Faraday Future earlier this month at CES unveiled a prototype of its first consumer electric vehicle, the FF 91. Shortly after the event, the automotive startup said it had received more than 64,000 reservations within the first 36 hours.
That’s an impressive figure at first glance until you realize that “reservations” and “pre-orders” aren’t synonymous.
If you recall, people were allowed to place a reservation with or without a $5,000 deposit. With that in mind, sources tell Business Insider that only 60 people submitted a deposit alongside their reservation.
For those keeping score, that totals just $300,000. Faraday Future hasn’t yet said how much the FF 91 will sell for although the general consensus seems to be around the $180,000 mark. If that’s accurate, it means that total pre-order money wouldn’t even buy two vehicles. For a company that many believe is already in serious trouble, that can’t be encouraging.
Tesla’s Model 3 generated nearly 300,000 paid reservations in the first three days although worth noting is the fact that A) a Model 3 reservation commands just $1,000 and B) its entry price of $35,000 is far cheaper than what the FF 91 will likely start it.
One unnamed Faraday Future source told the publication that if they can’t figure out a way to get the money they need out of China within the next 60 days, suppliers would essentially force them into bankruptcy.
While Tesla would no doubt like to see Faraday Future crash and burn, it’d be far more beneficial to both consumers and the industry in general for it to succeed. Competition lowers prices and fosters innovation, things we can all get behind.
Lead image courtesy Ethan Miller, Getty Images