\nFaraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (\u201cFaraday Future\u201d, \u201cFF\u201d or the \u201cCompany\u201d), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Co-CEO of FF.\n<\/p>\n
\u201cPromises made, promises kept. Here comes our second FF Co-CEO Investor Weekly Update.<\/i><\/p>\n
After we released the first Weekly Update, many of you expressed interest in our management tools. I\u2019m actually using these tools to help our team develop more structured and logical thinking. I\u2019ll share more thoughts on that in a future update.<\/i><\/p>\n
1. Now, here are the key highlights from this week:<\/i><\/p>\n
On S5 Finance and Capital:<\/i><\/p>\n
This week, we submitted our Q1 earnings report a few days ahead of schedule. From delayed filings last year, to being on time, and now ahead of time, this shows in part how much progress our finance and compliance systems have made. It\u2019s a concrete example of our \u201cStockholders First\u201d approach in action.<\/i><\/p>\n
It was also my first time joining an earnings call as a speaker. To share our progress with investors, outline our outlook, and get some real English practice along the way.<\/i><\/p>\n
And let\u2019s quickly go over a few key takeaways from the financial report.<\/i><\/p>\n
Firstly, in terms of financial performance, our operating efficiency and cost control capabilities have improved significantly. Cash inflows from financing exceeded operating outflows. While our first quarter operating loss was $43.8 million, after excluding depreciation and amortization of $17.5 million, amortization of operating lease right-of-use assets and intangible assets of $0.6 million, and stock-based compensation of $0.3 million, our adjusted operating loss for the quarter was about $25 million, or roughly $8.5 million per month. On top of that, we\u2019ve continued advancing both our strategy and core business fundamentals.<\/i><\/p>\n
Secondly, we plan to hold our first product launch of the FX Super One around the end of June. The U.S. market today has very few compelling options for premium business and family vehicles. We want to redefine this segment in America.<\/i><\/p>\n
Alongside the launch event, we will officially open online B2C refundable paid pre-order collection. Our goal is to reach a combined total of around 10,000 paid pre-orders from B2B and B2C channels 48 hours after the launch, including those already collected.<\/i><\/p>\n
Thirdly, in Q3, we plan to launch another potential hit product for FX, the disruptor of RAV4 in AIEV era.<\/i><\/p>\n
Fourthly, we continue to scale FX\u2019s B2B sales. We invite FF Par candidates to join our online co-creation direct sales ecosystem, actively welcoming large B2B partners, including car rental companies and MCN organizations to become part of our business network.<\/i><\/p>\n
In Phase I of our go-to-market strategy, we plan to enter seven high-priority U.S. states: California, New York, Florida, Texas, Washington, New Jersey, and Nevada. These states represent some of the strongest demand and highest concentrations of EV users. We see them as critical footholds for swift breakthroughs in volume deliveries.<\/i><\/p>\n
Turning to S2 and S3: Product & Technology:<\/i><\/p>\n
We just released the first rear design rendering of the FX Super One. What do you think? A lot of people love FF\u2019s design language, and we\u2019re confident the FX won\u2019t let you down either. Recently, our second and third lines of FX prototype mules have continued public road testing. We\u2019ve taken them through Downtown LA, Manhattan Beach, and Palos Verdes \u2014 and everywhere they went, they drew attention and sparked conversations. Many people tagged me on social media. Some even mistook the FX for a Tesla, which just shows how rare it still is to see a true AIEV born and made in the U.S.<\/i><\/p>\n
Now let\u2019s move on to S7: Capability and System Build-Up, and Operations:<\/i><\/p>\n
Specifically on S7.1: We\u2019ve invited one of our Board members, the former VP of Finance from the world\u2019s largest automaker, to come on-site with us, helping us to build a stronger and more advanced financial management system.<\/i><\/p>\n
2. Along with progress, we also need to talk about the issues we identified.<\/i><\/p>\n
Although we filed our Q1 report ahead of schedule, it was still later than the standard I\u2019m pushing our team to meet. This highlights the need to further improve our internal financial systems.<\/i><\/p>\n
Timely financial reporting is also crucial for enabling our executive stock purchases. Earlier this year, because our 10-K was not filed until after the first quarter trading window would have closed, it prevented executives from increasing their shareholding. We now must wait until the trading window reopens and we do not possess material nonpublic information. As I\u2019ve previously promised, I\u2019ll use 100% of my after-tax Co-CEO bonus to purchase FF shares on the open market, to stand with our stockholders, subject to legal and regulatory restrictions.<\/i><\/p>\n
3. Next week, we\u2019ll stay focused on four tier-one task streams under our tier-one strategic goals and pillars from S0 to S7:<\/i><\/p>\n
Under S1 User Ecosystem: Our sales team continues to push forward on more pre-orders.<\/i><\/p>\n
Under S2, S3, and S4, Product Development, Supply Chain, and Product Execution & Delivery: All areas are progressing. One highlight: All FX models, including the Super One, will adopt Tesla\u2019s NACS (North American Charging Standard). Next week, we\u2019ll share updates on this rollout and explain the key user benefits of NACS.<\/i><\/p>\n
Meanwhile, our EE system and IAI system are compliant with the current ICTS regulations, and we will begin working on the integration and adaptation for a future potential iteration of the Super One. Our goal is to bring the same AI technologies used in our $300K vehicles into the First Class AI-MPV as soon as possible.<\/i><\/p>\n
