Faraday Future was once one of the most promising U.S. electric vehicle companies, but it has fallen behind in the competition, according to its first quarter results. The Los Angeles-based EV maker said that it only had 401 pre-orders for its FF 91 luxury sedan as of March 31st, a number that is much lower than expected at this point since the company’s foundation in 2014.
Reservations include $1,500 deposits for the FF 91 Futurist vehicles and $5,000 deposits for the FF 91 Futurist Alliance Edition vehicles. Faraday Future faced scrutiny about its order numbers last year after it had to retract its claim that it had received 14,000 reservations, as almost all of these were simply “unpaid indications of interest.”
Faraday Future’s Q1 2022 results also showed significant financial losses, with the company’s operating loss landing at $149 million. Net loss also grew significantly and totaled $153 million as of March 31st.
The company said that the large losses were “primarily driven by an increase in engineering, design, and testing (“ED&T”) services as the Company re-engaged suppliers and made significant purchases for ED&T services to progress the development of the FF 91; a significant increase in headcount and employee-related expenses; and an increase in professional services.”
Faraday Future said it still has assets totaling around $706 million, which reportedly includes over $275 million in cash. The automaker has continued to miss targets since its inception but said in its first quarter results that it still plans on beginning production of its EV in Q3 of this year.
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