Faraday Future's 2024 Q2 Financial Report Cost Control and Fundraising

TapTechNews August 15th news, Faraday Future (FF Faraday Future) today released its second quarter 2024 financial report and held an earnings conference call at 8 am Beijing time on Thursday, August 15, 2024 (5 pm Pacific time).

Faraday Future achieved certain results in controlling costs and reducing operating expenses in the second quarter of 2024:

The operating expense in the second quarter was 29.9 million US dollars (TapTechNews note: about 214 million RMB currently), which was significantly reduced compared to 49.4 million US dollars in the same period last year.

The operating loss in the second quarter decreased from 56 million US dollars in the same period last year to 50.6 million US dollars (about 361 million RMB currently).

In the six months ended June 30, 2024, the cash used in operating activities was significantly reduced from 160.7 million US dollars in the same period last year to 29.1 million US dollars (about 208 million RMB currently).

As of June 30, 2024, the company's total book assets were 457.9 million US dollars, total liabilities were 309.2 million US dollars, and net assets were 148.7 million US dollars (about 1.062 billion RMB currently).

Faraday Future expects the company's costs to continue to decrease year-on-year. According to the current business needs and financial situation, the company has adjusted its operations and staff size. Next, the company will continue to promote production and vehicle delivery.

In the second quarter of 2024, Faraday Future raised about 15.5 million US dollars (about 111 million RMB currently) through convertible bond note financing.

TapTechNews noted that Faraday Future's official website did not announce specific information on the second quarter 2024 performance table.