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

CTOnews.com August 22 news, Faraday said in its latest quarterly report that its loss has shrunk and that it has entered the income-generating stage.

The company posted a loss of $124.9 million, or 10 cents a share, in the second quarter ended June 30, compared with a loss of $141.7 million, or 44 cents a share, in the same period last year.

Faraday will not report any revenue in the current quarter. Total operating expenses decreased from $137.5 million to $49.4 million, mainly due to a reduction in R & D and management costs.

Faraday said in a letter to investors that the company plans to triple its manufacturing team in the coming months and add a second shift to support the increase in production. Faraday said in the future: "looking forward to the third quarter, we expect to receive cash from car sales and financing from existing commitments and valid registration statements to help meet our cash needs as we increase car production." The company added that it was exploring strategic financing and asset-based debt financing opportunities.

Faraday reiterated its goal in the future to achieve business profitability and operating cash flow balance by 2025.

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