Bounced tickets again! FF announced the delay in deliveries of the FF91

On June 17, Faraday Future officials said that the delivery of the second phase of FF91 will be delayed due to supplier time constraints and the completion time of the company's enhanced security testing additional system testing of FF91 2.0 Futurist Alliance's single unique product feature. The delivery was delayed from the end of the second quarter of 2023 to August 2023, and officials also stressed that the company's enhanced safety testing is not related to the content required by the U.S. Federal Motor Vehicle Safety Standard (FMVSS).

It is understood that Faraday Future's first model, FF91 2.0 Futurist Alliance, was launched on May 31, and the new car launched a total of three models: FF91 2.0, FF91 2.0 Futurist Edition, FF91 2.0 Futurist Alliance Edition, priced at 309,000 US dollars, about 2.2 million yuan. In terms of deposit, FF91 2.0 Futurist Alliance Edition reservation amount is 50,000 yuan, FF91 2.0 Futurist Edition and FF91 2.0 reservation amount is 20,000 yuan.

According to earlier official plans, the delivery of FF91 was mainly divided into three phases. The first stage is "Industry Expert Futurist Product Officer Co-creation Delivery", only for "Industry Expert FPO" (Future Product Officer Futurist Product Officer), Industry Expert FPO needs to pay the FF91 model in full, receive vehicle use training, and obtain the vehicle in the second stage. The second phase is the "Futurist Product Officer (FPO) Co-creation Class Delivery", where the FPO(s) will pay in full and will officially receive FF91, which FF expects to begin by the end of the second quarter of 2023. The third stage is the "comprehensive co-creation delivery" link, FF91 officially enters the delivery link, FF company will deliver FF91 to all "high-end users" who pay in full.

The delay in the delivery of FF91 is not surprising, Faraday Future said earlier when announcing the three phases of FF91 delivery that both the second phase and the third phase will require a lot of additional financing to begin. As we all know, Faraday Future has been in short supply. Although Faraday Future's losses declined in the first quarter of this year, it is still in the red overall.

Relevant data show that FF's first-quarter net income was $6.5 million, and quarterly loss was $153.1 million. Operating expenses for the first quarter were $83 million, down from $149 million in the year-ago quarter, and net cash for operating activities was $103.2 million, compared to $122.4 million. Capital expenditures were $16.9 million. On the balance sheet, FF cash was $33 million as of March 31, 2023, including $1.5 million in restricted cash.

With the postponement of the second phase of FF91 delivery, it has also cast a cloud over the future development of FF. After all, for new automakers, delivery scale, continuous financing and self-hematopoiesis are the three major obstacles that will be encountered in the process of car manufacturing. At present, FF91 has been listed, but the delivery process has been frequently delayed, which will affect Faraday's subsequent financing and its own hematopoietic function. As the founder, Jia Yueting himself also has a lot of negative news. According to information on the China Enforcement Information Disclosure Network, the Beijing Financial Court issued a consumption restriction order against Jia Yueting for failing to perform the payment obligations determined in the effective legal documents on time, and the applicant was the China Securities Regulatory Commission.

However, for the negative news, Jia Yueting does not seem to be affected. On June 1, Jia Yueting appeared on the Douyin platform and posted a video on the platform. In the video, Jia Yueting said: No matter what kind of difficulties or even disasters you face, you just need to remember that this is not the end of your story, nor the end of your career, nor the end of your life. As long as we regard one disaster after another as an opportunity to experience our abilities, as long as we keep persevering, you will suddenly find that one day these disasters will leave us, and the difficulties will soon pass.

On June 15, Jia Yueting once again appeared in the 15th China Automotive Blue Book Forum in the form of a video, in which he shared his understanding of the next stage of the global automotive industry development and FF's recent progress. Jia Yueting said: The next step of products and technologies in the smart tram industry will show a trend of all-AI, all-Hyper, all-round and co-creation. Our ultimate technology top luxury product positioning, technology positioning and brand positioning, as well as the positioning of top users, coupled with the co-creation of shared asset-light business model, FF is still in the blue ocean market. These unique competitive advantages help FF to achieve positive cash flow and quickly succeed with relatively little follow-on capital investment.

Whether the future of FF will be successful quickly as Jia Yueting said, from the current point of view, may not be optimistic. In terms of profitability: for new energy vehicle companies, profitability is a very important indicator, which requires mass production to reach a certain scale and gross profit margin at a certain critical point in order to generate profits. At present, Faraday's future is still stuck in the delivery phase, and profitability has become distant again. As far as founder Jia Yueting is concerned, he has been plagued by negative aspects, and as the founder of FF Automobile, it is bound to affect the company's image and reputation, or is not conducive to subsequent financing

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