Faraday Future Sees Significant Improvements in Third Quarter of 2024
On November 7, 2024, Faraday Future officially released the company's third quarter financial results for 2024. The company successfully closed $30 million funding rounds and regained NASDAQ listing compliance.
Additionally, Faraday Future has announced plans to unveil FX latest progress next week, with a target of launching its first FX car model by the end of 2025.
Improvements in Operational Expenses
The company's operational expenses have seen significant improvements in cost control and reduced operating debt. Compared to the same period last year, the reduction of $49.05 million translated into quarterly cost savings of 92.6% to $3.8 million. This represents a substantial decrease from October-September last year`s $6.4 million loss.
As of September 30, Faraday Future's total assets reached $44.9 million, liabilities came in at $22.93 billion, and net asset value stood at $15.67 million.
FX Branded Models Under Development
FX, the mass market branded model by Faraday Future, is anticipated to comprise two new variants: namely FX 5 and FX 6 series. Target prices for these are believed to fall between $20,000-$30,000 and $30,000-$50,000 dollars respectively.
The company aims to start selling in late 2025 with two electric drive systems -AIEV PHEV & AIEV-EV planned release for both car models. Specific details surrounding these vehicle variants will be made known next week.
Further Investment Breaks Ground
Faraday Future secured a total of $30 million funding amount, expanding its operations through newly-registered UAE-based company in the process named Faraday Future Middle East FZ-LLC.
Also as part of this move, the far future recently announced investment agreement under Master Investment Group , led by Sheikh Abdulla Al Qassimi and for establishing a middle east base.
The 10.8 million square-foot facility with RAKEZ will serve to continue its market expansion further alongside other strategic developments initiated by the company since mid-year.
