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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Our only oil and natural gas stock stands to win big if a key pipeline project is revived
Coming in hot… well, as hot as these solar cars can get, upwards of 60 mph.
It’s hard to believe we’re just over a month away from this year’s Electrek Formula Sun Grand Prix 2025 collegiate solar car track event! In July, some of the greatest engineering minds from universities across North America will roll into Bowling Green, Kentucky, with their respective hand-built solar-powered EVs to go head-to-head in a competition all about pushing the limits of sustainable transport. The goal? Complete as many laps as possible each race day using nothing but sunshine.
The event is open to the public and free to attend. Raycing kicks off on July 3 from 10 a.m. to 6 p.m. CT and continues through July 5 from 9 a.m. to 5 p.m. CT. You’re not going to want to miss this!
As a refresher, the Formula Sun Grand Prix (FSGP) is held annually and typically acts as a pre-qualifier for the American Solar Challenge (ASC), a cross-country solar car race held every two years. During ASC years, FSGP is where teams prove their vehicles are road-worthy and safe enough to trek over 1,500+ miles from Tennessee to Wyoming on public roads.
This year, however, is an off-year for ASC. Teams will only compete in the track event. Here are last year’s FSGP/ASC results and highlights.
The 2025 Electrek FSGP will again be held at the National Corvette Museum Motorsports Park in Bowling Green, Kentucky, which, interestingly enough, General Motors occasionally uses for Corvette testing and development. It’s here, students will go head-to-head in a grand prix-style event, competing to complete as many laps as possible using nothing but solar power. It may sound simple, but it’s a test of speed, efficiency, and endurance.
Last year’s event drew a record turnout, with more than 32 teams and 710 student participants from universities across the U.S. and Canada.
The ASC and FSGP are organized by the Innovators Educational Foundation (IEF), a 501c3 non-profit providing hands-on, multidisciplinary learning opportunities for college students. In 2023, Electrek announced the signing of a five-year title sponsorship agreement with the IEF, which will guarantee funds to host the yearly races through 2028.
This was a natural fit. EVs, solar power, sustainable transport, and collaboration—this is what we’re all about at Electrek, and we’re thrilled to once again be a part of such an incredible event.
Other 2025 Electrek FSGP sponsors include Altair, Blue Origin, MathWorks, Generac, and in previous years Tesla, which have used the event as prime recruiting grounds. In fact, in past years, one recruiter even told Electrek that “getting great employees at the Formula Sun Grand Prix was like shooting fish in a barrel” and added “students at these events are orders of magnitude more likely to yield successful hires than typical campus recruiting events.”
And when it comes to industry talent, FSGP/ASC has serious roots.
JB Straubel, Tesla’s co-founder, ex-CTO, and current sitting board member, got his start in the Stanford Solar Car program. While he currently serves as CEO of lithium-ion battery materials company Redwood Materials, Straubel talks about how many of Tesla’s early hires came straight out of that same solar car team in the video below.
If you’re interested in joining us in sponsoring these events, please get in touch here!
We’ll continue to post more details, including the full schedule, as the race nears! Keep an eye on the website as well.
2024 Electrek FSGP/ASC recaps
Below are the full recap videos from the Formula Sun Grand Prix/American Solar Challenge. The event’s official Flickr page has also amassed more than 1,500 photos. Check them out—they’re super cool!
More details and full results on last year’s Electrek American Solar Challenge and Formula Sun Grand Prix can be found on the event’s website.
Note: The Formula Sun Grand Prix is not in any way associated or affiliated with the Formula 1 companies, FORMULA 1 racing, or the FIA Formula One World Championship.
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The struggling carmaker is urgently cutting costs as it looks to turn things around. Nissan is offering buyouts to US workers at its Canton, Mississippi, plant, citing it as a “crucial” part of its comeback plan.
Nissan offers buyouts for US workers at its Canton plant
Nissan has been in the spotlight over the past few weeks for all the wrong reasons. It began earlier this month, following the company’s announcement that it was abandoning plans to build a new EV battery plant in Japan.
The facility was set to produce lower-cost LFP batteries, which have been key to BYD and other Chinese EV brands’ rapid rise in the global auto industry. With an annual production capacity of up to 5 GWh, the plant was expected to slash EV battery costs by 20% to 30%.
Facing slumping sales, lower profits, and more competition, Nissan launched its new recovery plan, dubbed “Re:Nissan,” earlier this month.
The comeback strategy involves cutting 20,000 jobs, or around 15% of its global workforce, by 2027. Nissan is also closing several plants to slash costs by 250 billion yen as it aims to return to profitability by fiscal year 2026.
According to an internal email, viewed by Reuters, Nissan is offering buyouts for US workers at its Canton plant. The email also stated that merit-based pay increases are suspended globally.
Christian Meunier, Nissan America’s chairman, said the buyouts are “crucial for Nissan’s comeback” in the US, its most important market.
“While substantial efforts have been made in the US to help right-size Nissan, we need to take additional, limited, strategic action here at a local level,” Meunier said in an email.
Nissan announced a voluntary separation program for a select number of US salaried employees. Since the plan is still ongoing, Nissan didn’t provide any further details.
On Wednesday, a separate report from Bloomberg News claimed that Nissan is looking to raise over 1 trillion yen ($6.9 billion) with the help of the UK government to repay a massive loan due next year.
Nissan invested $500 million to upgrade its Canton plant for electric vehicle (EV) production in the US. Although it initially planned to begin building EVs in the US this year, Nissan delayed production until at least 2028.
Later this year, Nissan will launch the upgraded LEAF, now with a longer driving range, an NACS charging port, and a more SUV-like design. It will be one of ten new Nissan or Infiniti models to launch by 2027.
Electrek’s Take
As Electrek reported yesterday, Nissan’s comeback plan hinges on its upgraded e-Power technology. The only issue is that the system is designed for hybrids.
Nissan is following in Toyota and Honda’s footsteps by advancing new hybrid and plug-in hybrid tech, but the company is already two steps behind.
Doubling down on hybrids and PHEVs while delaying more EV projects will likely only set Nissan up for failure over the next few years.
The Japanese automaker is already losing market share in some of its biggest markets, like China and Southeast Asia.
Can Nissan turn things around in the US, its most important market? Or, will it continue to fall out of favor with lower-cost, more advanced EVs on the way from brands like Rivian and Lucid? Let us know your thoughts in the comments.
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