On June 13, Faraday Future (FF) announced on the Chinese social media platform Weibo that they have delivered a new car to individual investor He Jun, signaling the company’s reinitiation of the second phase deliveries (SOD2) that started last year.
In a statement, FF mentioned that Mr. He’s Chief Operating Officer from the US branch accepted the FF 91 2.0 at the FF headquarters in Los Angeles.
On June 7, FF’s Chief Product and User Ecology Officer Jia Yueting posted a video on Weibo, stating that prior to completing the strategic investor financing, if they could raise the necessary component funds, FF would strive to deliver a new car every month.
According to official data from FF, they delivered a total of 10 FF 91 2.0 Futurist Alliance cars throughout 2023. On February 7, 2024, FF once again announced the delivery of 1 FF 91 2.0 Futurist Alliance, adding to the previous deliveries. With this, after 10 years of making cars, Jia Yueting has delivered a total of 12 cars.
Jia Yueting started his “car-making dream” in 2014 by establishing Faraday Future. In January 2017, FF released its first mass-produced car, the FF 91. However, half a year later, in June 2017, amid financial crisis at LeTV, Jia flew to the US and has been jokingly referred to by onlookers as “returning next week.”
On May 31, 2023, Jia Yueting announced the price of the FF 91 2.0 Futurist Alliance at $309,000 (approximately 2.2 million RMB), limited to 300 units globally. As per FF’s official data, they delivered 10 FF 91 2.0 Futurist Alliance cars in 2023. On February 7, 2024, FF announced the delivery of 1 more FF 91 2.0 Futurist Alliance, bringing the total to 11 cars delivered. One of these cars was kept by Jia himself.
There were previous doubts about FF’s sales of 10 cars last year, with claims that 6 were leased. Jia Yueting responded by explaining that this was a misunderstanding caused by a lack of understanding of US car sales, or inaccurate translations. In reality, FF did deliver 10 cars last year, with purchase options including full payment and leasing, not simply rentals as some had assumed.
Information disclosed on Faraday Future’s official website last month revealed that the company had a total revenue of $800,000 in 2023, with an operational loss of $286 million. This marked a significant decrease compared to the operational loss of $437 million in 2022, mainly due to reduced operating expenses.
As of December 31, 2023, Faraday Future’s total assets amounted to $531 million, with total liabilities at $302 million. In comparison, as of December 31, 2022, total assets were $529 million, with total liabilities at $328 million.