On May 6 local time, Faraday future, headquartered in California, announced its financial results for the third quarter ended September 30, 2021. According to the financial report, the operating expenses of FF for the third quarter ended September 30, 2021 were $186 million, while the operating expenses for the three months ended September 30, 2020 were $18 million.
The significant increase in operating expenses was mainly due to the increased investment of Hanford manufacturing plant in preparation for full commercial production.
The net loss for the third quarter ended September 30, 2021 was $304 million, compared with a net loss of $33 million in the same period last year The increase in net loss was mainly due to the significant increase in operating expenses, the loss of changes in the fair value of bills payable to related parties, bills payable priced at fair value and warrant liabilities, as well as the loss arising from the processing of bills payable to related parties, bills payable and accounts payable to suppliers.
As of September 30, 2021, the balance of cash and cash equivalents was $666 million** The cash balance as of March 31, 2022 was $276 million, including the planned repayment of $97 million in notes and accrued interest**
In this regard, Jia Yueting, founder, partner, chief product and user ecology officer of France, said: "through the submission of this 10-Q financial report document, we are one step closer to realizing our initial vision. We are confident to complete the production of FF 91 futurist on time and with high quality. Thank the team for its hard work and the support of our users, shareholders and partners all the time."**
"After the end of the third quarter, we achieved the first four milestones leading to SOP at Hanford manufacturing plant. We are still confident to deliver FF 91 in the third quarter of 2022 and firmly believe that Faraday future is positioned to redefine the most advanced intelligent electric vehicle," said Bi Fukang, Global CEO of FF
*At present, the first ff91 quasi mass production vehicle has been built *. This marks the fourth manufacturing milestone of Faraday future and continues to manufacture more quasi production vehicles for final engineering verification and certification.
*The number of bookings as of March 31, 2022 is 401 *. The reservation has paid a deposit, which can be refunded in full and is non binding. The reserved vehicle is FF 91 futurist Alliance / FF 91 futurist originally sold by the company to users in the United States and China.
To book FF 91 futurist alliance, American users need to pay a deposit of US $5000 and Chinese users need to pay a deposit of RMB 50000. To book FF 91 futurist, American users need to pay a deposit of US $1500 and Chinese users need to pay a deposit of RMB 20000.
*It is reported that FF 91 is expected to be delivered * in the third quarter of 2022.
