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Faraday said in a regulatory announcement last night that the delivery time of FF91 cars has not yet been determined and is not expected to be in 2022, according to the Financial Associated Press today. Additional funds are needed after 2022 to support FF91 production in order to break even cash flow. At the same time, the announcement also said that the sale of FF 91 is still subject to a variety of conditions, many of which are beyond Faraday's control in the future, including the timing, size and availability of additional financing. Or affected by the news, Faraday's future shares closed down 6.85% at $0.34 yesterday.

For FF91 delivery delay, or early warning. On July 25 this year, Faraday Future said in a document that the delivery of the FF91 Electric SUV, which had been scheduled to go public in July, had been postponed to "the third or fourth quarter of 2022". It was also noted that additional cash was needed for the commercial launch of FF 91 and that additional capital was being sought to finance its operations until December 31, 2022. " In addition, any challenges in supplier collaboration, delays in capacity or workforce improvements at the company's Hanford, Calif., manufacturing plant, rising material prices and continued disruptions in the global supply chain could further increase the additional funding requirements for the launch of the FF 91 series.

In September, Faraday again said in a FORM 8Muk filing with the Securities and Exchange Commission (SEC) that the delivery of FF 91 electric vehicles would be delayed. It said that as of Sept. 21, 2022, the company's cash position in the United States was $33.5 million, of which $2.1 million was restricted. Faraday said in the future that the company has recently implemented a series of cost-cutting measures, including layoffs and delayed payments, as part of its ongoing efforts to save cash and reduce expenses. According to the company's financial and market conditions, Faraday will take further cost-cutting measures in the future, including layoffs. In the light of these efforts, delivery of FF 91 is no longer expected to begin in the third or fourth quarter of 2022.

According to previous reports from the auto industry, the FF 91 is the first future Faraday model to be established in 2014. It is positioned as a luxury electric vehicle worth more than $100000. The vehicle accelerates at 0-60 mph in 2.39 seconds, can output 1050 horsepower, can drive 300 + miles on a single charge, and has a range of up to 700km under NEDC conditions. Although FF91 made its debut as early as 2017, due to a shortage of funds, FF91 quasi-production cars did not officially go offline until February this year. As for FF91, Jia Yueting, the future founder of Ferrari, has said that FF91 has subverted traditional super-luxury brands such as S Maybach, Ferrari and Bentley. As of November 17, Faraday had received 369 pre-sale orders for electric vehicles in the future, according to official sources.

It is not difficult to see from the official announcement that there is still a big shortage of funds for Faraday in the future. Yesterday, Faraday Future announced third-quarter results, according to the data: the third-quarter Faraday future operating loss of about $81 million, a net loss of about $103 million, narrowing from the net loss of $304 million in the same period last year. In the first three quarters of this year, Faraday achieved a cumulative net loss of $398 million in the future, down about 7.88 per cent from the same period a year earlier. As of September 30, 2022, Faraday's future total assets are about $541 million and total liabilities are about $253 million. Faraday Future said that since its inception, the company has experienced cumulative losses and negative cash flow, with a cumulative deficit of about $3.3 billion as of September 30, 2022. As the company will continue to incur expenses before generating meaningful positive income, the company is expected to continue to incur huge operating losses in the future.

As we all know, mass production of Faraday's first model, the FF 91, is particularly important for it. According to Faraday's earlier plans for the future, delivery of the FF91 will begin in the third quarter of 2022 and production of 6000 to 8000 vehicles is expected in 2023. However, the mass production time of FF 91 has been delayed again and again, and the stock price has fallen from $13.98 per share to $0.34 per share, with a market capitalization of only $143 million.

Although, recently, it has been reported that it has financing, but the speed of Faraday's losses in recent years, the financing is still far from enough, after all, FF has no hematopoietic capacity, loss is the norm. In addition, some industry insiders pointed out that even if FF gets new financing, it is difficult to accelerate the mass production time of FF91. At the same time, from the point of view of FF91 pricing, even if it is mass-produced, it is difficult to sell.

However, FF Global CEO Bi Fukang is optimistic about when Faraday will be profitable in the future. The company is expected to be profitable by 2025, it has said. 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. The blueprint is beautiful, but according to Faraday's financial results in the third quarter of 2022 and the delay in FF91 delivery, the future situation of Faraday is not optimistic. After all, market financing is not always so smooth, and there is not much time left.

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