EV startup Faraday Future concerned about ability to continue — via drivingdotca IndustryNews ElectricVehicles
Future, whose stock has plunged about 94 per cent so far this year, said it would require additional funds to finance operations and ramp up production for the remainder of 2022 and beyond.
The company had 369 pre-orders as of Nov. 17, down from 399 refundable, non-binding, paid deposits it had as of June 30,The electric-vehicle startup said it had US$31.76 million in cash as of the quarter ended Sept. 30, down from US$121 million at the end of the prior quarter.Future had reached an agreement in September with its second largest shareholder to resolve a governance dispute, after the investor sued the company seeking the removal of two board members.
Higher costs and depleting cash reserves have forced investors to question the health of EV startups’ balance sheets. British commercial electric vehicle startup Arrival SA had also warned of a risk to its status as a going concern earlier this month.Future’s third-quarter loss narrowed to US$103.4 million, from US$303.9 million a year earlier.
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