Photo: Faraday Future
Faraday Future has recently announced it has secured 401 preorders for the FF 91, its first production car. Now, if you have an excellent memory, you may remember that the marque previously announced it had 14,000 reservations for its FF 91. So, what happened?
Well, the company has recently unveiled its financial reports, and the money that it had secured in the form of preorders had to be presented somewhere. Initially, the company requested a $1,500 deposit for the "standard" FF 91 model, while the FF 91 Futuristic Alliance Edition required a deposit of $5,000.
At this point, it is unclear how many people selected the more expensive version or the more affordable one, but it does not matter right now. While Faraday Future has not specified how much will the FF 91 cost, rumors point to somewhere around $200,000, if not more, so it is understandable why not that many people would jump in to make a reservation.
Mind you, all those reservations do not guarantee that a purchase will happen, as the customers have the right to back out of the deal. Not that long ago, the Californian marque that was founded by a Chinese businessman named Jia Yueting had acknowledged that those 14,000 reservations were "unpaid indications of interest."
Now, we are not lawyers, but we think that the difference between the former and the latter is that nobody hands you any money or signs a contract with your company when expressing their potential interest in the product that is presented to them. The only part that matters is if enough people are willing to put their money where their mouth is, because otherwise, they are not even potential customers at this point, just people inquiring about or just looking at a product.
If you will, it is like the difference between people clicking "Going" to an event of Facebook, and the people who actually show up.
Back in 2017, Faraday Future claimed to have generated 64,124 reservations for the FF 91 after its unveiling at CES 2017. Those reservations were unpaid, unlike Tesla's, which involved a $1,000 deposit that could be refunded upon customer request.
In five years, the company went from 64,124 reservations in 36 hours (about one and a half days) in 2017, to 14,000 in January 2022, and just 401 preorders with a paid deposit, as InsideEVs notes.
Earlier this year, Faraday Future announced it made the first production-intent FF 91. In the automotive industry-speak, that means a series of vehicles that come with production-spec components, and the team is currently working on perfecting its assembly process, as well as the fit and finish. The resulting cars are pre-production vehicles, and most of them end up being crushed after they get toured to auto shows and various events.
At this point, it is unclear how many people selected the more expensive version or the more affordable one, but it does not matter right now. While Faraday Future has not specified how much will the FF 91 cost, rumors point to somewhere around $200,000, if not more, so it is understandable why not that many people would jump in to make a reservation.
Mind you, all those reservations do not guarantee that a purchase will happen, as the customers have the right to back out of the deal. Not that long ago, the Californian marque that was founded by a Chinese businessman named Jia Yueting had acknowledged that those 14,000 reservations were "unpaid indications of interest."
Now, we are not lawyers, but we think that the difference between the former and the latter is that nobody hands you any money or signs a contract with your company when expressing their potential interest in the product that is presented to them. The only part that matters is if enough people are willing to put their money where their mouth is, because otherwise, they are not even potential customers at this point, just people inquiring about or just looking at a product.
If you will, it is like the difference between people clicking "Going" to an event of Facebook, and the people who actually show up.
Back in 2017, Faraday Future claimed to have generated 64,124 reservations for the FF 91 after its unveiling at CES 2017. Those reservations were unpaid, unlike Tesla's, which involved a $1,000 deposit that could be refunded upon customer request.
In five years, the company went from 64,124 reservations in 36 hours (about one and a half days) in 2017, to 14,000 in January 2022, and just 401 preorders with a paid deposit, as InsideEVs notes.
Earlier this year, Faraday Future announced it made the first production-intent FF 91. In the automotive industry-speak, that means a series of vehicles that come with production-spec components, and the team is currently working on perfecting its assembly process, as well as the fit and finish. The resulting cars are pre-production vehicles, and most of them end up being crushed after they get toured to auto shows and various events.
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