On November 6, 2024, Faraday Future Intelligent Electric Inc. (FFIE), a California-based electric vehicle company, reported its financial results for the third quarter of 2024. The company announced significant cost reductions with operating expenses decreasing by 92.6% to $3.8 million from the previous year's quarter. Loss from operations improved to $25.2 million, down from a loss of $66.4 million in the same period last year. FFIE's total assets stood at $449 million, with liabilities at $292.3 million, resulting in a book value of $156.7 million as of September 30, 2024. The quarter marked a transformative period for FFIE with the launch of its second brand, Faraday X (FX), targeting the mass market with models priced between $20,000-$50,000, expected to begin production by the end of 2025, subject to funding. The company...Show More

On November 6, 2024, Faraday Future Intelligent Electric Inc. (FFIE), a California-based electric vehicle company, reported its financial results for the third quarter of 2024. The company announced significant cost reductions with operating expenses decreasing by 92.6% to $3.8 million from the previous year's quarter. Loss from operations improved to $25.2 million, down from a loss of $66.4 million in the same period last year. FFIE's total assets stood at $449 million, with liabilities at $292.3 million, resulting in a book value of $156.7 million as of September 30, 2024. The quarter marked a transformative period for FFIE with the launch of its second brand, Faraday X (FX), targeting the mass market with models priced between $20,000-$50,000, expected to begin production by the end of 2025, subject to funding. The company also secured $30 million in financing, regained full Nasdaq compliance, and continued to expand in the Middle East. FFIE delivered 14 FF 91 2.0 vehicles and signed a co-investment agreement to establish its regional headquarters in Ras Al Khaimah. The company's leadership team was strengthened with strategic appointments, including Koti Meka as CFO. FFIE will host a webcast to discuss the quarterly results and maintains its focus on optimizing operations and expanding its global presence.