From NI to tax cuts – what the chancellor of the exchequer could announce at his first fiscal event
Faraday Future, maker of the long-delayed FF91 EV, re-upped its commitment to raising funds while reporting Tuesday that its second-quarter operating losses more than quadrupled.
The company posted an operating loss of $137 million for the second quarter compared with $28 million for the year-ago period. Overall, its second-quarter financial report paints a grim picture.
With still no vehicle to sell and little near-term prospect for generating revenue, the company has warned several times this year that it is running out of money.
The perennially cash-strapped company now has even less cash on hand, reporting roughly $121 million at the end of the second quarter versus the $505 million it reported at the beginning of the year.
Faraday said in a statement that it “projects that it will require additional funds by early September 2022 in order to continue operations and will also need to raise additional financing during the remainder of 2022 and beyond 2022 to support the ramp-up of production of the FF 91 to generate revenues to put the Company on a path to cash flow break-even.”
Lack of funding has been just one of the impediments that have delayed the launch of the beleaguered automaker’s first vehicle. Faraday’s future has been in jeopardy repeatedly since its founding in 2014, but the company has been tenacious in its vision and launched as a public company in July 2021 through a SPAC merger with Property Solutions Acquisition Group.
During the second quarter, the company removed founder and former CEO Yueting Jia as an executive officer, began proceedings to force the former Lieutenant Governor of Nevada from its board, and fell under the scrutiny of the U.S. Department of Justice, stemming from an SEC probe into whether Faraday misled investors.
It also narrowly avoided being delisted from Nasdaq by filing its overdue 2021 annual report and 2022 first-quarter financial results in May. That Faraday filed its second-quarter results should encourage investors.
“Importantly, we also became current with our financial statements and regained compliance with NASDAQ listing requirements,” CEO Carsten Breitfeld said in a statement Tuesday. “Fundraising efforts are underway, and we currently expect to deliver the FF 91 to customers in the third or fourth quarter of 2022.”
The company said it had 399 “fully refundable, non-binding, paid deposits” for the FF91 as of June 30. The new start of production and first deliveries of the FF91 have been pushed to the third or fourth quarter of 2022.
Despite the tumult, Faraday has big plans for the future, including a target to open a factory in China mid-decade to build two more models: an FF 81 sedan and FF 71 smart last-mile delivery vehicle.
Major players in the companion diagnostics market are F Hoffmann-La Roche Ltd, Agilent Technologies Inc, Qiagen NV, Thermo Fisher Scientific Inc, Abbott Laboratories Inc, Myriad Genetics Inc, Almac Group, Illumina Inc, Seimens Healthineers AG, Abnova Corporation, Guardant Health Inc, ARUP Laboratories Inc, Foundation Medicine Inc, Bayer AG, Clinical Lab Products, Leica Biosystems Nussloch GmbH and Life Technologies Tm.New York, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the re
On Black Wednesday anniversary, sterling hits 37-year low against dollar and 17-month low against euro
Serbia plans to spend 3 billion euros ($2.99 billion) or 4.5% of its annual gross domestic product (GDP) on electricity, gas and fuel oil imports between October and March to meet rising costs of electricity and heating consumption, Energy Minister Zorana Mihajlovic told Reuters on Thursday. The country spent 1.65 billion euros on gas and electricity imports over the same period a year ago. Mihajlovic said that a major portion of the money will go to electricity imports which will cover up to a fifth of the country's needs.
LONDON (Reuters) -Shell said on Friday it was "unaffected" by the German government's decision to place the PCK Schwedt oil refinery under a trusteeship, effectively taking control away from Russian majority owner Rosneft. It is unclear who will step in to replace Rosneft as operator of the 233,000 barrel per day refinery, which Shell has sought to sell out of. "Shell remains unaffected by this order as a 37.5% shareholder in PCK Schwedt and will continue to comply with its contractual obligations in accordance with its own shares," Shell said in an emailed statement.
Exposure to blue light from use of tablets and smartphones, may alter hormone levels in young children, scientists say.
Kanye West told Gap on Thursday he was unilaterally severing his partnership with the retail brand and had plans to open his own stores.
