Faraday Future Q4 and full 2022 results: FF 91 SOP this month pending millions in funding
Could we actually see tenacious EV startup Faraday Future begin production of its long-promised flagship EV, the FF 91 Futurist? According to Faraday Future’s recent Q4 and full 2022 financial report, production could begin as early as this month. However, much of the startup’s outlook and goals for 2023 are heavily contingent on the receipt of tens of millions in funding previously promised. Here’s the latest.
Faraday Future Intelligent Electric Inc. ($FFIE) is a California-based EV startup founded all the way back in 2014. During its rollercoaster ride of financial and internal ups and downs, its never-say-die tenure in the industry has served as both a tale of caution and one of perseverance.
The EV startup’s flagship EV, called the FF 91 Futurist originally debuted in 2017, but by the end of the year, the company’s CFO and CTO left to form their own company down the street, called Canoo – an EV startup with its own list of woes in search of reaching the often insurmountable take of scaled vehicle production.
Financial ups and downs continued to plague the company, along with other controversies involving former employees, layoffs, and loans. Eventually, company founder YT Jia stepped down as CEO in 2019 after filing for bankruptcy.
In February of 2022, we got a glimpse of the production-intent FF91 Futurist in action, and by August, the startup was expecting deliveries by year’s end. However, an investor dispute quickly sent Faraday Future’s production targets once again off the rails… at least briefly. By September, the dispute was settled, and FF was touting $100 million in additional funding to approach start of production.
During Q4 of 2022, Faraday Future announced the acquisition of $135 million of additional capital was in the works, resulting in yet another delay of FF 91 Futurist production to March of 2023. According to this its recently released Q4 and 2022 financial results, Faraday Future has acquired a huge chunk of those promised funds. However, it will require millions more delivered for it to hit its slippery target of FF 91 production in California.
Faraday Future can hit SOP if funds promised in Q4 arrive
According to Faraday Future’s Q4 and 2022 results, its FF ieFactory California remains on track to begin FF 91 Futurist production on March 30, “subject to the timely receipt of the previously announced and committed $135.0 million.”
The startup states that those financial commitments are also vital to it hitting its delivery target to customers in late April – that and its suppliers hitting their supply chain requirements for the builds. Faraday Future states $111.6 million of the funds committed have been received since the end of Q4 2022, but another $38.4-$58.4 in incremental funds are still on the way.
Operating expenses were $451 million for 2022 compared to $354.1 million a year prior, but Q4 was more encouraging at $83.9 million spent compared to $121.4 million in 2021. The startup cites increases in engineering, design, and testing as the reason for the added expenses in 2022.
Still, net losses were up to $552.1 compared to $516.5 in 2021 and also up for Q4 2022 ($153.9 million) compared to just over $84 million the year before. Faraday Future states its cash and restricted cash was down to a bleak $18.5 million at the end of Q4 2022, but was back up to $37.5 million (including $2.1 in restricted cash) as of March 2, 2023.
Newly appointed global CEO Xuefeng “XF” Chen spoke to company’s current situation in (hopefully) bringing the FF 91 Futurist to production:
We have come a long way towards making the FF 91 Futurist available to our customers, and I am proud of the dedication and commitment shown by our team to achieve all major milestones. Securing the necessary funding commitments to begin production and delivery of this vehicle is a major game changer for us. Going forward, we expect to utilize all available resources in order to deliver our car to our enthusiastic customers.
Like it has several times before, Faraday Future could once again continue forward by the mere skin of its teeth and perhaps truly hit a start of production, but we have no reason to hold our breath at this point and nor should you.
All eyes will be on the March 30 SOP target to see if Faraday Future can get its hands on the funding it has been promised. More to come.
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Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.
These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.
The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.
Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:
- No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
- Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
- Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
- Backup power: EV batteries can be used as backup power sources during outages.
- Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.
Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”
“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.
The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.
Read more: Cambridge’s new solar VPPA is the largest ever by any US city
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Compton, California, has unveiled 25 new electric school buses – the school district’s first – and 25 Tellus 180 kW DC fast chargers.
Compton Unified School District (CUSD) in southern Los Angeles County is putting 17 Thomas Built Type A and eight Thomas Built Type C electric school buses on the road this spring. In addition to working with Thomas Built, CUSD also collaborated with electrification-as-a-service provider Highland Electric Fleet, utility Southern California Edison, and school transportation provider Durham School Services.
Environmental Protection Agency’s (EPA) Clean School Bus Program awarded funds for the vehicles in the program’s first round. EPA also awarded CUSD funds for the third round of the program and anticipates introducing an additional 25 EV school buses in the future.
“I can’t stress enough how vital grants like these are and the need for continued support from our partners in government at the state and federal level to fund additional grants for school districts and their transportation partners that are ready to deliver and operate zero-emission buses,” said Tim Wertner, CEO of Durham School Services.
CUSD, which serves Compton and parts of the cities of Carson and Los Angeles, currently serves more than 17,000 students at 36 sites. The district has a high school graduation rate of 93% and an 88% college acceptance rate. One in 11 children in Los Angeles County have asthma, which makes the need for emissions-free school transportation that much more pressing.
Read more: Thomas Built Buses debuts its next-gen electric school bus
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After cutting lease prices by $200 this month, the Rivian R1S is now surprisingly affordable. It may even be a better deal than the new Tesla Model Y.
Rivian cuts R1S lease prices by $200 per month
Rivian’s R1S is one of the hottest electric SUVs on the market. If you haven’t checked it out yet, you’re missing out.
With some of the best deals to date, now may be the time. Rivian lowered R1S lease prices earlier this month to just $599 for 36 months, with $8,493 due at signing (30,000 miles). The offer is for the new 2025 R1S Adventure Dual Standard, which starts at $75,900.
Before the price cut, the R1S was listed at $799 per month, with $8,694 due at signing. The electric SUV now has the same lease price as the R1T, despite costing $6,000 more.
The 2025 R1T Dual Motor starts at $69,900, essentially making it a free $6,000 upgrade. At that price, you may even want to consider it over the new Tesla Model Y.
Tesla’s new Model Y Launch Series arrived with lease prices of $699 for 36 months. With $4,393 due at signing, the effective rate is $821 per month, or just $13 less than the R1S at $834. However, the 2025 R1S costs nearly $15,000 more, with the Model Y Launch Series price at $59,990.
Rivian is also offering an “All-Electric Upgrade Offer” of up to $6,000 for those looking to trade-in their gas-powered car, but base models are not included.
| Starting Price | Range (EPA-est.) |
|
| 2025 Rivian R1S Dual Standard | $75,900 | 270 miles |
| 2026 Tesla Model Y Launch Series | $59,990 | 327 miles |
To take advantage of the Rivian R1S lease deal, you must order it before March 15 and take delivery on or before March 31, 2025.
The 2025 Rivian R1S Dual Standard Motor has an EPA-estimated range of up to 270 miles. Tesla’s new Model Y Launch Series gets up to 327 miles.
Which electric SUV would you choose? Rivian’s R1S or the new Tesla Model Y? If you’re ready to check them out for yourself, you can use our links below to find deals on the Rivian R1S and Tesla Model Y in your area.
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