Nov. 14 -- Shares of Faraday Future Intelligent Electric, an electric vehicle manufacturer founded by Chinese businessman Jia Yueting, surged after the startup said it generated revenue for the first time in the third quarter.
Faraday Future [NASDAQ: FFIE] closed 10.9 percent higher at 88 US cents a share on Monday while slid 4% in after-hours trading.
Revenue was USD551,000 in the three months ended Sept. 30, Faraday Future said in a shareholder letter yesterday. Net loss narrowed 35 percent to USD78.1 million from a year earlier, thanks to lower research and development and general and administrative expenses.
"The third quarter was pivotal for Faraday Future, marking significant strides in our journey of innovation and growth," the company noted. "Building on the momentum from our first delivery of the FF 91 2.0 Futurist Alliance, we further solidified our entry into the EV market with our transformative co-creation initiatives and additional deliveries of the revolutionary, all-ability aiHypercar."
Faraday Future's R&D expenses more than halved to USD21.6 million last quarter, while general and administrative costs shrank 16 percent to USD24 million.
California-based Faraday Future has delivered seven FF 91 2.0 Futurist Alliances models as of the end of September, it noted. The carmaker aims to produce around 1,000 autos next year, subject to the availability of requisite capital, supply chain capacity and stability, and necessary permits.
"The FF 91 2.0 Futurist Alliance is a culmination of nine years of hard work and dedication by the team and approximately USD3 billion invested in building this innovative product," Faraday Future pointed out. "It's an all-ability vehicle with the performance of a sports car, the luxury of a sedan, and the terrain handling of an SUV, and all of this is fitted with the latest technology, from infotainment to AI handling."
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