Faraday Future announced today that it has appointed veteran financial executive Edward (Ed) Darwick as its head of financial operations, effective immediately. Ed will assume key responsibility within FF Finance Operations and be responsible for directing the development, implementation and improvement of systems and staffing across functions and teams.
According to Faraday Future, Ed reports to Ms. Yun Han, interim chief financial officer and chief accounting officer.
Attached is Faraday Future’s introduction to Edward (Ed) Darwick:
A passionate and strategic corporate finance professional, Ed has approximately 20 years of experience in FP&A, product development and financial control operations. He has extensive work experience working in joint ventures, start-ups and multinational corporations (including Ford Motor and NIO) in the US, China and Japan. Ed understands the demands of top-down targeting and bottom-up budgeting with a focus on accurate data and a repeatable forecasting process.
Ed holds an MBA from the University of Rochester and a BA in English Studies from Fairfield University. Prior to his MBA, he worked in luxury retail, which helped develop his focus and understanding of the importance of creating brand identities to connect with users, as well as internal cultural alignment.“The continuous onboarding of key talents, especially leaders in the financial field like Ed, is critical to the continued expansion of FF’s production volume, next-stage product delivery, and the achievement of cost-efficiency and profitability goals,” Chen Xuefeng, Global CEO of Faraday Future “As FF builds a strong presence in the global electric vehicle market, Ed’s global financial experience will be of great benefit to the company,” said Mr.
FF recently announced the company’s first quarter 2023 financial results on May 11, 2023.
FF Q1 2023 results highlights include:
・Net income of $6.5 million was primarily attributable to mark-to-market gains on guaranteed convertible notes and warrants and a significant reduction in operating loss.
・Operating loss was US$83 million, compared with a loss of US$149 million in the first quarter of 2022, a significant decrease in operating loss year-on-year.
・Reaffirmed that deliveries of the FF 91 will begin under a three-phase delivery plan beginning at the end of May, subject to timely receipt of financing and parts.
・ Provided the latest progress of compliance certification work. The most difficult crash subject tests have been carried out and all of them have been successfully passed, including frontal, side and rear crash tests of the vehicle.
・ As of now, the company has produced 40 FF 91 cars for engineering, testing, marketing and users.
・ Expanded FF’s AI capabilities and future mobility vision.
・Further details about the company’s sales, service and go-to-market (GTM) strategies are provided.
・Successfully raised $135 million in total funding to support our SOP and production plans, of which $120 million has been received to date. The company also received options to go to existing investors for a total funding total of $38 million.
・ Obtained an additional unsecured convertible note financing commitment of US$100 million, of which FF executive partners committed to invest US$80 million, subject to certain conditions on top of various existing commitments.
・ Reaffirmed the goal of achieving operating cash flow break-even by 2025.
