Faraday Future Intelligent Electric Inc reported weak first-quarter results, delivering only two vehicles and generating $300,000 in revenue, while reiterating ambitious plans to expand its lineup under a new mainstream FX brand.
The California-based electric vehicle maker said the upcoming FX range is expected to include several models, such as the Super One minivan, the FX 6 crossover, and an entry-level FX 5, projected to be priced between $20,000 and $30,000. Despite the modest performance in the first quarter, Faraday Future said it expanded its customer reach with a delivery on the U.S. East Coast.
The company continues to face significant financial strain. According to its Q1 financial presentation, Faraday Future posted a net loss of $48.2 million. The company’s press release highlighted ongoing risks, including its history of losses, the expectation of continued negative cash flow, and operational uncertainties in China.
Faraday Future’s FF 91 model, its flagship offering, accounted for the minimal deliveries and revenue in the first quarter. Nevertheless, the company pointed to several positive developments, including a pre-order agreement with JC Auto for up to 1,000 FX Super One vans. However, accompanying disclosures cautioned that actual orders under the deal could be as low as two units.
Similarly, an earlier announced agreement with Sky Horse Auto for 300 multi-purpose vehicles could ultimately result in the delivery of only one vehicle, according to company statements. The firm noted that Sky Horse Auto made a $30,000 non-refundable deposit, a significant sum for the financially troubled startup.
Faraday Future was founded with aspirations of challenging established automakers in the premium EV market but has struggled with repeated production delays, executive turnover, and funding issues since its inception.