WEBVTT
X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0
00:00.009 –> 00:04.789
It seems it’s been a while where EV maker
Faraday Future has been hanging by a thread.
00:04.969 –> 00:10.079
In the past year or so, the company has barely
avoided bankruptcy and being evicted from its
00:10.079 –> 00:12.479
California headquarters.
Following a cash infusion,
00:12.560 –> 00:16.879
the company has worked hard to stay afloat,
even showing off two prototype mules and
00:16.879 –> 00:22.350
announcing plans to ultimately offer a $30,000
electric van early this year.
00:22.520 –> 00:25.950
So how’s it been going since?
In March, the company announced that it had
00:25.950 –> 00:27.591
received.
Its third funding commitment,
00:27.761 –> 00:31.541
bringing its total haul in the prior 6 months
to $100 million.
00:31.752 –> 00:35.611
In April, the company said it had signed a
pre-order agreement with a company called JC
00:35.611 –> 00:41.931
Auto, who will pay a non-refundable deposit of
$100,000 to be applied to up to 1000 vehicles.
00:42.192 –> 00:44.501
But not all of the news has been as nice.
00:44.832 –> 00:48.352
Faraday Future also recently revealed its first
quarter results,
00:48.472 –> 00:51.462
which car scoops characterized as dismal.
00:51.712 –> 00:55.944
That’s because the company He posted an
operating loss of $44 million and only
00:55.944 –> 00:58.254
delivered two vehicles.
00:58.543 –> 01:03.214
And despite the aforementioned JC Auto
pre-order, it’s not certain to get better.
01:03.504 –> 01:08.954
That’s because the order is non-binding and
Fairday Futures report admits that the true
01:08.954 –> 01:11.933
number could be as little as 2 vehicles sold.
01:12.263 –> 01:17.664
Likewise, another pre-order the company had
previously announced from Skyhorse Auto for 300
01:17.664 –> 01:20.185
MPVs.
Could be as few as one.
01:20.416 –> 01:24.216
While looking at the glass half full, the
company continues to pursue its goal of
01:24.216 –> 01:29.816
providing AI enhanced vehicles with a plan of
producing up to 3 models the Super One and the
01:29.816 –> 01:36.816
FX 5, both with price targets of $20,000 to
$30,000 and the FX 6 at a targeted $30,000
01:36.816 –> 01:38.445
to $50,000 price point.
01:38.655 –> 01:44.646
But no matter that price point, the company has
set a low bar for deliveries so far in 2025.
01:45.120 –> 01:47.870
So maybe there’s nowhere to go but up.
01:48.120 –> 01:50.389
Amanda Wells, and this is manufacturing now.