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On April 13, Faraday posted a notice on the US Business Wire website that the delivery of its first model would be delayed. The circular stated that some suppliers informed the company that the company's time requirements could not be met and therefore updated the start delivery time and three-phase delivery plan for FF 91 vehicles. According to the new plan, the first model will begin the first phase of the delivery process at the end of May.

Currently, the delivery plan for FF91 is divided into three phases. The first phase is "Industry expert Futurist Product Officer (FPO) Co-creation delivery", which is expected to begin at the end of May. At this stage, industry expert FPO needs to pay FF91 in full and receive training in the use of vehicles. The second stage is "FPO co-creation delivery", in which FPO needs to pay FF91 in full and get the FF91 vehicle. The third phase is "Comprehensive Co-creation delivery", which will deliver FF 91 vehicles to all spire users who pay the full cost of FF 91 vehicles.

Faraday said in the future: the company expects to need a lot of additional financing to start the second and third phases of delivery and is in discussions with other potential investors. the three-phase delivery plan depends on receiving sufficient funds and parts in a timely manner and completing the required collision tests. At the same time, it was announced that as of April 11, 2023, Faraday's future cash would be about $29.8 million, including $1.5 million in restricted cash.

Related information shows that FF 91 is the first model of Faraday in the future, positioning high-end luxury electric vehicles, the standard Maybach S-Class, Porsche Taycan, BMW 7-Series and so on. The car was first launched in Las Vegas in January 2017, but it was delayed in mass production due to the collapse of Faraday Future funds, the dismissal of employees, huge debts and other factors. 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, 2022, Faraday has received 369 pre-sale orders for electric vehicles in the future, according to official sources. On March 30th, FF announced the production of FF91 via online live broadcast and showed the car body components of the factory and vehicles in the form of video. According to the official plan, the first batch of mass production FF91Futurist will be offline in early April and delivered to customers by the end of April 2023.

From the current point of view, the delivery time is delayed again because of the funding problem. It is worth noting that Faraday will always be short of funds in the future. earlier, due to the shortage of funds, the delivery of Faraday's first model has been delayed four times in the future. However, the delay in the delivery of the first model is not surprising, as FF also said in a recent preview of the start of production of the FF91: there is still a lack of millions of dollars before formal production.

In addition, Faraday's future finances have been tight in recent years. According to Faraday's latest full-year results for 2022, Faraday's net loss for the next fiscal year in 2022 will be $552.1 million (about 3.8 billion yuan), an increase of $35.6 million compared with a net loss of $516.5 million in 2021. In addition, in order to realize its dream of building a car, Faraday has made a cumulative loss of $1.3581 billion in the four years from 2019 to 2022. Of this total, the net loss was $517 million in 2021, $147 million in 2020 and $142 million in 2019.

Of course, it remains to be seen whether FF91 Futurist will be delivered in May. Judging from the official cash reserves, Faraday is still very short of funds in the future. If you look at the pace of Faraday's future losses, FF's current capital reserves are not enough. Even if Faraday can be delivered in May this year, how many consumers will choose because Faraday's future brand image has been severely damaged by the delay in mass delivery?

Finally, back to the price of FF 91Futurist, according to the price reported by the media before, the price of the model may reach one million, and the high price is destined to be difficult to have a large market, and it is still difficult to win high sales in the market in the short term. If the sales of cars do not go up, the expenses will have to continue to be spent. At the same time, market financing is not so smooth every time. Without continuous financial support, Faraday will be unable to move forward in the future. After all, under the background of tight funds, one step forward can only be raised when money is raised. If you can't raise money, you have no choice but to stop.

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