In the tumultuous journey typical of many startups, Faraday Future, established in 2014, faces a challenging road ahead. The outlook for the company’s future is far from certain, lacking the promise of seamless success, vibrant optimism, and financial prosperity. The much-anticipated flagship model, the FF 91, has yet to enter production, and even when it does, the quantity may not be substantial.
This week, Faraday Future unveiled its financial results for the first quarter of 2022. The revelation was striking – a mere 401 preorders for the electric vehicle (EV) as of March 31, 2022. While the company has faced accusations of inflating preorder figures previously, such concerns do not apply in this instance.
What adds to the astonishment is the uncertainty surrounding the conversion of these preorders into actual sales. Faraday explicitly states in its financial report that these preorders are “fully refundable” and “non-binding.” Prospective buyers are required to make a $5,000 deposit for the FF 91 Futurist Alliance Edition and $1,500 for the FF 91 Futurist.
Faraday Future has a significant journey ahead before the FF 91 hits the roads in substantial numbers. Production is scheduled to commence in the third quarter of this year, a timeline that contrasts with the company’s earlier assertion of starting production in the summer. In February, Faraday built its inaugural production-intent FF 91, intended for final engineering validation and certification.
The FF 91, serving as Faraday’s inaugural model and flagship offering, boasts three electric motors propelling the car to 60 miles per hour in a claimed 2.39 seconds, generating 1,050 horsepower. Faraday touts an impressive range of over 300 miles for the vehicle.
Contrasting Faraday’s situation with other automakers reveals a growing trend in the industry – the willingness to allow customers to reserve or preorder vehicles well in advance of production. Ford accumulated a substantial 200,000 reservations for the F-150 Lightning, while Chevrolet’s electric pickup’s First Edition preorders were filled within 12 minutes. In contrast, Faraday Future lags significantly behind with a mere 401 preorders, highlighting the challenging path ahead for the company in an increasingly competitive electric vehicle market.