· 本季度取得重要进展：发布第二品牌FX、公司战略升级及中东业务取得突破。
· 成功获得并完成 3000 万美元融资。
· 重获纳斯达克上市合规。
· FX品牌面向大众市场，计划推出售价区间在2万至5万美元的车型，在获得必要融资支持的前提下，公司目标2025年底首辆FX车型下线。
· FX项目启动了车辆开发的第一阶段，相关工作正在推进，以实现该阶段的里程碑目标。FX计划下周公布最新进展和下一步执行计划。
北京时间2024年11月7日（美国加州2024 年 11月6日 ）——总部位于美国加州的全球共享智能电动出行生态公司Faraday Future Intelligent Electric Inc.（纳斯达克：FFIE）（"Faraday Future "、"FF"或 "公司"），今天公布了2024年第三季度的财务业绩。
2024 年第三季度业绩
公司继续在控制成本和降低运营费用方面继续取得显著成效：
• 运营支出大幅改善，与去年同期的 5,090 万美元相比，下降了 92.6%，为 380 万美元。
• 运营亏损从去年同期的 6,640 万美元减少到了 2,520 万美元。
• 截至 2024 年 9 月 30 日，公司资产 4.49 亿美元，负债 2.923 亿美元，账面价值 1.567 亿美元。
公司要闻
2024年第三季度成为 FF 的重要发展节点，推出了第二品牌 Faraday X (FX)，预示着公司战略升级和业务发展进入了新的篇章。FX 品牌以大众市场为目标，计划推出两款车型：FX 5 和 FX 6，前者的目标售价介于 20,000 美元至 30,000 美元之间，后者的目标售价介于 30,000 美元至 50,000 美元之间。这两款车型均计划推出两种动力系统：增程型 AIEV 和纯电型 AIEV，目标是在获得必要资金的情况下，于 2025 年底前下线。
FF发起了 "人民AI之车，人民决选共创"的共创活动，收到了数千份回复，展现了人们对高性能、智能化、高性价比的纯电AIEV和增程式AIEV产品的兴趣。
作为公司全球汽车产业桥梁战略的一部分，FF 已与四家中国主机厂建立了合作关系，并已签署了两份战略框架协议和两份谅解备忘录，旨在推动AIEV在美国市场的发展，并将全球汽车零部件和供应链资源整合到美国市场，从而为美国的 B-AIEV 和 RE-AIEV 市场注入活力。
FF的全球战略和产品负责人Max Ma与投资人Sheikh Abdulla Al Qassimi在FX发布会后，在中国与FX的合作伙伴进行了新一轮洽谈。他们圆满完成了此次行程的既定目标。目前，FX项目已经启动了车辆开发的第一阶段，并在按计划推进相关工作以达成第一阶段里程碑。
FF成功获得了总额为3000万美元的融资。公司正在阿联酋拉斯海马拓展业务，进行了公司注册和设施开发，标志着FF在美国和中国市场以外的“第三极”战略的重要里程碑。最近，公司宣布与Sheikh Abdulla Al Qassimi管理下的 Master Investment Group 达成共同投资协议 ，在阿联酋拉斯海马设立中东区域总部。通过位于迪拜的实体公司Faraday Future Middle East FZ-LLC，我们已经与拉斯海马经济区（RAKEZ）签署了协议，用于支持当前运营并共同开发一处即将完工的10.8万平方英尺的设施。
FF继续推进FF 91 2.0项目，在第三季度将FF 91 2.0 Futurist Alliance交付给了Born Leaders Entertainment公司，累计交付量达到14辆。Born Leaders Entertainment 现在是 FF 的用户和开发者共创官，通过共创与 FF 在市场推广活动和名人巨星合作中展开协作。
公司在运营方面取得了显著改进，包括首次客户工艺质量审核评分提升25%并实施了制造相关的保修改进。此外，FF 还通过软件更新增强了用户体验，包括扩展语音控制和改进导航功能。公司继续致力于优化生产和降低成本。
2024 年 9 月 4 日，纳斯达克确认公司重新符合纳斯达克的上市合规要求。这一进展得益于公司采取的一系列措施，解决了及时提交财报和最低股价要求的问题。
公司还通过战略性人事任命增强了领导力，包括任命 Koti Meka 为首席财务官，任命 Aaron Ma 为车辆研发负责人，从而为公司持续创新和市场拓展打下更好基础。
未来展望
公司继续实施双品牌战略，同时寻求更多的战略融资机会。FX 品牌的计划目标是在获得必要资金后，于 2025 年底首辆车下线。FF 始终专注于优化运营、降低成本，并通过全球汽车产业桥梁战略和中东战略可持续地拓展其全球业务。
业绩电话会网络直播
Faraday Future Reports Financial Results for Third Quarter 2024
Swipe down to read more
· Strategic FX Second Brand Launch, Completion of Strategic Realignment, and Significant Middle East Expansion Mark Transformative Quarter.
