According to reports, the two companies are Master Investment Group and Siraj Holding LLC. The brand will also customize a limited edition FF 91 2.0 Futurist aiFalcon model for the Middle East market, scheduled for delivery in 2024.

Faraday Future founder Jia Yueting said that the implementation of FF’s Middle East strategy will be the third pole after FF’s dual home strategy in China and the United States. It is of great significance and will become an important springboard for FF’s next step into the European market.

The limited edition model FF 91 2.0 Futurist aiFalcon launched by Faraday Future for the Middle East market this time is called “tailor-made” for users. It will come standard with 1-to-1 customized private AI, Super AP 5G*3 for ultimate connectivity, and extreme racing training. and certification, Emirates Gold/Crystal badges and other premium identity features, as well as exclusive invitations to the FF “Futurist Spire Club”.

In addition, the car will come with a range of free maintenance and upgrade options, such as a carbon-ceramic brake kit, aerodynamics kit and racing-style wheels. This haute couture limited edition is now available for pre-order on the FF official website.

It was previously reported that according to Faraday Future’s third quarter financial report data, the company achieved revenue generation for the first time and raised a total of US$61.8 million through convertible notes, equity line of credit (ELOC) and ATM financing (Note: Currently approx. 442 million RMB).

Faraday Future claims that since the successful launch of the second phase of co-creation delivery on August 12, 2023, the company’s goal is to expand the production scale of FF 91 and start the third phase of delivery at the end of the first quarter of 2024, that is, to fully provide users with Delivery of vehicle. Based on current plant improvement and ramp-up plans, the company aims to achieve production of approximately 1,000 vehicles next year.

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In addition to the equity financing, FF successfully raised capital through the sale and leaseback of its manufacturing facility in Hanford, California. Through the transaction, FF released up to $12 million of non-dilutive equity capital earmarked for significant improvements and fundamental development of the plant.

Since the successful launch of the second phase of co-creation deliveries on August 12, 2023, FF aims to scale up production of the FF 91 and begin the third phase of delivery, i.e. full delivery of the vehicle to users, by the end of the first quarter of 2024. The company aims to achieve production of about 1,000 vehicles next year under its current plant improvement and ramp-up plan.

Financial Highlights:

 Cost of sales was $16.1 million. Of that amount, $10.4 million was tool and equipment depreciation. Most of the remainder is manufacturing overhead, followed by labor and material costs. The higher cost of sales stems from natural inefficiencies in early vehicle production – namely, higher component costs due to initial manufacturing inefficiencies and lower volumes.

 Operating losses were $66.4 million, compared with a loss of $80 million a year earlier. The narrowing of operating losses was mainly due to lower research and development expenditures, followed by improvements in administrative expenses.

 Net loss was $78 million, compared with a net loss of $119.9 million in the same period last year. The narrowing in net loss was primarily due to lower operating expenses and gains on changes in the fair value of notes payable and warrant liabilities, offset by the non-cash settlement of convertible notes recorded during the quarter.

 From January to September this year, net cash outflows from operating activities were US$240.4 million, compared with US$355.1 million in the same period last year; capital expenditures were US$10.8 million, compared with US$112.1 million in the same period last year; net cash inflows from financing activities were US$237.6 million, compared with US$112.1 million in the same period last year. for $40.9 million.

 The company's cash balance was $8.6 million, including $1.9 million in restricted cash.

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It is reported that Jia Yueting and Sean also met and co-created with the new owner and developer of the FF 91 2.0 Futurist Alliance, who is known as the King of R&B for his unique music style and won the Grammy Award. American Music Awards, MTV Video Music Awards, American Music Awards, BET Music Awards and many other awards.

Jia Yueting said in his speech that in addition to funds, FF already has all the foundations for an explosion of value. Currently, FF is making every effort to introduce institutional investors and strategic investors to solve the funding problem required for production ramp-up, improve supply chain management capabilities and cost control capabilities, achieve the company’s lowest-cost operations, and rapidly increase production capacity and delivery volume.

