Faraday Future to cut operational costs as part of plan to reach profitability

Faraday Future Intelligent Electric FFIE, +2.86% has adopted a masterplan to reach profitability and reduce dependence on external funding.

The Los Angeles-based electric-vehicle company said it would “meaningfully reduce people cost” and other administrative expenses unrelated to production of its FF 91 2.0 Futurist Alliance, its limited edition luxury EV line. The company will look to reduce costs related to its FF 91 2.0 Futurist Alliance materials and production and would not enter into any new debt agreements with similar structures to its current convertible notes.

Faraday Future said it would share more details of the plan at its investor day, but said executing the initiatives will support profitability.

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