Faraday Future announced that the company is unaffected by the collapse of Silicon Valley Bank, has no cash or cash equivalents on deposit at Silicon Valley Bank, and has no direct relationship with the bank.
Faraday Future said it has received a dealer license for its U.S. operations from the State of California and will enter the market using its previously disclosed unique direct sales model, and confirmed that it will host the final launch for the FF 91 Futurist on April 26, 2023.
Faraday Future last week announced its financial results for the fourth quarter and full year of 2022 ending December 31, 2022.
According to the results, Faraday Future’s operating expenses for the fiscal year ending December 31, 2022 were $451 million (currently approximately RMB 3.139 billion) and $354.1 million for the fiscal year ending December 31, 2021. For the three-month period ending December 31, 2022, operating expenses were $83.9 million (approximately RMB584 million), compared to operating expenses of $121.4 million for the same period in the prior year.
In terms of production and delivery, Faraday Future said it plans to begin production of its flagship FF 91 Futurist at its manufacturing facility “FF ieFactory California” in Hanford, California, on March 30, 2023, with the first vehicles coming off the assembly line in early April 2023 and delivered to customers by the end of April 2023, subject to timely receipt of funding from the company’s investors and suppliers meeting supply chain requirements.
Through the Product and Technology Generation 2.0 (PT Gen 2.0) program, FF is reportedly completing final testing and validation of the FF 91 Futurist. The upgrade from PT 1.0 to PT 2.0 includes major upgrades to systems and core components in the areas of vehicle and I.A.I. (core advanced systems, i.e., intelligence, autonomous driving and internet) PT 2.0 is achieved through 26 major system and component upgrades, with 13 key upgrades across powertrain, battery, charging, chassis and interior, and another 13 from computing, sensing, communications, user interaction and FF 91 Futurist performance. communications, user interaction and FF 91 Futurist performance.
