Electric vehicle manufacturer Faraday Future, known for its ambitious projects and occasional setbacks, achieved a significant milestone in 2023 with the commencement of vehicle deliveries. According to the company’s Form 10-K filing, Faraday Future recorded automotive sales revenue of $784,000 last year, signaling progress despite past delays.
The company’s automotive sales revenue encompasses various services in addition to new vehicle deliveries, including home charger installation, 24/7 roadside assistance, over-the-air software updates, internet connectivity, and destination fees.
In a notable achievement, Faraday Future sold four vehicles and leased six units of its flagship model, the FF 91, in 2023, with deliveries starting in the third quarter. “We began the production of our FF 91 Futurist in March 2023 and started making deliveries to customers in August 2023 and have sold four and leased six vehicles for the year ended December 31, 2023,” the company stated.
Despite these positive developments, the company emphasized that the 303 non-binding pre-orders it received in the US and China as of December 31, 2023, do not guarantee conversion into binding orders or sales.
Looking ahead, Faraday Future remains optimistic about its future prospects. In its Form 10-K, the company outlined plans for next-generation vehicles, including the FF 81, a premium mass-market electric car designed to rival the Tesla Model S and Model X, and the FF 71, a mass-market passenger vehicle competing against the Tesla Model 3 and Model Y. Additionally, Faraday Future intends to produce a smart Last Mile Delivery vehicle.
