On August 21, local time, Faraday Future (hereinafter referred to as "FF") released its second-quarter results. FF reported a net loss of $125 million (910 million yuan) in the second quarter, compared with a net loss of $142 million (1.034 billion yuan) in the same period a year earlier. As of the end of the second quarter, the company's total current assets were $106 million (about RMB 772 million) and its total cash was $17.89 million (the number of monthly active users was RMB 130 million).
FF said its loss narrowed in its quarterly report and said it had entered the income-generating stage. However, it did not report any revenue in the quarter, and total operating expenses fell from $137.5 million to $49.4 million, mainly due to a reduction in R & D and management costs. In addition, it said in a letter to investors that the company plans to triple its manufacturing team in the coming months and add a second shift to support the increase in production.
FF officially delivered its first flagship product, FF912.0 futurist Alliance (FF912.0 Futurist Alliance), to its first pinnacle user. FF called the delivery an "important inflection point". Jia Yueting, founder and chief product and user ecology officer of FF, said bluntly: "this is the first time that FF has entered the revenue phase and officially entered the full closed-loop phase of the historic inflection point."
Jia Yueting founded FF in 2014 and completed a $1 billion round of financing the following year. After that, Jia Yueting left the United States because of Letv's financial crisis, and eventually FF funding was in crisis, and the car-building project came to a standstill. In January 2017, on the other side of the Atlantic, FF unveiled its first flagship model, the FF91, which is known as "the world's first Internet eco-electric car." in the following years, FF held several quasi-production conferences, but it backfired and eventually mass production led to multiple ticket skips due to operational difficulties.
Until April this year, FF announced the completion of the production of its first production car, the FF 91 Futurist, and the launch of the FF ieFactory production line in Hanford, California. The following May, FF held the "final release of FF91 & Faraday Future 2.0" event, where the FF91 2.0 Futurist Alliance (version 2.0 of FF91 Futurist Alliance) went on sale for $309000 (about 2.2507 million yuan), and announced that the FF91, FF's first production car, would enter the delivery phase. However, the first phase of the car delivery skipped again, and it was not until the 14th of this month that the first delivery of the Faraday Future 2.0 was actually achieved by FF.
Looking back on the course of FF car construction, it has been 9 years since FF car was built, and it has only one mass production model of FF91, and it has skipped tickets many times since mass production. According to incomplete statistics, FF91 has gone through at least five ticket jumps in two years. Mass production is so difficult, and mass delivery is even more difficult. At present, FF91 has not yet officially delivered to C-end users, and this delivery is only for car dealers in Southern California, not private car owners in the traditional sense. There is still no clear time point when FF91 will be able to achieve large-scale delivery. Obviously, this is still a long way from Jia Yueting's "entering the revenue phase."
On August 17th, FF announced that the proposed reverse equity split had been approved by the special shareholders' meeting. FF said it expects the approval to provide sufficient shares in follow-up financing to support FF91 Futurist's production climbing and other strategic objectives of the company. On the same day, a company called French Automobile (Hubei) Co., Ltd. was established in Huanggang with a registered capital of 100 million yuan and the legal representative is Wang Zhigang. At present, FF has registered a number of "French Automobile" companies in China, including French Automobile (China) Co., Ltd., French Automobile (Zhuhai) Co., Ltd. Outsiders think that this move may mean that the landing of FF in Huanggang, Hubei will usher in new progress, and FF may speed up its entry into the Chinese market, but industry insiders believe that: "FF to achieve domestic mass production is only a plan, the focus is whether Jia Yueting and FF have enough funds to achieve, for auto companies, financing is becoming more and more difficult. On the other hand, FF does not have the qualification for automobile production in China, and it is also a question whether it can get a license, and the best result is to import OEM through foreign investment.
According to the plan, FF will launch FF91 series, FF81 series and FF71 series models in the next five years. As for the price of the product, FF staff said in an interview with the media on Aug. 18: "the price of models launched in the later stage of FF will not be less than 500000 yuan." In addition, Jia Yueting said: "the target of FF is basically the users of the spire, the lowest is to sink above the waist of the tower, and it will not sink again." The FF brand will never launch products of less than 500000 yuan, and even if it launches the FF 71 series, it will never be less than 500000 yuan. " It is worth mentioning that FF's first product, FF91, waited nine years for delivery, and it is unclear whether a new product will be launched as scheduled within five years.
As for planning for the third quarter in the short term, FF expects to receive cash from car sales and financing from existing commitments and valid registration statements to help meet our cash needs as we increase car production. Despite a net loss of $125 million in the second quarter, FF reiterated its goal of making its business profitable and operating cash flow balanced by 2025.
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