Faraday Future said in a regulatory announcement that the timing of the first delivery of FF91 cars is uncertain and is not expected to be in 2022. additional funding will be needed after 2022 to support the production of FF91 to achieve cash flow break-even.
The company said in an announcement that the FF 91 sale “remains subject to various conditions, many of which are beyond Faraday Future’s control, including the timing, size and availability of additional financing. Faraday Future shares were down 6.8 percent at the close of the regular U.S. trading session.
Previously FF91 received up to $350 million in financing, but some industry insiders said that even if FF got new financing, it would be difficult to accelerate the mass production time of FF91. At the same time, from the FF91 pricing, even if it’s mass production, it is also very difficult to sell.
In fact, in September this year, Faraday Future said in a FORM 8-K filing to the U.S. Securities and Exchange Commission (SEC) that the company would delay delivery of the FF 91 electric car. Faraday Future said it recently implemented a series of cost-cutting measures, including layoffs and extended payment cycles, as part of its efforts to conserve cash and reduce expenses. Depending on the company’s financial and market conditions, Faraday Future may take further cost-cutting measures, including layoffs. In light of this, the company does not expect to begin deliveries of the FF 91 in the third or fourth quarter of 2022.