Asia Tech Wire (May 29) -- Faraday Future (NASDAQ:FFIE, FF), a California-based electric car startup founded by Chinese, said the company may never achieve or sustain profitability.

Faraday Future announced Tuesday that the company has withdrawn its previously released production forecast for 2024 due to current market conditions and funding levels.

The company's latest financial results show that the company reported $0.8 million in revenue for the full year of 2023 and an operating loss of $286 million.

FF is still mired in a dire situation of severe funding constraints, and as of May 23, 2024, the company had a cash position of about $5 million, including $2 million in restricted cash.

The U.S. EV maker noted in its report that although it has begun delivering FF 91 products, insufficient demand for the cars and related services, coupled with risk factors such as increased competition in the market, the company may continue to incur significant losses and therefore may never be able to achieve and sustain profitability.

Faraday Future's Chinese founder, YT Jia, said via Chinese social media platform Weibo on Wednesday that the company will release the "FF Strategy for Bridging the U.S. and China Automotive Industries" in a month's time, which will empower the $0.3 million core technology of the FF 91 car on mass-market models through full value chain empowerment.

Jia also said that Nasdaq has approved the application of Faraday Future shares to continue trading.