Faraday Future: FF 91 is not expected to be delivered this year and additional funding is needed

CTOnews.com, Nov. 22 (Xinhua)-- Faraday said in a regulatory announcement on Monday night that the timing of the first delivery of FF91 cars is uncertain and is not expected to be in 2022, according to the Financial Associated Press. Additional funds are needed after 2022 to support FF91 production in order to break even cash flow.

In an announcement on Monday, the company said the sale of FF 91 was "still subject to a variety of conditions, many of which Faraday cannot control in the future, including the timing, size and availability of additional financing". Us stocks closed at the close of regular trading on Monday, and Faraday's future shares fell 6.8 per cent.

Previously, FF91 received up to $350 million in financing, but some industry insiders said that even if FF gets new financing, it will be 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.

CTOnews.com learned that in fact, in September this year, Faraday said in its FORM 8Murk filing with the Securities and Exchange Commission (SEC) that it would delay the delivery of FF 91 electric vehicles. Faraday said in the future that it had recently implemented a series of cost-cutting measures, including layoffs and extended payment cycles, as part of cash savings and spending cuts. According to the company's financial and market conditions, Faraday is likely to take further cost-cutting measures in the future, including layoffs. In view of this, the company does not expect to start delivering the FF 91 in the third or fourth quarter of 2022.