Faraday Future released its financial results for the first quarter of 2022 this week (it had been a public company since mid-2021), and the document revealed that the company had only 401 pre-orders for FF91 at the end of the quarter.
Although Faraday Future has previously mentioned 14,000 reservations, they do not require a refundable deposit as a pre-order (F 1,500 for the FF91 Futurist and $ 5,000 for the FF91 Futurist Alliance version).
Considering that the FF91 was first shown five years ago, the number of pre-orders is not high, although recent speculation of production, even rumors that the FF91 will start at $ 180,000, is not entirely unexpected.
Faraday Future FF91 prototype
Other news published in the document includes reported assets of $ 706 million, of which $ 276 million is in cash. The company reported a net loss of $ 153 million for the quarter, up from $ 76 million in the same period a year earlier. Total liabilities from $ 340 million to $ 271 million at the beginning of the quarter are a bright spot.
Faraday Future is confident of starting production of FF91 at its plant in Hanford, California in the third quarter of 2022. A second, higher-volume model, the FF81, will be built in 2024 under the contract of Korea’s Myung Shin.
There are still plenty of heads. According to financial documents, Faraday Future’s growing losses totaled 3 billion and the company expects to continue to have “significant” losses for the future as it increases production and increases costs with vehicle development.