It seems it’s been a while where EV maker Faraday Future has been hanging by a thread.
In the past year or so, the company has barely avoided bankruptcy and being evicted from its California headquarters. Following a cash infusion, the company has worked hard to stay afloat, even showing off two prototype mules and announcing plans to ultimately offer a sub-$30,000 electric van early this year.
So how has it been going since?
In March, the company announced that it had received its third funding commitment, bringing its total haul in the prior six months to $100 million.
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In April, the company said it had signed a pre-order agreement with a company called JC Auto, who will pay a non-refundable deposit of $100,000 to be applied to up to 1,000 vehicles.
But not all of the news has been as nice.
Faraday Future also recently revealed its first quarter results, which Carscoops characterized as “dismal.” That’s because the company posted an operating loss of $44 million and only delivered… two vehicles.
And despite the aforementioned JC Auto pre-order, it’s not certain to get better. That’s because the order is non-binding, and Faraday Future’s report admits that the true number could be as little as two.
Likewise, another pre-order the company had previously announced – from Sky Horse Auto for 300 MPVs – could be “as few as one.”
While looking at the glass half full, the company continues to pursue its goal of providing AI-enhanced vehicles, with a plan of producing up to three models — the Super One and the FX 5, both with price targets of $20,000-$30,000, and the FX 6 at a targeted $30,000-$50,000.
No matter the price point, though, the company has set a low bar for deliveries so far in 2025.
So maybe there’s nowhere to go but up.
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It seems it's been a while where EV maker
Faraday Future has been hanging by a thread.
00:04.969 --> 00:10.079
In the past year or so, the company has barely
avoided bankruptcy and being evicted from its
00:10.079 --> 00:12.479
California headquarters.
Following a cash infusion,
00:12.560 --> 00:16.879
the company has worked hard to stay afloat,
even showing off two prototype mules and
00:16.879 --> 00:22.350
announcing plans to ultimately offer a $30,000
electric van early this year.
00:22.520 --> 00:25.950
So how's it been going since?
In March, the company announced that it had
00:25.950 --> 00:27.591
received.
Its third funding commitment,
00:27.761 --> 00:31.541
bringing its total haul in the prior 6 months
to $100 million.
00:31.752 --> 00:35.611
In April, the company said it had signed a
pre-order agreement with a company called JC
00:35.611 --> 00:41.931
Auto, who will pay a non-refundable deposit of
$100,000 to be applied to up to 1000 vehicles.
00:42.192 --> 00:44.501
But not all of the news has been as nice.
00:44.832 --> 00:48.352
Faraday Future also recently revealed its first
quarter results,
00:48.472 --> 00:51.462
which car scoops characterized as dismal.
00:51.712 --> 00:55.944
That's because the company He posted an
operating loss of $44 million and only
00:55.944 --> 00:58.254
delivered two vehicles.
00:58.543 --> 01:03.214
And despite the aforementioned JC Auto
pre-order, it's not certain to get better.
01:03.504 --> 01:08.954
That's because the order is non-binding and
Fairday Futures report admits that the true
01:08.954 --> 01:11.933
number could be as little as 2 vehicles sold.
01:12.263 --> 01:17.664
Likewise, another pre-order the company had
previously announced from Skyhorse Auto for 300
01:17.664 --> 01:20.185
MPVs.
Could be as few as one.
01:20.416 --> 01:24.216
While looking at the glass half full, the
company continues to pursue its goal of
01:24.216 --> 01:29.816
providing AI enhanced vehicles with a plan of
producing up to 3 models the Super One and the
01:29.816 --> 01:36.816
FX 5, both with price targets of $20,000 to
$30,000 and the FX 6 at a targeted $30,000
01:36.816 --> 01:38.445
to $50,000 price point.
01:38.655 --> 01:44.646
But no matter that price point, the company has
set a low bar for deliveries so far in 2025.
01:45.120 --> 01:47.870
So maybe there's nowhere to go but up.
01:48.120 --> 01:50.389
Amanda Wells, and this is manufacturing now.