And finally, S7: Capability and System Build-Up, and Operations:<\/i><\/p>\n
Mr. Yan Haibo, our new Vice President of Supply Chain for FX Middle East and China, will soon step into his role. With his extensive global experience in supply chain management at leading auto companies, we\u2019re confident he\u2019ll help accelerate the execution of our FX strategy and ensure timely product delivery.<\/i><\/p>\n
4. Coming to our Q&A session: YT, many people are asking about the status of our factory. Can you give us an update?<\/i><\/p>\n
Yes, we have a 1.1 million square foot factory in Hanford, California. It\u2019s one of the larger EV plants in the U.S. Here in California, it seconds only to Tesla\u2019s Fremont facility. Right now, we\u2019re preparing a flexible production line with a planned capacity of over 30,000 units. This line will support mixed production of both FF and FX models. To be honest, the full potential of the Hanford plant hasn\u2019t been realized yet. The main reason is funding. As many of you know, our financial resources have been tight, and we\u2019ve had to prioritize the most critical projects. That said, preparations for mass production of the first FX product are moving quickly. Once key agreements are signed and components arrive in volume, we plan for the factory to shift into full production mode. During the ramp-up phase, I\u2019ll be back at the plant with the team to oversee everything on-site.<\/i><\/p>\n
5. Over the past few weeks, many colleagues have told me they can feel a real shift in the company. People are more energized, more focused, and more committed. That kind of team spirit is incredibly inspiring, and it keeps me going, too.<\/i><\/p>\n
Thank you to everyone who still believes in us and continues to move forward with us. And since today is Mother\u2019s Day, I\u2019d like to take a moment to wish all mothers around the world a very happy holiday.<\/i><\/p>\n
I’ll see you next week.\u201d<\/i><\/p>\n
ABOUT FARADAY FUTURE<\/b><\/p>\n
\nFaraday Future is the pioneer of the Ultimate AI Tech Luxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by the pursuit of intelligent and AI-driven mobility.\n<\/p>\n
FORWARD LOOKING STATEMENTS<\/b><\/p>\n
\nThis press release includes \u201cforward looking statements\u201d within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \u201cestimates,\u201d \u201cprojected,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cforecasts,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cfuture,\u201d \u201cpropose\u201d and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding production capacity expansion, the FX brand, the Super One MPV, future FX models, future FX reservations, expansion into new states and markets, and production and sales goals, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company\u2019s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.\n<\/p>\n
\nImportant factors, among others, that may affect actual results or outcomes include, among others: the Company\u2019s ability to expand its production facility, which will be time-consuming and costly; market demand for MPVs and MPV rentals; the Company\u2019s ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company\u2019s ability to design and develop EREV technology; the Company\u2019s ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AI, and US geographic expansion; the Company’s ability to secure necessary agreements to license third-party range extender technology and\/or license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company’s ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; and the Company’s ability to secure necessary permits at its Hanford, CA production facility; the potential impact of tariff policy; the Company\u2019s ability to continue as a going concern and improve its liquidity and financial position; the Company\u2019s ability to pay its outstanding obligations; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company\u2019s limited operating history and the significant barriers to growth it faces; the Company\u2019s history of losses and expectation of continued losses; the success of the Company\u2019s payroll expense reduction plan; the Company\u2019s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company\u2019s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company\u2019s vehicles; the Company\u2019s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company\u2019s vehicles; current and potential litigation involving the Company; the Company\u2019s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company\u2019s indebtedness; the Company\u2019s ability to cover future warranty claims; the Company\u2019s ability to use its \u201cat-the-market\u201d program; insurance coverage; general economic and market conditions impacting demand for the Company\u2019s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company\u2019s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company\u2019s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the \u201cRisk Factors\u201d section of the Company\u2019s Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.\n<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250511306003\/en\/<\/a><\/span><\/p>\n \nInvestors (English): ir@faradayfuture.com KEYWORDS:<\/b> United States North America California<\/p>\n INDUSTRY KEYWORDS:<\/b> Software Vehicle Technology EV\/Electric Vehicles Internet Luxury Alternative Vehicles\/Fuels Technology Automotive Artificial Intelligence Retail Automotive Manufacturing Manufacturing<\/p>\n
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Investors (Chinese): cn-ir@faradayfuture.com
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Media: john.schilling@ff.com<\/a><\/p>\n
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