Faraday Future, which has just delivered its 13th car to its own employees, has released its latest financial report
博阿尔农
发表于 2024-8-15 15:06:22
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Interface News Reporter | Wei Yonglang
On August 15th, Faraday Future (FF) released its Q2 2024 financial report, which showed that the company's operating expenses for the quarter were $29.9 million (RMB 214 million), significantly lower than the $49.4 million in the same period last year. And the operating loss also decreased from $56 million in the same period last year to $50.6 million (361 million yuan).
Although the operational data seems to be improving, FF's overall financial pressure remains severe. As of June 30, 2024, Faraday Future's cash used for operating activities has decreased significantly to only $29.1 million (RMB 208 million) compared to the same period last year.
The total book assets of the company are 457.9 million US dollars, of which the total liabilities are 309.2 million US dollars, and the net assets are only 148.7 million US dollars (1.062 billion yuan).
It is worth mentioning that in the second quarter, Faraday Future raised approximately $15.5 million through convertible bond financing.
Faced with this unsatisfactory financial report, Faraday Future stated that based on current business needs and funding conditions, the company has made adjustments to its operations and staff size, and will continue to drive production and vehicle delivery.
Just a few days ago, Faraday Future delivered its 13th FF 91, owned by its own employee and community sales manager, Gao Wei. At present, Faraday Future, which has been established for 10 years, has only launched the FF 91 model with a price of 1.77 million yuan. Only 13 vehicles have been delivered, including Jia Yueting's own one.
Due to a lack of funds to purchase components, Faraday Future had not delivered a new car for four months. After restarting the FF 91 delivery phase two (SOD2), Jia Yueting stated that he will strive to deliver a new car every month.
In March of this year, Faraday Future recalled all 11 FF 91 cars previously delivered due to a faulty airbag warning light in the FF 91 cars. If there is a problem with the vehicle's airbag, an error in the software system will prevent the warning light from turning on, posing a potential threat to the driver's personal safety.
Since the beginning of this year, Faraday Future's financial difficulties have intensified, with continuous reports of rent arrears and factory sales. The stock has also received a delisting letter from NASDAQ due to closing prices below $0.1 for ten consecutive trading days. Jia Yueting had to resort to commercializing his personal IP to alleviate financial pressure and maintain normal operations.
Afterwards, Jia Yueting was quite active on social media, having made comments such as "BYD is not our competitor, its products will mainly target the United States and other countries" and "Faraday Future is considering launching a second brand". As of now, Faraday Future's stock price is only $0.168, with a market value of $74 million.
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