English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
日本語
By Denny Jacob
Electric-car startup Faraday Future Intelligent Electric narrowed its loss in the latest quarter and said it entered its revenue generation stage.
The Gardena, Calif.-based company narrowed its loss to $124.9 million, or 10 cents a share, for the second quarter ended June 30, from $141.7 million, or 44 cents a share, a year earlier.
Faraday reported no revenue in the quarter. Total operating expenses fell to $49.4 million from $137.5 million because of declines in research and development as well as general and administrative costs.
Faraday said in a letter to investors that it is looking to triple its manufacturing team over the coming months with the addition of a second shift to support increased production volume.
“Looking forward in the third quarter, we expect to have cash from vehicle sales, as well as financing from existing commitments and effective registration statements to help fund cash needs as we ramp up vehicle production,” said Faraday. It added that it is exploring strategic financing and asset-based debt financing opportunities.
Write to Denny Jacob at [email protected]
Read the full article here
