Faraday Future delays Q3 earnings filing to look into claims of inaccurate disclosures

- Advertisement -


  • Pre-production electric vehicle company Faraday Future said on Monday it is delaying its third-quarter financial filing, and is investigating “accusations of false disclosures.”
  • The delay follows a J Capital Research Equity Research report in early October in which analysts accused Faraday Future of fabricating its vehicle reservation numbers, among other issues.
  • Faraday Future, which has yet to produce the battery electric car with the autonomous features it has been promising since 2017, also said it lost $280 million in the third quarter of 2021.

- Advertisement -

Pre-production electric vehicle company Faraday Future is delaying its third-quarter financial report so that the company can complete its investigation into “accusations of false disclosures.” said in a filing on Monday,

- Advertisement -

The delay is a J Capital Research Equity Research reports in early October in which analysts accused Faraday Future of making vehicle reservation numbers an indicator of demand for the company’s future cars. The report also accused Faraday Future of lying about its ability to begin mass production of electric cars in Hanford, Calif., within about seven months, among myriad other concerns.

Faraday Future, A. In press statement Monday, reiterated the company’s plans to begin deliveries of the FF91 vehicles in July next year. The long-delayed fully electric crossover, which is believed to include “driverless valet” and other high-tech features, was first unveiled at the Consumer Electronics Show in January 2017.

- Advertisement -

The company also said it lost $280 million in the third quarter of 2021, even though its financial filings were delayed.

Founded in May 2014, Faraday Future went public in July this year through a Special Purpose Acquisition Company (SPAC) and Private Investment in Public Equity (PIPE) deal.

Former CEO Jia Yueting filed for Chapter 11 personal bankruptcy in the fourth quarter of 2019 and now serves as chief product and ecosystem officer at the company.

In the growing EV industry, several smaller players have faced federal scrutiny after shortsellers accused them of fraud, including Lordstown Motors, Nikola and Workhorse Group. Canu also faced a federal investigation after executive departures and a string of high short interest.

In contrast, another EV newcomer, Rivian, saw a record-breaking IPO last week, and saw shares continue to rise nearly 15% on Monday, amid news that President Biden is about to pour $550 billion in government funding. We’re signing a bipartisan infrastructure bill. Including $75 billion in transportation, broadband and utilities to help build a network of charging stations for EVs.


,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox