Faraday Future stated that the change in the net loss was due to expenses such as a significant increase in operating expenses, which mainly included an increase in engineering, design and testing (“ED&T”) services to advance the manufacture of the FF 91; Platforms pay licensing fees with sub-licensing rights; increases in professional services and legal fees, etc.
As of December 31, 2021, Faraday Future’s cash balance was US$505 million (about 3.434 billion yuan).
The cash balance as of March 31, 2022 was US$276 million (approximately RMB 1.877 billion).
Faraday Future said part of the reduction in cash was due to the planned repayments of $97 million in notes and interest due between December 31, 2021 and March 31, 2022.
Faraday Future Global CEO Carsten Breitfeld said: “We made significant progress in the fourth quarter, achieving several key milestones at our Hanford manufacturing facility and reaching new Tier 1 suppliers and partners. protocol.In a challenging logistics and supply chain environment, we are working closely with our partners and remain on track to launch in the third quarter of 2022.“
