Faraday Future will lose 3.5 billion yuan in 2021, and FF 91 has only 401 pre-orders

IT House May 15 news, yesterday Faraday Future (hereinafter referred to as FF) today announced its fourth quarter and annual financial results for 2021. The financial report shows,FF’s net loss in 2021 is US$517 million (about 3.516 billion yuan), and the net loss in the same period in 2020 is US$147 million. 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, the company stated that it was 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 notes payable by related parties, the divestiture from the original issuance discount and the issuance of specific borrowings. 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,As of March 31, 2022, FF has secured 401 pre-orders for FF91. IT House learned that FF 91 has “bounced” many times before. The FF 91 prototype debuted in 2017, announced in 2018 that it will be mass-produced by the end of the year, and delivered in the first quarter of 2019. However, due to the competition between Jia Yueting and Evergrande for control, the mass production plan was shelved; in July 2020, Jia Yueting once again announced that “there is only one step left for mass production”, but failed to materialize; on February 24, FF 91 The quasi-production car rolled off the assembly line.

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.