On September 27, Faraday Future officially released a letter from FF Global CEO Matthias Aydt to all shareholders. The letter mentioned that the company has invested approximately US$3 billion (approximately RMB 21.9 billion) over the past nine years to enable it to deliver its flagship model FF 91. However, it is worth noting that according to data released by FF, FF only delivered three FF 91 2.0 Futurist Alliance in the third quarter of this year.
Part of the transcript of Jia Yueting’s speech today:

Hello everyone, today is the first session of the weekly “FF Delivery Co-Creation Day” in October. In addition to delivering FF 91 2.0 Futurist Alliance to me, we will also announce one of the world’s top American pop music kings, King of R&B, winner of many international music awards such as Grammy and MTV Music Awards, has become the next car owner and developer co-creator of FF 91 2.0 Futurist Alliance. I will drive the new car to his home after delivery. , and see what disruptive value we can create together.

We are entering the stage of delivering revenue and forming a complete operating closed loop. More and more American industry leaders have become FF car owners and developer co-creators. FF’s operating fundamentals have undergone major changes. The new management team is the company that loves the most. , is also the strongest team in the history of FF. The company is in the best development stage since its establishment and is a critical period for business take-off.

In addition to funds, FF already has basically all the foundations for an explosion in value. We have defeated the darkest moments many times, and FF has entered the best fundamental state in history. With our unique genes and the support of all stakeholders, including shareholders, we firmly believe that amazing energy is about to explode. FF is in the period of greatest opportunities.

Currently, FF is making every effort to introduce institutional investors and strategic investors to solve the funding problem required for production ramp-up, improve supply chain management capabilities and cost control capabilities, achieve the company’s lowest-cost operations, and rapidly increase production capacity and delivery volume.

After today’s “Delivery and Co-Creation Day”, I will start to share with you my time with FF 91 2.0 Futurist Alliance through various forms such as live broadcast on the FF App. In the future, I will often communicate with you in the car. interactive communication, share FF’s progress with all shareholders, investors and other stakeholders, and continue to fight for maximizing the value of stakeholders, including shareholders.

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According to the announcement, Faraday Future will postpone the first deliveries of its high-performance electric vehicle FF 91, originally scheduled for the end of this month, to August. The company said this was due to supplier delays and the need for additional testing. After completing the first deliveries, the company will gradually ship to all pre-orders.

In addition, Faraday Future has proposed a reverse stock split with the aim of maintaining its listing on the Nasdaq stock exchange. The plan needs to be approved by Faraday Future shareholders, and then the board of directors will decide on the ratio of the reverse split, which ranges from 1 for 2 to 1 for 90.

Faraday Future also said it may issue more common stock to raise as much as $300 million.

The news has investors worried about Faraday Future’s future. Shares of Faraday Future have fallen nearly 90% in the past year, well below the $1 per share minimum set by the Nasdaq exchange. During this period, the company has been facing the problem of insufficient funds needed to start the production of the car. In February, the company raised $135 million in a convertible secured note offering, but that clearly wasn’t enough.

On Tuesday, Faraday Future fell more than 40% before the U.S. stock market. As of press time, the decline was still 37.56%.

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▲ Picture source Faraday Future’s official website, the same below

Faraday Future officials said that in the first phase, the first batch of industry experts FPO will pay for the FF 91 vehicle in full in order to reserve the vehicle and receive training on the use of the vehicle. These industry specialist FPOs will have their pre-ordered FF 91s at the start of Phase 2.

In addition, the FF 91 EV has successfully passed the crash test requirements of the US Federal Motor Vehicle Safety Standard (FMVSS). The FF 91 underwent high-intensity crash tests including frontal, side and rear, and successfully passed all crash tests.

According to previous reports, on April 14, 2023, Faraday Future announced that it had completed the production of its first mass-produced electric vehicle, the FF 91 Futurist, and rolled off the production line at the company’s FF ieFactory California in Hanford, California.

