This Tesla killer only had 10 customers in 2023

Faraday Future produced its first electric cars in 2023. It now remains to find a few more customers than the 10 last year to claim to be a “Tesla killer”.

Faraday Future was to be one of these famous “Tesla killer”. The brand had enough of a show at CES Las Vegas in 2017 to make fans of the genre dream. What happened next turned out to be a little more complicated than expected. If Faraday Future did end up delivering its first electric vehicles, nothing is won regarding the survival of the company.

The financial results for the year 2023 were published on May 28, 2024. Suffice to say that the financial situation of the startup is not really brilliant. It is not with a total of 10 customers in 2023, as highlighted by the media Electric Vehicule, that the situation is likely to recover.

Assessment of the “Tesla killer”: 4 sales and 6 leasing of the FF 91

Faraday Future’s FF 91 model still managed to convince 10 customers in 2023. More precisely, only 4 cars were sold for cash, the other 6 are for long-term rental. Deliveries to customers started in August 2023.

type="image/avif"> type="image/webp">>>
Faraday Future FF91 in testing. // Source: Faraday Future

If you don’t know what an FF 91 is, it’s a sort of long crossover measuring over 5.20 m. The model aims to be particularly technological and high-end, which certainly explains why it struggles to attract customers. At more than €285,000 for its launch, it is difficult to find a buyer.

However, some features are quite attractive. We are talking about a car equipped with 3 motors that develop up to 1,050 hp, like the Plaid versions of the Tesla Model S and X, but with a price 3 times higher. 0 to 100 km/h is done in less than 2.5 seconds. The 142 kWh battery allows you to travel more than 610 km, according to the American standard.

type="image/avif"> type="image/webp">Limousine-style rear seats for the FF91 // Source</a>: Faraday Future>>Limousine-style rear seats for the FF91 // Source</a>: Faraday Future
Limousine-style rear seats for the FF91. // Source: Faraday Future

With comfort inspired by business class aircraft, the weight of the vehicle is affected, since the FF 91 weighs almost 3 tonnes. The trunk is ridiculously large for such a size: 376 liters, equivalent to that of a Peugeot e-308. This model seems above all to be aimed at a clientele of collectors of atypical cars.

Faraday Future’s calculations are really not good

Revenues generated from the sale of the first models represent only $800,000, or around €740,000, in 2023. Meanwhile, R&D spending amounts to €122 million over the year. However, they were 277 million euros in 2022, with most of the development of the model having been carried out in 2022. In total, operating expenses rise to 225 million euros for last year.

Cash flow is therefore at its lowest, the startup is still looking for investors to support its growth. Faraday Future is theoretically able to produce up to 1,000 FF 91s for 2024. We still need customers to buy them, probably which risks causing problems for the brand.

type="image/avif"> type="image/webp">Faraday Future FF 91 // Source</a>: Faraday Future>>Faraday Future FF 91 // Source</a>: Faraday Future
Faraday Future towards which direction? // Source: Faraday Future

The company cannot count on its stock market valuation to shine. Like other young companies wanting to revolutionize the electric car, its share value has collapsed over the years. While the stock had exceeded 4,000 euros for a while in 2021, it is now only worth a few cents.

Faraday Future announced on May 29 that a new strategic plan will be announced in one to two months.

The year 2024 promises to be fatal for several new players in electric mobility. To follow this trend, subscribe to Watt Else, our newsletter dedicated to these topics.

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