· Successfully Secured and Closed on $30 Million Financing.
· Regained Full Nasdaq Compliance.
· FX Brand Launch Targets Mass Market with Models Targeted in $20,000-$50,000 Range with Potential Roll Off the Assembly Line by the End of 2025, Subject to Securing Necessary Funding.
· FX Project in First Phase of Vehicle Development, With Related Work Underway to Achieve Phase One Milestones. FX Plans to Announce Progress and Next Steps Execution Plan Next Week.
Los Angeles, CA (Nov. 6, 2024) -- Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced its financial results for its third quarter of 2024.
RESULTS FOR THIRD QUARTER 2024
The Company continued its efforts to control costs and reduce operating expenses:
• Operating expenses improved significantly, declining 92.6% to $3.8 million compared to $50.9 million in the prior year’s quarter.
• Loss from operations improved to $25.2 million compared to a loss of $66.4 million in the prior year quarter.
• The Company had $449 million of assets, $292.3 million of liabilities and a book value of $156.7 million at quarter end September 30, 2024.
KEY COMPANY HIGHLIGHTS
The third quarter of 2024 represented a pivotal time for FF with the launch of its second brand, Faraday X (FX), heralding a new chapter in the Company's growth strategy. The FX brand targets the mass market segment with two planned models: the FX 5, with a price target between $20,000-$30,000, and the FX 6, with a price target between $30,000-$50,000. Both models could potentially offer two types of powertrains: range-extended AIEV and battery-electric AIEV, with a planned target to roll off the assembly line by the end of 2025, subject to securing necessary funding.
FF launched its "Everyone's AIEV, You Decide" co-creation campaign, which has received thousands of responses, demonstrating interest in high-performance, intelligent, cost-effective B-AIEV and RE-AIEV products.
As part of the Company's Global Automotive Industry Bridge Strategy, FF has established relationships with four Chinese OEMs, having already entered into two strategic framework agreements and two memoranda of understanding, with a goal of promoting range-extended AIEV in the U.S. and integrating global automotive components and supply chains into the U.S., energizing the U.S. B-AIEV and RE-AIEV markets.
Max Ma, FF’s Head of Global Strategy and Product, along with investor Sheikh Abdulla Al Qassimi, engaged in in-depth discussions with potential FX partners in China after the FX launch event. They achieved all the internal objectives set for these discussions. The FX project is currently in the first phase of vehicle development, with related work underway to achieve phase one milestones.
FF secured and closed on $30 million in gross financing. The Company is establishing a presence in Ras Al Khaimah with business registration and facility development, marking a significant milestone in FF's "third pole" geographic strategy beyond the U.S. and China markets. The Company recently signed a co-investment agreement with Master Investment Group, led by Sheikh Abdulla Al Qassimi, to establish its future regional headquarters in Ras Al Khaimah. Through its Ras Al Khaimah-based entity, Faraday Future Middle East FZ-LLC, FF signed agreements with the Ras Al Khaimah Economic Zone (RAKEZ) for both current operations and a nearly completed 108,000 square foot facility.
FF continued to advance its FF 91 2.0 program with the delivery of an FF 91 2.0 Futurist Alliance to Born Leaders Entertainment, bringing total deliveries to 14 vehicles. Born Leaders Entertainment is now a user and Developer Co-Creation Officer for FF collaborating on promotional opportunities and high-profile engagements. The Company has achieved significant operational improvements, including a 25% improvement in its First Inspection Customer Craftsmanship Audit score and implementation of manufacturing-related warranty improvements. Additionally, FF has enhanced the user experience through software updates, including expanded voice controls and improved navigation features. The Company maintains its focus on production optimization and cost reduction efforts.
On September 4, 2024, Nasdaq confirmed that the Company regained compliance with Nasdaq’s listing requirements. This followed a series of actions to address deficiencies in timely filing of periodic reports and a minimum bid price deficiency.
The Company enhanced its leadership capabilities with strategic appointments, including Koti Meka as Chief Financial Officer and Aaron Ma as Acting Head of EV R&D, strengthening its foundation for continued innovation and market expansion.
OUTLOOK
The Company continues to execute its dual-brand strategy while pursuing additional strategic financing opportunities. Plans for the FX brand target initial launch in late 2025, contingent upon securing necessary funding. FF remains focused on optimizing operations, reducing costs, and sustainably expanding its global presence through the China-U.S. Automotive Bridge Strategy and Middle East initiatives.
EARNINGS WEBCAST
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury 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 a pursuit of intelligent and AI-driven mobility.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” 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 “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” 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 the Company’s FX plans and goals, bridge strategy, product optimization efforts and cost reduction efforts, and planned entry into the Middle East, 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’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to secure the necessary funding to execute on its strategy, including its FX strategy, which is substantial; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s 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’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s 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’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s 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’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s 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’s 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’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024 and other documents filed by the Company from time to time with the SEC.
CONTACTS
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com