Faraday Future delivers 10 FF 91 2.0 EVs in 2023

Faraday Future FF 91
Faraday Future FF 91

After several years of struggle and hardships related to development, financing and production, American electric vehicle (EV) startup Faraday Future delivered ten units of the FF 91 2.0 EVs to pre-order holders in 2023. The California-based luxury EV maker commenced production of the all-electric FF 91 2.0 model in March last year. The all-electric model was offered with a hefty price tag of $309,000, and challenged with brands like Rolls-Royce and Bentley. The first unit of the luxury EV was delivered in August, nearly six years after the original target year of 2018.

According to the luxury EV startup’s most recent financial report, the company delivered only four units of the FF 91 2.0 last year, while six additional units were leased. Thus, the total number of units delivered by the company last year was 10.

The company’s total revenue last year amounted to merely $784,000. It suggests that the low amount of revenue generated by the company last year was due to certain agreements with the EV users, which fetches $150,000 to $475,000 for consulting, branding and some other arrangements.

Auto sales cost amounted to $42.6 million. It translates into more than $4 million per vehicle. It led to a total net loss of roughly $432 million. The amount of loss was significantly lower than the loss of $602 million in the year of 2022.

Of course, the negligible sales points to difficult and tricky situation for Faraday Future, but a representative to the company stressed that they remained committed to increasing production and deliveries while ensuring strong financials.

Acknowledging difficult situation amidst slow sales, Faraday Future stated, “Given current market conditions and current levels of funding the Company is withdrawing its production target guidance for 2024″.

As of 31st of December last year, there were a total of 303 non-binding, fully refundable pre-orders in the U.S. and Chinese markets. This year is expected to generate bigger sales, but even at a cent percent sales rate, it would not be able to surpass the mark of $100 million in revenues.

The commencement of deliveries of Faraday Future’s EVs highlights the challenges as well as potential within the luxury EV market. With only ten units of the FF 91 2.0 EV delivered last year, Faraday Future faces an uphill battle to achieve profitability.

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