Faraday Future had only delivered ten cars by the end of 2023

The electric car startup Faraday Future continues to raise doubts as to whether it is fit for the future. A recently published mandatory disclosure to the US Securities and Exchange Commission reveals that it had only delivered ten cars by the end of 2023 and that its annual turnover was less than one million dollars.

Faraday Future delivered its first cars last year because the handover of the first vehicle had taken a whopping five years and was initially planned for 2018.

The first unit of the FF 91 2.0 Futurist Alliance was handed over to the company PCM in Costa Mesa on 12 August. PCM is a company based in Southern California that specialises in luxury cars. PCM, or rather a company representative, is also one of the ‘co-creators’ who paid for their vehicles early as part of the ‘Industry Expert Futurist Product Officer (FPO) Co-Creation Delivery’ and were then involved in the final process.

With a list price of 309,000 dollars, Faraday Future wants to compete with luxury brands such as Bentley and Rolls-Royce with its FF 91 2.0 Futurist Alliance. The car has a 142 kWh battery and can reach a top speed of 250 km/h.

According to the financial report, there were 303 pre-orders for the car by the end of last year, but these were not binding. Today, of course, the figure could be different, but Faraday Future does not give any more recent figures. By comparison, the electric Rolls-Royce Spectre sold 326 units worldwide in the fourth quarter of 2023 alone (its first quarter on the market).

In any case, the business figures for 2023 are also worrying: Last year, Faraday Future generated a turnover of just 784,000 dollars. The total net loss was 432 million dollars. This is a difficult situation, but the company says it is “committed to increased production and deliveries while maintaining financial discipline.”

The financial report also states: “Given current market conditions and current levels of funding the Company is withdrawing its production target guidance for 2024.” The Middle East is one of the potential new markets mentioned in the report.

insideevs.com