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

CTOnews.com September 27 news, today FaradayFuture (Faraday Future, hereinafter referred to as "FF") officially released a letter from Matthias Aydt, the global CEO of FF, to all shareholders, in which Aydt said the company was ready to expand capacity.

According to Aydt, over the past year, FF has made significant progress in developing FF 92.0 Futurist Alliance and preparing for large-scale production. Following the successful delivery of three FF 91 2.0 Futurist Alliance in the third quarter of this year, the company achieved some of the most challenging milestones in its nine-year history, including completing all compliance procedures for US production and delivery and obtaining all necessary parts from suppliers for delivery.

Aydt said this marked a positive change in the company's fundamentals, forming a complete closed loop and entering the revenue phase. The company will continue to increase production to achieve the company's short-and medium-term strategic goals.

Aydt also said that today FF submitted an application for registration of the ATM financing program. Owning the plan will provide the company with more financial flexibility and multiple options. Through ATM's partnership with FF's investment banking team, the company will be able to raise money from the market at market prices. This allows companies to stop using ELOC schemes and get rid of the convertible note financing that they have relied on over the past year. With the ATM plan, the company hopes to return to a more traditional corporate financing structure to support future financial growth.

Aydt revealed that the company is currently making unremitting efforts to solve the financial problem. First, as the company enters the delivery phase, it is expected to receive funding from car sales and existing unfulfilled financing commitments to meet the funding needs to expand production capacity. Second, the effective shelf registration statement of FF provides an efficient financing tool to raise funds and obtain a new round of financing. Third, the company is actively communicating with strategic investors to alleviate the funding problem.

With regard to the next steps and work plans, Aydt said that large-scale and high-quality delivery remains the company's most important strategic goal. Along with additional financing, the company plans to deliver more FF 91 2.0 Futurist Alliance vehicles to spire users this year, and to increase production capacity and sales in the future. The company will also focus on system construction and implement it in phases according to resource availability and strategic requirements. Our goal is to establish a flexible, efficient, self-operating and self-evolving AI management system.

Aydt also revealed that over the past nine years, FF has invested about $3 billion, which has been invested in our products and technology to enable it to deliver its flagship model, the FF 91.

CTOnews.com notes that despite the significant progress made by FF in 2023, its valuation has fallen sharply during this period and is currently valued at about 30 per cent of the recently announced net asset value, which Aydt believes seriously underestimates the value of the company's investment and realization.

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