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Ticket skipping again! Faraday announces postponement of delivery of FF 91 in the future

2024-07-16 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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On June 17th, Faraday Future officials said that due to the time constraints of the supplier and the completion time of the company's enhanced security testing of FF91 2.0 Futurist Alliance's single unique product features, the delivery of the second phase of FF91 will be delayed. Delivery was delayed from the end of the second quarter of 2023 to August 2023, while officials stressed that the company's enhanced safety testing had nothing to do with the requirements of the Federal Motor vehicle Safety Standard (FMVSS).


It is understood that Faraday's first future model, FF91 2.0 Futurist Alliance, will be launched on May 31, with a total of three new models: FF91 2.0, FF91 2.0 futurist version and FF91 2.0 futurist Alliance version, priced at $309000, or about 2.2 million yuan. In terms of deposit, the reservation amount of FF91 2.0 futurist Alliance Edition is 50, 000 yuan, and the booking amount of FF91 2. 0 futurist Edition and FF91 2. 0 is 20, 000 yuan.


According to the earlier official plan, the delivery of FF91 is mainly divided into three phases. The first stage is the industry expert futuristic product officer co-creation delivery ", only in the face of" industry expert FPO "(Future Product Officer futurist product officer), the industry expert FPO needs to pay the FF91 car in full, receive vehicle use training, and obtain the vehicle in the second stage. The second phase is "Futurist Product Officer (FPO) Co-Creative delivery", which will be paid in full by FPO (s) and will be officially acquired by FF91,FF. The second phase is expected to begin at the end of the second quarter of 2023. The third stage is the link of "comprehensive co-creation of delivery". FF91 has officially entered the delivery process, and FF will deliver FF91 to all "high-end users" who pay the full fee.

The delay in FF91 delivery is not surprising. When Faraday announced the three stages of FF91 delivery in the future, Faraday said that both the second phase and the third phase would require a lot of additional financing to start. As we all know, Faraday has always been short of funds in the future. Although Faraday's future loss fell in the first quarter of this year, it is still in a state of loss as a whole.

FF's first-quarter net income was $6.5 million and its quarterly loss was $153.1 million, according to related data. Operating expenses for the first quarter were $83 million, down from $149 million in the same period last year; net cash for operating activities was $103.2 million, compared with $122.4 million in the same period last year; and capital expenditure was $16.9 million. On the balance sheet, as of March 31, 2023, FF had $33 million in cash, including $1.5 million in restricted cash.


With the delay of the second phase of FF91 delivery, it also cast a haze over the future development of FF. After all, for the new power of car building, the scale of delivery, continuous financing and self-hematopoiesis are the three major obstacles that will be encountered in the process of car building. At present, FF91 has been listed, but there are frequent delays in delivery, which will affect Faraday's future follow-up financing and its own hematopoietic function. As the founder of Jia Yueting himself, there is also a lot of negative news. According to the China Executive Information publicity Network, the Beijing Financial Court issued a consumption restriction order against Jia Yueting for failing to fulfill the payment obligations set out in the effective legal documents on time, and the applicant was the China Securities Regulatory Commission.


However, Jia Yueting does not seem to be affected by the negative news. Jia Yueting appeared on Douyin on June 1 and posted a video on the platform. No matter what kind of difficulties or even disasters you face, just remember that this is not the end of your story, nor the end of your career, nor the end of your life, Jia Yueting said in the video. As long as you regard a disaster as an opportunity to practice our abilities, as long as you keep going, you will suddenly find that these disasters will leave us, and the difficulties will soon pass.


On June 15, Jia Yueting again appeared in the 15th China Automobile Blue Book Forum by video, in which he shared his understanding of the change trend in the next stage of the development of the global automobile industry and the recent progress of FF. Jia Yueting said: the products and technology of the intelligent tram industry will show a change trend of full AI, all Hyper, omnipotence and co-creation in the next step. Our extremely extravagant product positioning, technology positioning and brand positioning, as well as the positioning of spire users, coupled with the business model of co-creating and sharing light assets, FF is still in the blue ocean market. These unique competitive advantages help FF need relatively little follow-up capital investment, no longer need to burn too much money to achieve positive cash flow, and quickly to success.


In the end, whether the future of FF will be a rapid success, as Jia Yueting said, may not be optimistic from now on. In terms of profitability: for new energy vehicle companies, profit is a very important indicator, this index needs mass production to reach a certain scale, gross profit margin at a certain critical point in order to generate profit. At present, Faraday's future is still stuck in the delivery stage, and profitability has become a long way off. As far as founder Jia Yueting is concerned, he has been plagued by negatives. as the founder of FF, it is bound to affect the company's image and reputation, or not conducive to follow-up financing.

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