current position：Home>The new car made by Jia Yueting will be postponed again!Faraday's net loss narrowed to $100 million in the third quarter
The new car made by Jia Yueting will be postponed again!Faraday's net loss narrowed to $100 million in the third quarter
2022-11-24 20:15:30【Junior is also technical】
Faraday Future FF 91, which was originally scheduled to be delivered in the fourth quarter of this year, has been postponed again.
On November 22, Faraday Future, a manufacturer of smart electric vehicles, released its financial results for the third quarter ended September 30, 2022. Faraday Future's operating loss in the third quarter was US$80.6 million,The operating loss in the same period last year was $186 million; the net loss narrowed to $103 million, compared with a net loss of $304 million in the same period last year.
Faraday Future's loss data, from the financial report
As of September 30, Faraday Future's total assets were US$541 million, compared with US$907 million in the same period last year; total liabilities were US$253 million, compared with US$340 million in the same period last year.
Faraday Future assets and liabilities data, from the financial report
Faraday Future said that in the third quarter of this year, the company's expenditures were mainly focused on completing the final phase of construction work at the Hanford, California plant, preparing production and manufacturing tools,As well as engineering, vehicle testing, certification and validation work.
The financial report stated that whether Faraday Future can achieve profitability in the future depends on whether it can successfully sell cars and control costs.
Currently, Faraday Future has no revenue, and its first model, the FF 91, is expected to generate sales revenue, but its delivery has been put on hold.
As mentioned in the financial report, Faraday Future previously expected that the FF 91 series would be delivered in the fourth quarter of 2022. However, due to the delay in obtaining funding commitments, FF 91 could not be delivered as scheduled.
Furthermore, the delivery of FF 91 is subject to various external uncontrollable factors, including the timing, size, possibility of additional financing, the effectiveness of Faraday Future's layoffs, other cost reductions and delayed payment measures, andParts supply, etc.
As of November 17 this year, Faraday Future has received a total of 369 orders for FF 91. The official price of this model has not yet been announced.Faraday Future plans to produce the FF 91 at its Hanford, California plant, while other models, including the FF 81 and FF 71, are in various stages of development and are scheduled to be released after the FF 91.
In terms of cost control, Faraday Future said that it will continue to incur a large amount of operating costs in the future, which will affect its future profitability, including research and development expenses for launching new models and improving existing models;Capital expenditures for production capacity; additional operating costs and expenses required to increase production; raw material procurement costs; general and administrative expenses for scaling up the business; interest expenses for debt financing activities; sales and distribution expenses when building brands and promoting vehicles.Faraday Future anticipates that after delivery of the FF 91, there will be substantial costs related to servicing, including service and warranty costs.
With no EVs yet to be sold, Faraday Future will need a significant amount of capital to develop products and finance operations for the foreseeable future.According to the financial report, Faraday Future will fund its continuous operations through a variety of financing methods, including construction financing of the Hanford, California plant, secured syndicated debt financing, convertible bonds, working capital loans and stock issuance.
At the same time, Faraday Future also emphasized in the financial report that in the future, the delivery of FF 91 may be further delayed due to force majeure factors such as insufficient funds, supply shortages, design defects, and talent gaps.
The financial report also mentioned that after the founder Jia Yueting was dismissed as CEO in April this year, he continued to serve as the company's chief product and user ecosystem officer, mainly responsible for the research and development of the Internet ecosystem, artificial intelligence and other fields.
The Wall Street Journal pointed out that, as it did three months ago, Faraday Future still used the wording "going concern" in its announcement.Investors are skeptical about the company's ability to maintain its business, given the company's "recurring operating losses since inception and continued cash outflows from operating activities."
As of the close of US stocks on the 21st, Faraday Future fell 6.79% to close at $0.34.
author[Junior is also technical],Please bring the original link to reprint, thank you.
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