Faraday Future says it needs to raise more than $200 million in additional funds to bring the FF 91 into production.
According to Reuters, in a regulatory filing recently made by the car manufacturer, Faraday Future says it needs the money to fund production activities until the end of the year and beyond. That’s despite the fact that chief executive Carsten Breitfeld said as recently as June that the brand did have enough money to start building the FF 91.
While it has been more than five years since the FF 91 was first unveiled as a concept, it has only been a few months since it was showcased in production-intent guise. It was revealed in late May that Faraday Future had just 401 preorders for the electric vehicle, all of which are fully refundable and non-binding.
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This revelation came shortly after the startup was forced to acknowledge that it didn’t have 14,000 reservations as previously claimed and instead had 14,000 unpaid “indications of interest.” Final pricing details for the FF 91 haven’t been announced but it is expected to start at over $200,000 in the United States.
It’s not just Faraday’s lack of pre-orders that is worrying as its financials aren’t looking too good either. In the three months ended March 31, 2022, Faraday reported an operating loss of $149 million, a significant increase from the $19 million operating loss that it posted for the same three months in 2021. It also revealed that it had assets valued at $706 million as of March 31, 2022 and $276 million in cash. The company has yet to post its second quarter earnings.
