Jia Yueting's car built a car again!When will Faraday's first car be delivered in the future?

On August 15, local time, the Future Future (referred to as "FF"), founded by Jia Yueting, disclosed the second quarter financial report in the future (referred to as "FF"). The net loss increased to US $ 142 million, with a cumulative loss of US $ 3.2 billion; and as of August 9, 2022, On the day, the cash balance was only $ 52.2 million.

At the same time, the company announced that it has received new financing of $ 52 million, and it is expected that the FF 91 will be launched by $ 368 million by the end of 2022.

"Under the premise of successfully completing the financing process, I believe we can deliver cars to customers in the end of the third or fourth quarter." FF Global CEO Bi Fukang said.

As of August 15, the US stock closed, FF closed at $ 2.79/share, with a total market value of US $ 843 million.

Source: Oriental Wealth

In the second quarter, a net loss of approximately US $ 142 million cumulative deficit was about 3.2 billion US dollars

The financial report shows that FF operating losses in the second quarter were US $ 137 million, with $ 28 million in the same period last year. The net loss increased to US $ 142 million, and the net loss of $ 53 million in the same period last year was further expanded for losses. The company said that it was mainly due to the increase in losses in the same period.

The reporter noticed that in the second quarter, FF operating losses and net losses were narrowed compared to the first quarter, but it was still expanding year -on -year.

As of the end of the second quarter, FF total assets were US $ 588 million, including $ 121 million in cash. At the end of the first quarter, cash was still $ 276 million. The company said that the decrease in cash in the second quarter was mainly due to the payment of the supplier, the investment and research and development of the FF continued investment and research and development.

As of August 9, 2022, the balance of cash was only 52.2 million US dollars, including restricted cash of 1.6 million US dollars. It has to be said that "car building" is very "burning money".

In addition, as of the end of the second quarter, FF total liabilities were US $ 287 million, and as of December 31, 2021, total liabilities were US $ 340 million.

FF said that recently, due to concerns about the company's financial status, some suppliers demanded to accelerate payment, resulting in the payment conditions lower than the company's expectations and postponing or endangering certain delivery.

The announcement shows that since its establishment, the company has produced a cumulative loss of business and has a negative cash flow. As of June 30, 2022, the company's cumulative deficit was US $ 3.2 billion. The foreseeable future will continue to cause major operating losses, and the cost will continue to incur the cost before generating substantial income.

Get 52 million US dollars financing

As of August 9, the company's cash balance was 52.2 million US dollars. It is expected that about $ 368 million will be used to launch FF 91 by the end of 2022. To this end, the electric car startup hopes to raise $ 325 million through efforts.

FF workshop robot. Source: FF official Wei

FF91 is the first model of FF. The mass production of the car can be described as "twists and turns". Since its first release in 2017, rumors such as breakdown, dissolution of employees, and huge debts have occurred many times.

FF91 is a luxury electric vehicle priced at more than $ 100,000 (top -equipped version is $ 200,000).

On August 15, FF disclosed an agreement signed with US institutional investors, and it is expected that the total funding for financing is as high as US $ 600 million. The executing agreement provides a short -term funds of $ 52 million in convertible guarantee bills. The company also said that it is actively discussing financing issues with multiple investors.

Bi Fukang said: "I am glad to have this important new commitment capital and framework to obtain a lot of extra funds. We are trying to complete the financing process to raise enough new funds to launch FF 91. On the premise, I believe we can deliver the car to the customer in the end of the third quarter or the fourth quarter. "

As of June 30, 2022, FF received a total of 399 FF 91 pre -order orders. Bi Fukang said that the company's manufacturing plant in California is nearing completion and is testing FF 91 electric vehicles.

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