Faraday Future Intelligent Electric Inc. (FFIE), a California-based electric vehicle company, reported its financial results and operational developments for the year ended December 31, 2023. The company began production of its FF 91 Futurist model in March 2023 and delivered its first vehicles in August 2023, resulting in automotive sales revenue of $0.8 million. Despite this milestone, FFIE faced a gross loss of $41.8 million and a net loss of $431.7 million for the year, attributed to high operating costs, including R&D expenses and early-stage production inefficiencies. The company's R&D expenses decreased by 56% year-over-year due to the completion of FF 91 Futurist vehicle development in 2022. FFIE's future plans hinge on securing additional financing to support the production ramp-up of the...Show More

Faraday Future Intelligent Electric Inc. (FFIE), a California-based electric vehicle company, reported its financial results and operational developments for the year ended December 31, 2023. The company began production of its FF 91 Futurist model in March 2023 and delivered its first vehicles in August 2023, resulting in automotive sales revenue of $0.8 million. Despite this milestone, FFIE faced a gross loss of $41.8 million and a net loss of $431.7 million for the year, attributed to high operating costs, including R&D expenses and early-stage production inefficiencies. The company's R&D expenses decreased by 56% year-over-year due to the completion of FF 91 Futurist vehicle development in 2022. FFIE's future plans hinge on securing additional financing to support the production ramp-up of the FF 91 and the development of subsequent vehicle models, including the FF 81 and FF 71 series, as well as a Smart Last Mile Delivery (SLMD) vehicle. The company's ability to continue operations is uncertain, with substantial doubt about its ability to continue as a going concern due to recurring losses and cash outflows. FFIE's stock underwent a reverse stock split to reduce the number of authorized shares, and the company is exploring various funding and financing alternatives to sustain operations.