Some of the chancellor’s other proposals may represent a step back to the light-touch era that led to 2008-09 crash
Global Sustainable Films for Packaging Market to Reach $276. 2 Billion by 2031. Global Sustainable Films for Packaging Market Overview The global sustainable films for packaging market was estimated at $140.New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sustainable Films for Packaging Market - A Global and Regional Analysis: Focus on Material, Applications, and Region - Analysis and Forecast, 2022-2031" - https://www.reportlinker.com/p06319805/
Major players in the electronic design automation software market are Aldec Inc. , Altium Llc, Ansys Inc. , Cadence Design Systems Inc. , Synopsys Inc. , Mentor, Silvaco Inc. , Altair Engineering Inc. , Agnisys Inc.New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electronic Design Automation Software Global Market Report 2022" - https://www.reportlinker.com/p06318521/?utm_source=GNW , Dolphin Design SAS, EasyEDA, Zuken, ElectroMagneticWorks Inc.,
Data Protection Commissioner Helen Dixon said the long-running criticisms are ‘becoming old news’.
The Ethereum 'merge' has been hailed as a success by the blockchain's co-founder Vitalik Buterin. The major upgrade could now make the supply of ether "continuously reduce over time", which could then lead to a spike in the value of the cryptocurrency. What is the merge, and how will it impact your ether holdings?In today's The Crypto Mile Weekly update we hear from Sumit kishore, senior product manager at Consensys, who explained the reasons behind the long-awaited update and its impact on the entire cryptocurrency ecosystem. In the interview, Kishore outlined three key reasons for Ethereum's historic upgrade:1. Increase sustainability - cut Ethereum’s energy usage by 99.95%. 2. Enhance scalability - scale massively, by making the network ready for further upgrades.3. Ensure security - move Ethereum to a more sustainable crypto economic model.He also described how The Merge will make fundamental changes to the Ethereum network such as improving sustainability and security, setting it up for scalability, and offering an attractive real yield on staking.All these changes will make Ethereum more attractive to institutional investors.
LIMA (Reuters) -Miner Glencore Plc said on Friday that a planned expansion at its Antapaccay copper mine in Peru is "under review," amid a blockade that has disrupted operations. Indigenous residents near the mine have been protesting this week that they should be consulted on the mine's expansion. The company said it will make an announcement when it reaches a decision on the expansion project which is known as Coroccohuayco.
Knight Frank study predicts Prime Central London market will outperform rest of UK
Sterling dropped below $1.14 taking it to its worst point since 1985
Both volumes and values of customer spending dropped last month, new data show.
LISBON (Reuters) -Two European Central Bank policymakers gave diverging views about the size of the ECB's future rate hikes on Thursday, pointing to some disagreement over whether last week's jumbo increase should be repeated. The ECB raised rates by an unprecedented 75 basis points a week ago and President Christine Lagarde hinted at another two or three rises at the coming meetings to fight record-high inflation. But ECB Vice President Luis de Guindos and Portugal's central bank governor Mario Centeno appeared to differ on Thursday about the size of the next moves.
Unite leader deplores prospect of post-Brexit deregulation drive ‘when millions are struggling’
BERLIN (Reuters) -The head of Austrian oil and gas group OMV said on Thursday that the EU's planned windfall levy could have a huge impact and criticised basing the proposal on profits of the last three years, which were not normal times. "We will keep an eye on that, as it can already have a massive impact," Alfred Stern told journalists, adding that the specifics of the proposal have not yet been set out so it was difficult to estimate the exact impact. Under EU plans announced on Wednesday, excessive profits from energy companies will be skimmed off and redistributed to ease the burden on consumers.
Finland will seek compensation of up to 8 billion euros ($7.97 billion) if Germany nationalises gas importer Uniper, a Finnish cabinet minister said on Friday. Uniper, which is majority owned by Finnish utility Fortum, said on Wednesday the German government might take a controlling stake in the company as it sought further aid on top of a package agreed with Berlin in July. "It is absolutely clear that Finland will not allow Germany to nationalise Uniper without compensation," Minister of European Affairs and Ownership Steering, Tytti Tuppurainen, told the Finnish parliament.
Major aluminium consumer Constellium's current plan is to keep buying from Russia's Rusal next year as it did in 2022, since it has not been put under sanctions, a Constellium executive told Reuters on Thursday. Aluminium producer Rusal's metal accounts for less than 5% of Constellium's overall purchases, the executive said, speaking under the condition of anonymity, adding that the share for 2023 would be similar but no final purchasing decision has been made. Hong-Kong listed Rusal, the world’s largest aluminium producer outside China, along with Russian aluminium have not been directly targeted by Western sanctions imposed on Moscow since it sent troops into Ukraine on Feb. 24.