A recent 10-Q report filed with the SEC shows that Faraday Future, the electric car company that began producing vehicles at a 1 million square-foot facility in Hanford at the end of March, shows the company has generated over $6 million in income in the first quarter of 2023.

The company operated at a loss of $153,098,000 during the quarter ending in December of 2022, but cut down its operating expenses by 60 percent in the most recent quarter.

Faraday Future's income this quarter does not come from sales, however, as the company does not expect Faraday Future to begin generating revenue until the end of June. The 10-Q filing, a quarterly, unaudited report on a company's performance, shows that Faraday Future generated over $94 million in fair value measurements. The accounting process involves adjusting the value of a company's assets which is then taken directly to a company’s income statements.

Associate Editor / Reporter

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