Asia Tech Wire (Nov 7) -- Faraday Future (NASDAQ: FFIE), the California-based electric car company founded by Chinese entrepreneur YT Jia, has reported a reduced operating loss of $25.2 million for the third quarter of 2024.

The company released earnings results for the third quarter of 2024 on Wednesday, showing that operating loss was reduced to $25.2 million from $66.4 million in the same period last year.

Compared to the third quarter of 2023, Faraday Future's operating expenses plummeted 92.6% in the quarter, from $50.9 million to $3.8 million.

The results show that as of September 30, 2024, Faraday Future recorded assets of $449 million, liabilities of $292.3 million, and book value of $156.7 million.