Faraday Future (NASDAQ: FFIE) today reportedly said in a FORM 8-K filing with the U.S. Securities and Exchange Commission (SEC) about the delay for the FF 91 electric vehicle. Previously, Faraday Future had expected the model to be delivered in the third or fourth quarter of 2022.
Faraday Future said in the filing that as of September 21, 2022, the company had a cash position of $33.5 million in the U.S., of which $2.1 million was restricted cash. Faraday Future expects to burn through $293 million in cash from operations from September 1 to December 31, 2022, and about $708 million for all of 2022.
Faraday Future also said that as part of an ongoing effort to conserve cash and reduce expenses, the company recently implemented a series of cost-cutting measures, including layoffs and delayed payments. Depending on the company’s financial and market conditions, Faraday Future may take further cost-cutting measures, including layoffs. Given these efforts, Faraday Future no longer expects to start deliveries of the FF 91 in the third or fourth quarter of 2022.
Faraday Future is currently reaching out to potential investors to secure additional capital to keep the company operating until the end of 2022 and beyond. Following the successful completion of these efforts, Faraday Future is expected to announce a new timeline for the production and delivery of the FF 91. Faraday Future also noted that there is no guarantee that these efforts will be successful.
Last month, when Faraday Future released its second-quarter 2022 earnings report, it said that as of June 30, 2022, Faraday Future had announced 399 pre-orders. Faraday Future expected at the time to deliver the FF 91 to customers by the end of the third or fourth quarter of this year.
