It seems it’s been a while where EV maker Faraday Future has been hanging by a thread.
In the past year or so, the company has barely avoided bankruptcy and being evicted from its California headquarters. Following a cash infusion, the company has worked hard to stay afloat, even showing off two prototype mules and announcing plans to ultimately offer a sub-$30,000 electric van early this year.
So how has it been going since?
In March, the company announced that it had received its third funding commitment, bringing its total haul in the prior six months to $100 million.
Most Read on IEN:
In April, the company said it had signed a pre-order agreement with a company called JC Auto, who will pay a non-refundable deposit of $100,000 to be applied to up to 1,000 vehicles.
But not all of the news has been as nice.
Faraday Future also recently revealed its first quarter results, which Carscoops characterized as “dismal.” That’s because the company posted an operating loss of $44 million and only delivered… two vehicles.
And despite the aforementioned JC Auto pre-order, it’s not certain to get better. That’s because the order is non-binding, and Faraday Future’s report admits that the true number could be as little as two.
Likewise, another pre-order the company had previously announced – from Sky Horse Auto for 300 MPVs – could be “as few as one.”
While looking at the glass half full, the company continues to pursue its goal of providing AI-enhanced vehicles, with a plan of producing up to three models — the Super One and the FX 5, both with price targets of $20,000-$30,000, and the FX 6 at a targeted $30,000-$50,000.
No matter the price point, though, the company has set a low bar for deliveries so far in 2025.
So maybe there’s nowhere to go but up.
Click here to subscribe to our daily newsletter featuring breaking manufacturing industry news.
