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Today, Faraday Future announced its financial results for the first quarter of 2022 through its official Wechat account. According to disclosed financial data, the company's operating loss was approximately $149 million as of March 31, 2022, compared with an operating loss of approximately $19 million for the three months ended March 31, 2021. The net loss for the three months ended March 31, 2022 was approximately $153 million, compared with approximately $76 million for the three months ended March 31, 2021. It said the increase in net loss in the first quarter of 2022 was mainly due to operating losses.

Faraday said in the future that the increase in losses was mainly due to an increase in engineering, design and testing ("ED&T") services, as the company rehired suppliers and made a large number of purchases for ED&T services to advance the FF 91 project; a significant increase in the number of employees and staff-related costs; and an increase in professional services mainly related to special committee investigations.

In addition, it is also revealed that Faraday did not come from since its inception, the company has accumulated losses and negative cash flow from operating activities, with a cumulative loss of about $3 billion as of March 31, 2022. Large operating losses are expected to continue in the foreseeable future, as the company will continue to incur expenses before generating substantial revenue. According to its released data, as of March 31, 2022, the company's total assets were about $706 million, including $276 million in cash. The total liability as of March 31, 2022 is approximately $271 million.

However, despite the heavy losses, Dr. Bifukang, FF Global CEO, said: "in the first quarter, we continued to make progress at the Hanford manufacturing plant, and the installation of mechanical systems and equipment is under way to prepare for the production of FF 91." In addition, when FF opened its first flagship brand experience center in Beverly Hills, Calif., on May 19, officials said they had obtained a California license to sell cars online across the United States. It is always believed that with the delivery of FF 91 in the third quarter of 2022, Faraday Future will redefine the most advanced smart electric vehicles.

It is worth noting that in addition to releasing the financial results for the first quarter of 2022, the official also revealed that its first FF 91 quasi-production car has been built. Faraday Future's second car, the FF 81, has also worked with carmaker Myoung Shin Co., Ltd. Contract manufacturing, will start production in 2024.

It is understood that the FF91 positioning high-end luxury electric vehicle, 0-60 mph acceleration only 2.39 seconds, can output 1050 horsepower, a single charge can drive 300 + miles, NEDC operating conditions with a range of up to 700km. According to official figures, as of March 31, 2022, the cumulative number of FF 91 bookings was 401. FF 91 Futurist Alliance and FF 91 Futurist are sold to the United States and China, including a deposit of US $5, 000 for FF 91 Futurist Alliance and RMB 50, 000 for China, and a deposit of US $1500 for FF 91 Futurist and RMB 20, 000 for people in China.

As early as May 14, when Faraday announced the fourth quarter and annual financial results of 2021, Faraday revealed that Faraday had completed the installation of pilot equipment in the pre-production construction area of the Hanford plant in California in the future. It is expected to have an initial capacity of 10, 000 vehicles per year. It is estimated that the Hanford plant will start production in the third quarter of 2022 and will launch FF 91 series, FF 81 series and FF 71 series models one after another in the next five years. According to public data, FF has planned three models, namely, the high-end FF91 model, the high-end mass market FF81 model and the mass market FF71 model, of which the FF81 and FF71 are expected to achieve mass production by the end of 2023 and 2024 respectively.

On the question of when Faraday will be profitable in the future? FF Global CEO Bi Fukang has said that the company is expected to be profitable in 2025. FF is expected to have a 3 per cent market share in the luxury car market, with sales of the FF 91 reaching 40, 000 in the next two years and 270000 in five years. However, according to Faraday's financial results in the first quarter of 2022, capital is still its biggest problem. Even if FF 91 is sold in mass production, it is difficult to immediately convert it into cash flow. At present, FF has no hematopoietic ability, and loss is the norm.

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