Faraday Future Financial Report: Faraday Future's full-year operating loss in 2024 narrowed by 47.7% year-on-year to US$149.7 million

Recently, Faraday Future (NASDAQ: FFAI, FF for short) announced its financial results for the fourth quarter and full year of 2024. The company's full-year operating loss narrowed by 47.7% year-on-year to US$149.7 million, and operating cash expenditures dropped sharply by 75% to US$70.2 million, with significant cost control results.

During the reporting period, the company received two rounds of financing commitments totaling more than US$70 million in September and December 2024 to support the strategic development of the FF and FX brands. At the same time, FX product development has also made significant progress; in addition, the company's stock code was recently changed to "FFAI", further highlighting its focus on AI technology.

FF's financial situation continued to improve in 2024. After achieving continuous financing cash inflows exceeding operating cash expenditures in the third and fourth quarters, the company's overall cash flow performance was positive. Combined with a 75% year-on-year decrease in operating cash consumption for the full year and significant results in various expense control, the company has made substantial progress in optimizing its cost structure and focusing on operational priorities, laying a solid foundation for future scale development and financial resilience.

In terms of manufacturing, FF's Hanford plant in California will shorten its production cycle by 40% in 2024, improve its customer process audit (CCA) score by 50%, and increase the frequency of quality inspection by 200% by introducing process quality control. FF's UAE plant has also made significant progress, marking a key step in FF's global layout and future growth.

It is reported that FF plans to release the mass-produced version of FX Super One in June 2025, and start the development of the second cost-effective SUV in Q2, targeting the market of 20,000 to 50,000 US dollars. On the technical level, the company will focus on AI smart cockpit, hybrid system and autonomous driving technology. The first generation of AI Agent system is expected to be deployed on FF 91 2.0 by the end of the year and gradually penetrate into FX models.

FF stated that 2025 will be a critical year for FF's development. The company will adhere to the principle of giving equal importance to technological innovation and financial management, steadily advance its long-term growth strategy, and strive to achieve breakthrough development in the AIEV market.