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EV Firm Faraday Future Doubtful Of Going Concern: Report

  • Faraday Future Intelligent Electric Inc FFIE said it had “substantial doubt” about continuing its operations.
  • The luxury electric vehicle company, Reuters reported, is also doubtful about the delivery of its FF91 luxury electric car.
  • The company said it ought to receive additional funds to finance operations and speed up production in the coming time.
  • Faraday Future’s Q3 loss was $(103.4) million versus a loss of $(303.9) million last year.
  • The company held $78.5 million in cash and equivalents as of September 30, 2022.
  • The electric vehicle start-up’s stock has plummeted 94% in 2022 so far, and it has been riddled with supply-chain snags and soaring costs of lithium and battery raw materials.
  • Price Action: FFIE shares are trading higher by 2.29% at $0.3480 in premarket on the last check Tuesday.
  • Photo Via Company

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