Source: Caijing Network2022-05-15 12:15
Financial Network Automotive News May 15 news, recently, Faraday Future announced its fourth quarter and annual financial results for 2021. The financial report shows that FF will have a net loss of US$517 million (about 3.516 billion yuan) in 2021, and a net loss of US$147 million in the same period in 2020. As of December 31, 2021, FF’s cash balance was $505 million; as of March 31, 2022, the cash balance was $276 million.
Regarding the 2.5 times year-on-year increase in the loss in 2021, Faraday Future said that it is mainly due to the significant increase in operating expenses and changes in the fair value measurement included in the conversion premium of notes payable and related party notes payable, and the original issuance discount. The fair value of the warrants, etc.
The report shows that in the information of directors and executives’ shareholdings, founder and former CEO Jia Yueting personally holds 72,749 shares, accounting for less than 1%. CEO Bi Fukang holds 866,637 shares, accounting for less than 1%.
The report shows that as of March 31, 2022, FF has secured 401 pre-orders for the FF91.
Faraday Future’s global CEO Bi Fukang said: “We are still confident that the first model FF 91 will be delivered in the third quarter of this year.” FF said that in the next five years, FF 91 series, FF 81 series and FF 71 series models will be launched successively. In addition, FF has completed the installation of pilot equipment in the pre-production building area of the Hanford, California plant, with an expected initial production capacity of 10,000 vehicles per year. Based on the current schedule, FF management expects the Hanford facility to begin production in the third quarter of 2022.