Faraday Future may have come back from the brink of death on more than one occasion but that’s not to say it is thriving. In fact, recent financial reports reveal that it has secured just 401 preorders for the upcoming FF 91.
It has been more than five years since the FF 91 was first unveiled but just a few months since it was showcased in production-intent guise. Those 401 preorders that have been secured for the electric crossover are fully refundable and non-binding that include the FF 91 Futuristic Alliance Edition requiring a $5,000 deposit and the ‘standard’ FF 91 Futurist model that necessitates a $1,500 deposit.
Given that these preorders are fully refundable, there is no guarantee that they will all actually translate into firm sales. Final pricing details for the FF 91 haven’t been announced but it is expected to set U.S. buyers back over $200,000. Just a couple of months ago, Faraday admitted that it had inflated preorder numbers for the FF 91, acknowledging that it didn’t have 14,000 reservations as previously claimed but rather 14,000 unpaid “indications of interest.”
On the financial side of things, Faraday Future reported an operating loss of approximately $149 million during the three months ended March 31, 2022, a significant rise from the $19 million operating loss for the same three months in the prior year.
As of March 31, 2022, Faraday Future had total assets valued at $706 million, including $276 million in cash. It also reported total liabilities of $271 million as compared to the $340 million in total liabilities as of December 31, 2021.
Faraday Future’s plan is for the road-going FF 91 to be underpinned by its Variable Platform Architecture sporting a 130 kWh battery pack that should offer the EV up to 378 miles (608 km) of range. The vehicle will also be equipped with a tri-motor all-wheel drive powertrain that pumps out a total of 1,050 hp, allowing the SUV to hit 60 mph (96 km/h) in 2.39 seconds.