Faraday Future Warns It May Not Be Able To Deliver Its Luxury EV
Africa Business Radio
00:01:52
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Africa Tech News
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Electric vehicle startup-gone-SPAC Faraday Future has raised a going concern warning, per regulatory filings.
The company says it has substantial doubt as to whether it would be able to continue operating over the next year, adding that it is uncertain when it will dispatch the first deliveries of its FF 91 luxury EVs.
Faraday has 369 preorders, down from 399 refundable, non-binding, paid deposits it had as of June 30, according to the company.
Faraday cited many conditions that will affect the timing of deliveries, including whether suppliers meet their deliverables, the timing, and success of certification testing and the implementation and effectiveness of the company’s headcount reductions.
The company says it has substantial doubt as to whether it would be able to continue operating over the next year, adding that it is uncertain when it will dispatch the first deliveries of its FF 91 luxury EVs.
Faraday has 369 preorders, down from 399 refundable, non-binding, paid deposits it had as of June 30, according to the company.
Faraday cited many conditions that will affect the timing of deliveries, including whether suppliers meet their deliverables, the timing, and success of certification testing and the implementation and effectiveness of the company’s headcount reductions.