Thursday, July 7, 2022
News Faraday Future Only Has 401 Orders for the FF91

Faraday Future Only Has 401 Orders for the FF91

Faraday Future is aiming to start production of its first model this year, but there are some doubts about its capacity to do so.

  • The company had previously said it had 14,000 orders, but this was misleading

  • The FF91 was shown for the first time close to five years ago

  • Rumour say that the base price of this electric SUV could be as high as $180,000

Faraday Future was misleading when it announced 14,000 orders for the FF91, since its recent financial report shows only 401 customers have left a deposit.

The small company showed its FF91 luxury electric SUV five years ago already, but production is only set to begin later this year and many doubts this will actually happen.

Earlier in the year, Faraday Future claimed it had over 14,000 reservations for its first model, which may well have been true, but it was also misleading.

This is because this type of reservation didn’t require a deposit, thus it only represented the number of people who had expressed interest, without necessarily intending to buy.

In its financial report for the beginning of 2022, the company revealed that the actual number of people who have pre-ordered the FF91 with a deposit of $1,500 for the entry-level model and $5,000 for the up-level trim was only 401.

The same report also showed that the company is not in great financial shape, although there seems to be an improvement on that front.

Indeed, the company reported a loss of $153 million for the first three months of the year, which is more than it had loss in the same period of last year. However, the company’s total liabilities went down to $271 million from a high of $340 million at the end of 2021.

Starting production at the company’s factory in California is bound to make losses explode while sales revenue could still have to wait for quite some time.

If it is able to ramp up production of the FF91, Faraday Future will then begin working on the FF81, a smaller and more affordable electric SUV, which will be a welcome addition to its lineup since the FF91 is rumoured to be aimed at the very high end of the market, with a possible starting price of $180,000 in the U.S.

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