Faraday Future FF 91

Faraday Future needs $200 million to produce the FF 91

Faraday Future needs the money to fund production until the end of the year and beyond, according to Reuters.

In June, CEO Carsten Breitfeld said the brand had enough money to build the FF 91.

The FF 91 was first unveiled as a concept more than five years ago, but it was only recently shown in production form. Faraday Future has 401 fully refundable and non-binding preorders for the electric vehicle.

This revelation came after the startup admitted it didn't have 14,000 reservations but rather 14,000 unpaid "indications of interest." 

The FF 91's final price hasn't been announced, but it will likely start over $200,000 in the US.

Faraday's financials and lack of pre-orders are both concerning. Faraday's operating loss for the three months ended March 31, 2022 was $149 million, up from $19 million in 2021.

It had $706 million in assets and $276 million in cash as of March 31, 2022. The company hasn't reported 2Q earnings.