On November 7, Faraday Future (FF), a global shared smart electric mobility ecosystem company, announced its financial results for the third quarter of 2024. Among the results, operating expenses fell 92.6% year-over-year to $3.8 million; operating loss decreased to $25.2 million from $66.4 million in the same period last year.
FF said it continued to achieve significant results in controlling costs and reducing operating expenses.
As of September 30, 2024, FF had assets of $449 million and liabilities of $292.3 million, with a book value of $156.7 million.
FF considers the third quarter of 2024 to be its key growth point.
In the product business, FF continued to advance the FF 91 2.0 program, delivering the FF 91 2.0 Futurist Alliance to Born Leaders Entertainment in the third quarter, bringing cumulative deliveries to 14 units.
FF launched its second brand, Faraday X (FX), with the goal of becoming the Toyota of the AIEV era, heralding a new chapter in its strategic upgrade and business development.
FF’s first FX models are said to be the FX 5 (expected to be priced at $20,000-$30,000) and FX 6 (expected to be priced at $30,000-$50,000), which are offered with two powertrains: extended-range AIEVs and pure-electric AIEVs, with the goal of starting production by the end of 2025, subject to securing the necessary funding.
FF revealed that the FX program has now initiated the first phase of vehicle development and is progressing on schedule to reach the first phase milestone.
On the financing front, FF has received the full net amount of financing associated with the $30 million financing commitment announced in September.
The funding is reportedly coming from Middle Eastern, U.S. and Asian investors.FF received the first installment on September 12, the second on September 30, and the final installment this week.
In terms of business expansion, FF is expanding its operations in Ras Al Khaimah, UAE, with company registration and facility development, marking an important milestone in FF’s “third pole” strategy beyond the U.S. and China markets. FF recently announced a co-investment agreement with Master Investment Group, managed by Sheikh Abdulla Al Qassimi, to establish its Middle East regional headquarters in Ras Al Khaimah, UAE, where it has already entered into a joint venture with RAKE Economic Zone (RAKEZ), through its Dubai-based entity, Faraday Future Middle East FZ-LLC. Through its Dubai-based entity, Faraday Future Middle East FZ-LLC, FF has signed an agreement with the Ras Al Khaimah Economic Zone (RAKEZ) to support current operations and co-develop a 108,000-square-foot facility nearing completion.
In terms of listing compliance, on September 4, Nasdaq confirmed that FF has regained compliance with Nasdaq’s listing compliance requirements, largely due to a series of steps it has taken to address the timely filing of financial results and minimum share price requirements.
In terms of personnel appointments, FF has also strengthened its leadership through strategic personnel appointments, including the appointment of Koti Meka as Chief Financial Officer and Aaron Ma as Head of Vehicle Research and Development, thereby laying a better foundation for FF’s continued innovation and market expansion.
FF said it will continue to implement its dual-brand strategy in the future, while seeking more strategic financing opportunities.