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The company also said deliveries of its FF 91 luxury electric car may not begin in the fourth quarter as previously expected due to a delay in securing funding.
Faraday Future said it would require additional funds to finance operations and ramp up production of its car during the remainder of 2022 and beyond.
The company said it had $31.76 million in cash as of the third quarter ended Sept. 30, down from $121 million at the end of the prior quarter.
Higher costs and depleting cash reserves have forced investors to question the health of EV startups’ balance sheets.
British commercial electric vehicle startup Arrival SA had also warned of a risk to its status as a going concern earlier this month.
Meanwhile, Faraday Future’s third-quarter loss narrowed to $103.4 million, from $303.9 million a year earlier.
