Shulou(Shulou.com)11/24 Report--

CTOnews.com, May 15, Faraday announced today the appointment of senior financial executive Edward (Ed) Darwick as its head of financial operations, effective immediately.

According to Faraday Future, Ed reports to Ms. Han Yun, interim Chief Financial Officer and Chief Accounting Officer.

CTOnews.com attached Faraday's introduction to Edward (Ed) Darwick:

As a passionate and strategic corporate finance professional, Ed has about 20 years of experience in FP&A, product development and financial control operations. He has worked in joint ventures, start-ups and multinationals in the United States, China and Japan, including Ford and Ulay Motors, and has extensive work experience. Ed understands the requirements for top-down goal-setting and bottom-up budgeting by focusing on accurate data and repeatable forecasting processes.

Ed holds an MBA from Rochester University and a Bachelor's degree in English Studies from Fairfield University. Before studying for MBA, he worked in luxury retailing, which helped to cultivate his awareness and understanding of the importance of creating brand identities to connect with users and internal cultural consistency.

"the continued entry of key talent, especially financial leaders like Ed, is critical to the continued expansion of FF's production, the next phase of product delivery, cost-effectiveness and profitability," said Chen Xuefeng, Faraday Future's global chief executive. "as FF establishes a strong influence in the global electric vehicle market, Ed's global financial experience will be of great benefit to the company."

FF recently announced its financial results for the first quarter of 2023 on May 11, 2023.

Highlights of FF's first quarter 2023 results include:

Net profit of $6.5 million was mainly attributable to mark-to-market gains on secured convertible notes and warrants and a significant reduction in operating losses.

The operating loss was $83 million, compared with a loss of $149 million in the first quarter of 2022, which was significantly lower than the same period last year.

The latest progress of compliance certification is provided. The most difficult collision subject tests have been carried out and have successfully passed all of these tests, including the front, side and rear collision tests of the vehicle.

So far, the company has produced 40 FF 91 vehicles for engineering, testing, marketing and users.

Expand FF's artificial intelligence capabilities and future travel vision.

Provides further details on the company's sales, service, and go-to-market (GTM) strategy.

Successfully raised a total of US $135 million to support our SOP and production plans, of which US $120 million has been received to date. The company also received a total of $38 million with options for existing investors.

Received an additional $100m of financing commitments for unsecured convertible notes, of which FF executive partners pledged to invest $80 million, subject to certain conditions on top of existing commitments.

Reaffirm the goal of achieving operating cash flow balance by 2025.

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