On November 7th, Faraday Future released its financial report for the third quarter of 2024.
Faraday Future stated that the company continues to achieve significant results in controlling costs and reducing operating expenses. Among them, operating expenses have significantly improved, with a decrease of 92.6% compared to the same period last year, which was $50.9 million, to $3.8 million. The operating loss decreased from $66.4 million in the same period last year to $25.2 million.
As of September 30, 2024, Faraday Future has assets of $449 million, liabilities of $292.3 million, and a book value of $156.7 million.
According to the financial report, the third quarter of 2024 is an important development milestone for Faraday Future, with the launch of its second brand Faraday X (FX). FX brand aims to target the mass market and plans to launch two models: FX5 and FX6. The former has a target selling price between $20000 and $30000, while the latter has a target selling price between $30000 and $50000.
Faraday Future also stated that it has established cooperative relationships with four Chinese host manufacturers and has signed two strategic framework agreements and two memorandums of understanding. In addition, Faraday Future has also received a total of $30 million in financing.
In terms of vehicle delivery, Faraday Future continues to advance the FF 91 2.0 project and delivered the FF 91 2.0 Futurist Alliance to Born Leaders Entertainment in the third quarter, with a cumulative delivery volume of 14 vehicles.