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According to CTOnews.com March 9, Faraday Future (Faraday Future) today announced its financial results for the fourth quarter and full year of 2022 for the year ended December 31, 2022.

According to the financial report, Faraday's operating expenses for the future fiscal year ended December 31, 2022 are $451 million (CTOnews.com note: currently about 3.139 billion yuan), and the operating expenses for the fiscal year ended December 31, 2021 are $354.1 million. Operating expenses for the three months ended December 31, 2022 were $83.9 million (approximately RMB 584 million), compared with $121.4 million in the same period of the previous year.

Faraday Future said that for the fiscal year ended December 31, 2022, the company had a net loss of $552.1 million (about 3.843 billion yuan), compared with a net loss of $516.5 million in 2021. The increase in loss is mainly due to the increase in ED&T costs in 2022 and the increase caused by changes in the fair value measurement of some notes payable and share option liabilities measured at fair value, due to the company and Property Solutions Acquisition Corp. The increase in losses related to the completion of the business merger transaction on July 21, 2021, mainly related to certain related parties in respect of notes payable, notes payable and the settlement of the net payable by suppliers in the trust, was partially offset, resulting in a loss of $94.7 million in 2021.

Faraday's future net loss for the last three months of 2022 was $153.9 million (about 1.071 billion yuan), compared with a net loss of $84.3 million for the same period in 2021. Faraday said in the future that the main reason was the increase in the fair value of certain notes payable and share option liabilities that should be counted as fair value in the three months ending December 31, 2021, and the settlement gains payable in related parties' notes payable, notes payable and supplier trusts, which recorded the company's principal relief of $9.1 million in salary protection loans, which did not occur in the same period this year.

Faraday's net cash expenditure on operating activities will be $383.1 million (about 2.666 billion yuan) in fiscal year 2022, compared with $339.8 million in fiscal year 2021, according to the data. Capital expenditure was $123.2 million (about 857 million yuan) in fiscal year 2022 and $95.7 million in fiscal year 2021. Net cash used for financing activities in fiscal year 2022 was $6.7 million (approximately RMB 46.632 million), while net cash provided by financing activities in fiscal year 2021 was $966.6 million.

Faraday pointed out in the future that the company had about $18.5 million (129 million yuan) in cash and restricted cash at the end of the quarter. As of March 3, 2023, the company's cash reserves were $37.5 million (approximately RMB 261 million), including $2.1 million in restricted cash.

In terms of production and delivery, Faraday Future said that, subject to timely funding from the company's investors and suppliers meeting the requirements of the supply chain, FF plans to start production of its flagship FF 91 Futurist at FF ieFactory California, a manufacturing plant in Hanford, California, on March 30, 2023, with the first cars off the assembly line in early April 2023 and delivered to customers by the end of April 2023.

According to reports, through the Product and Technology Generation 2.0 (PT Gen 2.0) project, FF is completing the final testing and verification of FF 91 Futurist. The upgrade from PT 1.0 to PT 2.0 includes major upgrades to vehicles and systems and core components in the field of I.A.I. (core advanced systems, namely intelligence, self-driving and the Internet). PT 2.0 is achieved through upgrades of 26 major systems and components, of which 13 key upgrades run through power systems, batteries, charging, chassis and interiors, while another 13 are from computing, sensing, communications, user interaction and FF 91 Futurist performance.

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