Faraday Future said that the company is conducting a qualification review of industry experts FPO, and will invite qualified industry experts to purchase cars on a first-come, first-served basis and participate in a series of co-creation activities. The company will hold a co-creation day themed event with the first batch of industry experts and users on June 6, US time.

 In FF's fully integrated sales system, users can experience FF 91 online. In the future, they can also experience our products in FF's own exhibition halls and partner exhibition halls, and log in to the FF O2O platform to make purchases there. Partners will also be recognized. Seamlessly integrated into FF's direct sales model.

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Faraday Future previously stated that during the release event on May 31, the company will review the history of FF, share the latest progress of the FF 91 model, demonstrate a new user experience, and announce the upgraded product and technical architecture, AI strategy, Ecological products, services and sales, co-creation and sharing platforms, etc., and introduce the delivery plan of FF 91.

It was previously reported that the first Faraday Future FF 91 mass-produced car was officially rolled off the production line on April 15, and the delivery time has not yet been announced. According to previous official statements, the FF 91 delivery plan is divided into three phases. The first phase is “industry expert Futuristic Product Officer (FPO) co-creation delivery”, which is expected to start at the end of May. At this stage, the FF 91 is fully paid for by the industry specialist FPO and trained to use the vehicle. They will get their pre-ordered FF 91 vehicles at the start of Phase 2. The second phase, “FPO co-creation delivery”, is expected to begin by the end of the second quarter of 2023, subject to the following conditions: timely availability of sufficient financing and parts, and completion of the necessary crash tests. At this stage, the FPO needs to pay for the FF 91 in full and get the FF 91 vehicle. The third phase is “full co-creation delivery”, which is expected to start after the second phase, provided that sufficient financing is obtained in a timely manner. At this stage, the company will deliver vehicles to all users who paid for the FF 91 in full. Faraday Future reiterated in its first-quarter earnings report that deliveries of the FF 91 will begin under a three-phase delivery plan starting at the end of May, subject to timely receipt of financing and parts.

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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.

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The FF 91 series has three models: the regular FF 91, the FF 91 Futurist and the FF 91 Futurist Alliance. Among them, the FF 91 Futurist Alliance Edition has a reservation amount of $50,000, and the reservation is already closed; the FF 91 Futurist Edition has a reservation amount of $20,000; and the FF 91 Regular Edition is not open for reservation yet.

According to the company’s previous plan, the first batch of mass-produced FF 91 Futurist will roll off the production line in early April and be delivered to customers by the end of April 2023.

However, according to a new report, Faraday Future has delayed the delivery of the first production FF 91 Futurist. Delivery of the new car, originally scheduled for April, will need to be delayed until the end of May due to supplier supply issues.

It is reported that the FF 91 delivery plan is divided into three phases:

The first phase is the “futuristic product officer (FPO) co-creation delivery”, which is expected to start at the end of May. In this phase, industry expert FPOs will be required to pay for the FF 91 in full and receive training on how to use the vehicle. They will receive their reserved FF 91 vehicles at the beginning of Phase 2;

The second phase, “FPO Co-Creation Delivery,” is expected to begin by the end of the second quarter of 2023, provided that sufficient financing and parts are available in a timely manner and that the necessary crash tests are completed. During this phase, FPO will be required to make full payment for the FF 91 and take delivery of the FF 91 vehicle;

The third phase, “Full Co-Creation Delivery,” is expected to begin after the second phase, provided sufficient financing is secured in a timely manner. During this phase, the Company will deliver vehicles to all customers who have paid for the FF 91 in full.

The post The first Faraday Future FF 91 production car rolls off the production line appeared first on TechGoing.

Today, Faraday Future announced that the 2-day countdown to the release of the first mass-produced car of FF 91 will be held at 6:00 pm on April 14th, Los Angeles time is officially offline.

Faraday Future founder, partner, chief product and user ecology officer Jia Yueting later said that after nine years of unyielding, the first mass-produced car of FF 91 is finally about to roll off the assembly line. It is a step closer to the dream of “the pioneer of the ultra-smart technology luxury super spire market in the era of smart trams and the subversive of traditional ultra-luxury car civilization”.

