Shulou(Shulou.com)11/24 Report--

CTOnews.com Faraday Future announced that it is not affected by the collapse of Silicon Valley Bank, has no cash or cash equivalents deposited with Silicon Valley Bank, and has no direct relationship with the bank.

Faraday Future said it has obtained a distributor license for its U.S. operations from California and will enter the market using the unique direct sales model previously disclosed, confirming that it will hold a final launch event for FF 91 Futurist on April 26, 2023.

Faraday Future last week announced its financial results for the fourth quarter and full year of 2022 ended December 31, 2022.

According to the financial report, Faraday's future operating expenses for the fiscal year ending December 31,2022 are $451 million (CTOnews.com note: currently about 3.139 billion yuan), and the operating expenses for the fiscal year ending December 31,2021 are $354.1 million. Operating expenses for the three-month period ended December 31, 2022 were US$83.9 million (approximately RMB584 million), compared with US$121.4 million for the same period last year.

In terms of production and delivery, Faraday Future said that FF plans to start production of flagship FF 91 Futurist at its manufacturing plant "FF ieFactory California" in Hanford, California on March 30, 2023, subject to timely receipt of funds from company investors and suppliers meeting supply chain requirements. The first vehicles will be off-line from assembly in early April 2023. It will be delivered to customers by the end of April 2023.

Through the Product and Technology Generation 2.0 (PT Gen 2.0) project, FF is completing final testing and verification of FF 91 Futurist. The upgrade from PT 1.0 to PT 2.0 includes vehicles and I.A.I. (core advanced systems, i.e. intelligence, autonomous driving and the Internet). PT 2.0 is achieved through 26 major system and component upgrades, 13 of which are critical across powertrain, battery, charging, chassis and interior, and 13 from computing, sensing, communications, user interaction and FF 91 Futurist performance.

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