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

CTOnews.com, October 17, CTOnews.com learned from Faraday Future Weibo that the company today announced a master plan to support the company's stable growth and help the company achieve sustainability and profitability, while reducing its dependence on external sources of funding.

Faraday will release more details on the "Investor Day" to be held after the third quarter earnings report in 2023 in the future. Some highlights include:

The company's recent efforts have focused on optimizing the operating cost structure and organizational structure, including substantial reductions in labor costs and other general administrative expenses not strongly related to FF 91 2.0 Futurist Alliance production, as well as reducing materials and production costs for FF 91 2.0 Futurist Alliance. The company will adopt outsourced capital-intensive systems within a reasonable range to achieve cost reduction.

Stop signing new convertible bond commitments similar to the existing convertible bond structure and suspend the implementation of standby equity credit lines (ELOC).

The implementation of this master plan will help the company achieve positive cash flow and profitability.

Faraday said in the future that the company entered the delivery revenue stage in August 2023, and the company formed a complete closed loop from user acquisition to delivery to user operation, and the operating fundamentals of FF have undergone a fundamental change. The company is continuing to take steps to achieve all its strategic goals, including the rapid expansion of FF 91 2.0 capacity.

Faraday also said in the future that today's FF has undergone a qualitative change compared with the FF at the end of 2022. The company has achieved the two biggest milestones since the establishment of FF: (1) completed all compliance certification and built all the spare parts supply system required for delivery before the delivery of new cars in the United States, and (2) began to deliver cars to users. The realization of these two milestones has changed the nature of the company from a task-and project-driven operation to a continuity and stability-oriented operation, and ultimately profitability.

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