginning manufacturing of the FF91 at its plant in Hanford, California, within the third quarter of 2022. A second, high-volume mannequin known as the FF81 is slated to be constructed underneath contract by Korea’s Myoung Shin beginning in 2024.
There are nonetheless loads of headwinds. In line with the monetary paperwork, Faraday Future’s cumulative losses complete $3 billion and the corporate expects to proceed to generate “vital” losses for the foreseeable future because it racks up additional bills with ramping up manufacturing and growing autos.