On November 13th, Eastern Time, Faraday Future (FF) released its results for the third quarter of 2023. It is worth mentioning that in the third quarter, the company generated revenue for the first time. However, in the face of huge investment, this revenue appears somewhat "insignificant".
Spent 21.9 billion yuan to earn back 4.02 million yuan for the first time, with a quarterly net loss of 569 million yuan
FF stated in its financial report, "A major achievement of this quarter - our first revenue generation, which is an important milestone for the company
The financial report shows that in the third quarter, FF Automobile's sales revenue was 551000 US dollars (approximately 4.02 million yuan).
FF Announcement screenshot
Its car sales revenue includes revenue related to the delivery of new cars, as well as revenue from specific other features and services, including home chargers, charger installation, 24/7 roadside assistance, software updates ("OTA"), internet connectivity, and destination expenses (offset by certain co creation expenses).
According to FF, the company has invested approximately $3 billion (approximately 21.9 billion yuan) in building the FF 91 2.0 FuturistAlliance model.
In addition, in the third quarter, FF had a net loss of $78 million (approximately 569 million yuan), compared to a net loss of $119.9 million in the same period last year. FF stated that the net loss narrowing was mainly offset by the non cash settlement of convertible notes recorded in the quarter due to lower operating expenses and gains from changes in fair value of notes payable and warrant liabilities.
Luxury cars priced at over 2 million yuan. Netizens: Jia Yueting "Not Pitching the Poor"
In 2014, Jia Yueting announced his entry into the field of new energy vehicles and officially established FF in Los Angeles.
On May 31st of this year, the FF 91 2.0 Futurist Alliance (the 2.0 version of the FF 91 Futurist Alliance) was officially launched, priced at 309000 US dollars (approximately RMB 2.2507 million), with a global limit of 300 vehicles. Regarding this, some netizens commented, "Jia Yueting really doesn't pit the poor"
According to incomplete statistics, all six car owners of FF that have been announced are either wealthy or expensive, including Jia Yueting himself. The car owners who have been delivered successively are as follows:
1. Internationally renowned architectural designer Rem D Koolhaas
2. Jason Oppenheim, a top luxury real estate brokerage tycoon in the United States
3. California Luxury Car Dealers& Quot; Private Collection Motors& Quot;
4. One of FF's long-term investors and founder of the world's largest global supplier of American Halloween clothing
5. Jia Yueting, Founder, Chief Product and User Ecology Officer of the Company
6. Global superstar and entrepreneur Chris Brown
In the secondary market, FF's stock price has continued to decline, with a total market value of only $50 million left. As of the close of trading on the 13th Eastern Time, FF rose 11.39% to $0.88 per share, and its stock price has dropped 96% from its August high of $20.80.
FF stated in its financial report that from an operational perspective, Faraday Future is in its most mature period in history. Despite this, our stock price still fell sharply. We are taking measures to try to stop and reverse this downward trend. In recent months, we have seen a large amount of undelivered (FTD) data, which may indicate the existence of illegal naked short selling. The company has hired ShareIntel to provide us with intelligence on potential market manipulation and illegal short selling to take corresponding measures.
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