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2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
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AutoBeta(AutoBeta.net)12/08 Report--
In the early morning of December 8th, Faraday Future Faraday Future held an online meeting and announced the new progress of the company's business status, Faraday future FF plant construction and FF91 mass production delivery.
According to related news, due to the rising production costs of the Hanford plant, the operating loss of Jia Yueting's FF2021 is expected to expand to $143 million in the third quarter of 2021. Due to factors such as a substantial increase in operating expenses, FF expects the net loss in the third quarter of this year to expand significantly to $280 million, compared with a net loss of $33 million in the same period last year. FF said that from the establishment of the company to September 30, 2021. The cumulative loss is expected to be about $2.8 billion (about 17.8 billion yuan) and may continue to lose money in the future.
In addition, FF disclosed its financial position for the first time since IPO on July 22. According to FF Global CFOCarsten Breitfeld, the company's total assets are expected to be approximately $1.1 billion, including approximately $667 million in cash and cash equivalents as of September 30, 2021, while total assets as of December 31, 2020 are about $316 million. Global CFO said that the increase in total assets was due to the completion of the business merger with PSAC and the completion of related PIPE financing. When FF went public on Nasdaq and raised about $1 billion on July 22, FF said at the time that the listing solved the funding problem and went all out to deliver cars in 12 months. FF expects total liabilities as of September 30, 2021 to be approximately $354 million, while total liabilities as of December 31, 2020 are approximately $896 million, a decrease of $542 million. Or affected by the news, FF closed at $7.69 a share as of Dec. 7, with a latest market capitalization of $337 million.
It was previously reported that FF received a warning letter from the Securities and Exchange Commission that FF would receive a delisting warning letter from the Securities and Exchange Commission if it failed to file its third quarter 2021 financial results within the prescribed time limit. On November 29th, FF officially announced that the Nasdaq warning letter was only related to the delay in the submission of FF's Q3 financial report, which is a normal procedure. FF will return to normal SEC documents in time and submit them on time, and is confident that it will return to normal status in the near future.
In terms of business, due to the funding problem of FF's first car project FF91 has been concerned, for FF91 has not been able to mass production listing problem, the FF also reiterated: FF91 launch plan remains unchanged, FF global CEO said at the meeting, FF's first flagship store will be located in Beverly Hills, California rich area, the Hanford factory is progressing smoothly, there are enough resources to support FF91 to complete production in July next year.
As the first model of FF, the FF 91 was first unveiled in Las Vegas in January 2017. However, although the car is not yet on the market, its price has been previously exposed, with the FF 91 selling for 2 million yuan in China and $200000 in the United States. The car has 1050 horsepower in power and can accelerate 100 kilometers in 2.39 seconds with a peak torque of more than 1800Nm. It is equipped with a battery pack with a capacity of 130kWh. The NEDC lasts longer than the 700km. Jia Yueting once said that FF 91 is not only a high-performance EV, but also an all-around car, a super car robot, and the third Internet living space. It is the only product in the field of intelligent tram in the world that is higher than Tesla Model X plaid in terms of product and technology positioning.
In addition, FF has revised its estimate of the additional funding needed to achieve profitability and positive cash flow in 2024, estimating that it will require additional funding of US $1.5 billion, up from the previous estimate of US $1.4 billion, which will be used for the FF81 and FF71 projects, regardless of the first car project, FF91. It is understood that FF has planned four new cars, three of which are passenger cars, including the most high-end FF91 models, high-end mass market FF81 models and FF71 models for the mass market. FF's first mass production car, FF91, will be put into production in July next year, the other two models FF81 and FF71 are expected to achieve mass production by the end of 2023 and 2024 respectively, and the other new car is the unmanned transport vehicle FF LMD.
At present, what is more predictable is the FF91, the first mass production car. As to whether the FF91 will be put into production as scheduled in July next year, we'd better wait and see. After all, FF is still full of variables. On the one hand, FF encounters the short investment problem of J Capital Research, a US short seller. On the other hand, from a financial point of view, FF is still facing the problem of shortage of funds. According to relevant media reports: FF Zhuhai was officially established in December 2020, with a subscribed capital of 250 million US dollars, which looks strong, but the paid-in capital is 0. From a certain point of view, it also means that FF has not made any substantial progress in China, and it is still unknown whether FF can go on smoothly in the future.
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