Is it really coming? Faraday Future FF 91 model certification is proceeding according to plan
FF 91 certification is on track
【PhoneAuto News】On May 12th, Faraday Future (FF) released its first quarter financial report for 2023. FF stated during the investor conference call that the company’s goal is still in accordance with the previously announced plan to launch the first phase of FF 91 deliveries at the end of May. FF has produced 40 vehicles for engineering, testing, marketing, and user purposes, and has manufactured all the vehicles required for the FMVSS test. On May 19th, PhoneAuto learned that Faraday Future revealed that the compliance certification work for its first luxury electric vehicle product, FF 91, is proceeding as planned. Most of the FMVSS tests have been successfully completed. The most difficult collision item has been carried out and has successfully passed all test items, including front, side, and rear collision tests.
FF’s first quarter financial report for 2023 shows a significant decrease in losses. As of March 31, 2023, FF’s quarterly operating expenses were US$83 million, quarterly net income was US$6.5 million, and net cash used in operating activities was US$103.2 million. In terms of the balance sheet, as of March 31, 2023, FF had US$33 million in cash, including US$1.5 million in restricted cash.
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Since its release in 2017, the mass delivery of FF 91 has been delayed several times. The mass production and delivery in 2018 failed due to investors’ breach of contract and refusal to pay investment funds. In 2019, the company officially announced a one-year delay in the delivery plan. After a one-year delay, Faraday Future was unable to deliver on schedule and postponed the mass production time again. Jia Yueting’s dream of making cars has still not been realized in 2021, and has been delayed many times until 2022. As for whether FF 91 can start the first phase of deliveries at the end of May this year, let us wait and see.
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