- Faraday Future lost nearly $44 million in the first quarter.
- It sold two cars in three months.
- The company's hopes hinge on its new lineup of more affordable FX-branded EVs.
Troubled California startup Faraday Future is struggling to keep the lights on. In the first quarter of this year, it sold just two electric vehicles—one in California and one in New York. Since starting production of the FF91 EV in March 2023, the luxury car startup has sold just 16 vehicles, according to its latest SEC filing. The first ten were sold in 2023, and another four were sold in 2024.
Its financial situation isn’t looking particularly good either, despite the company claiming in its latest quarterly report that the figures show “clear progress on both financial and operational fronts.”
Faraday Future banked $300,000 in revenue in the first quarter from the two vehicle deliveries it made, as well as some lease revenue from past deliveries. That said, the numbers seems a bit wonky since the price of a single FF91 EV is roughly $300,000.
The company’s total operating expenses decreased by $200,000 year-over-year, reaching $22.8 million, while its net losses increased by $200,000, amounting to $43.8 million. At the same time, FF’s net assets went up by 21.6% year-over-year, reaching $139.8 million; its operating cash outflow also went up to $20.3 million, an increase of 38%.
With a handful of deliveries this year so far, it’s hard to see the FF91 2.0 ultra-luxury sedan ever taking off. For reference, Rolls-Royce, which has always been a low-volume automaker, sold over 5,000 cars last year, with the majority of them being the all-electric Spectre.
To move things in the right direction, Faraday Future has shifted its attention to a lineup of more affordable models that will carry the “FX” badge. The first of the new FX EVs, an electric minivan dubbed the Super One, is expected to debut at the end of June with a sub-$50,000 price tag. Other models are lined up for a big reveal later this year, including a Toyota RAV4-sized crossover.
The company claims it has received 1,300 pre-orders from two companies in the United States for its electric minivan, all paid for with non-refundable deposits. However, these orders are non-binding.
