EV maker Faraday Future sees first revenue in Q3

Asian Tech Press (Nov 14) -- California-based electric car startup Faraday Future (NASDAQ:FFIE) reported its first-ever revenue generation on Monday.

Faraday Future's third-quarter earnings results showed that the company generated revenue for the first time in the quarter, earning $551,000 from its auto sales.

Regarding the performance, the electric car startup said in a shareholder letter that it was "a major milestone for the company."

During the third quarter, Faraday Future reported a net loss of about $78.0 million, an improvement from the $119.9 million net loss in the same quarter last year.

So far, it has delivered seven of its flagship EV model, the FF 91 2.0 Futurist Alliance, to new customers. In October this year, the company delivered the model to high-profile customers, includingWorld Champion race car driver Justin Bell.

According to its plan, Faraday Futur aims to achieve production of around 1,000 units next year, provided it can secure requisite capital, supply chain capacity and stability, and obtain necessary permits.

As of September 30, 2023, Faraday Future had a cash balance of $8.6 million, including $1.9 million in restricted cash.

Faraday Future emphasized that it is "targeting operational cashflow equilibrium as early as 2025."

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