Faraday Future's (FF) second brand FX has made new progress after nearly two months of launch.
On November 11th, FF announced that the global CEO position of its wholly-owned subsidiary Faraday X aiEV Inc. (hereinafter referred to as FX) has been officially taken over by senior employee Ma Xiao, who will report directly to FF's global CEO Matthias Aydt and founder Jia Yueting.
According to the official introduction, Ma Xiao has been with FF for nearly ten years and is one of the founding team members of FF. Matthias Aydt stated that as one of the earliest and most core drivers of the FX project, Ma Xiao has made significant contributions in exploring and advancing the FX strategy. We look forward to accelerating the improvement of FX's organizational structure under his leadership
After officially announcing the FX project, FF quickly launched a promotion plan. In its recent external statement, the company stated that it hopes to launch extended range AI electric vehicles in the US and Middle East markets to meet the needs of customers with range anxiety. FF's other projects also include strengthening the global automotive parts supply chain to support the promotion of new vehicle models in the aforementioned markets.
Currently, FF is actively recruiting key positions for the FX brand, including Production Planning Director, Quality Planning Director, FX Vehicle Engineering Manager, and FX Electric Vehicle R&D Manager. It should be noted that FF has not yet disclosed the specific company information of the two previously announced strategic framework agreements and the other two signed memorandums of understanding on any occasion.
In the financial field, FF's third quarter financial report showed a significant year-on-year decrease of 92.6% in operating expenses to $3.8 million. The operating loss also decreased from $66.4 million in the same period last year to $25.2 million.
In addition, FF announced on September 4th that after a series of measures, including but not limited to timely submission of financial and business reports and resolving issues such as stock prices falling below Nasdaq's minimum bidding requirements, the company has re met Nasdaq's listing standards.
As of September 30, 2024, FF's total assets reached $449 million, liabilities were $292.3 million, and book value was $156.7 million. In the third quarter, the company delivered its 14th FF 91 2.0 model to an entertainment company based in Hollywood, and enhanced the voice control and navigation functions of the FF 91 model through OTA updates.
In terms of financing, FF confirmed and completed $30 million in new funding from investors in the Middle East, Asia, and the United States in the third quarter. The majority of this financing comes from the Middle East, starting from the cooperation talks between Jia Yueting and Sheikh Abdullah, a member of the UAE royal family, on June 25th.
FF stated that this funding will support the company's business registration and facility construction in Ras Al Khaimah. This marks FF's active expansion into the Middle East market outside of the United States and China, promoting the implementation of its global "three pole strategy".
FF CEO Matthias stated during the third quarter earnings conference call that FF will focus on three key areas in the upcoming period: strengthening core operations, advancing dual brand strategy, and seeking strategic partners to support FF's growth goals. He also added that FX has launched a vehicle development project for the target model, and the first car may be produced by the end of 2025. The prerequisite is that the company has obtained the necessary funds.