Faraday Future said that some of the company’s suppliers informed the company that they would not be able to meet the company’s time requirements, so the company has updated the delivery start time of the FF 91 car, as well as the previously announced three-phase delivery plan. The company will start the first phase of the delivery process detailed below at the end of May, up from April. The three-phase delivery plan aims to continuously implement the company’s core philosophy and corporate vision, which is co-creation and co-sharing.

The delivery plan of FF 91 is divided into three phases, the first phase is “Industry Expert Futuristic Product Officer (FPO) Co-Creation Delivery”, which is expected to start at the end of May. At this stage, the FF 91 is fully paid for by the industry specialist FPO and trained to use the vehicle. They will get their pre-ordered FF 91 vehicles at the start of Phase 2. The second phase, “FPO co-creation delivery”, is expected to begin by the end of the second quarter of 2023, subject to the following conditions: timely availability of sufficient financing and parts, and completion of the necessary crash tests. At this stage, the FPO needs to pay for the FF 91 in full and get the FF 91 vehicle. The third phase is “full co-creation delivery”, which is expected to start after the second phase, provided that sufficient financing is obtained in a timely manner. At this stage, the company will deliver vehicles to all users who paid for the FF 91 in full.

FF stated that this three-phase delivery plan can provide maximum flexibility for its manufacturing operations and market needs, while providing users with the highest quality products. This will also help to alleviate the gap between insufficient production capacity and market demand.

According to previous reports, FF ieFactory California officially launched the production of FF 91 Futurist, and a release event was held on-site. FF Global CEO Chen Xuefeng, FF Founder and CPUO Jia Yueting, FF Global Product Executive Senior Vice President Matthias Aydt and others gave speeches and showed the FF ieFactory California factory site. This is the first time Faraday Future has officially announced the start of production of the FF 91 Futurist.

Faraday Future officials previously stated that the first mass-produced FF 91 Futurist will roll off the production line in early April and be delivered to customers by the end of April 2023. The company is also planning to host the ultimate FF 91 Futurist launch event on April 26.

Judging from the FF official App booking page, the FF 91 series can provide three models: the regular version FF 91, the FF 91 Futurist version (FF 91 Futurist), and the FF 91 Futurist Alliance version. Among them, the reservation amount of FF 91 Futurist Alliance Edition is 50,000 CNY, and the reservation is currently over; the reservation amount of FF 91 Futurist Edition is 20,000 CNY; the reservation amount of FF 91 Regular Edition has not yet opened.

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Jia Yueting, founder, partner and chief product and user ecology officer of Faraday Future, then said that after nine years of perseverance, the first production vehicle of FF 91 will finally come off the production line. It is one step closer to the dream of “pioneer of the ultra-intelligent technology luxury super-tower market and disruptor of traditional ultra-luxury car civilization in the era of intelligent trams”.

As previously reported, FF ieFactory California officially launched production of FF 91 Futurist at 7:30 a.m. Beijing time on March 30, with a launch event featuring speeches by FF Global CEO Chen Xuefeng, FF Founder and CPUO Jia Yueting, and FF Global Product Executive Senior Vice President Matthias Aydt. and showcased the FF ieFactory California factory site. This is the first time Faraday Future officially announced the start of production of FF 91 Futurist.

Faraday Future officials previously said that the first production FF 91 Futurist will roll off the production line in early April and be delivered to customers by the end of April 2023. The company also plans to host the FF 91 Futurist’s ultimate launch event on April 26.

From the official FF App booking page, the FF 91 series is available in three models: the regular FF 91, the FF 91 Futurist and the FF 91 Futurist Alliance. Among them, the FF 91 Futurist Alliance Edition has a pre-order amount of 50,000 CNY, and the pre-order is already closed; the FF 91 Futurist Edition has a pre-order amount of 20,000 CNY; and the FF 91 Regular Edition is not open for pre-order yet.

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