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

On November 14, Faraday Future (FF) announced third-quarter results that the company has delivered seven FF 91 2.0 Futurist Alliance to new users and will host a "FF Middle East Strategy Conference" during the F1 Grand Prix in Abu Dhabi at the end of November to convey to the world the complete vision of Faraday Future connected travel, co-innovation and smart technology, demonstrating the outstanding performance of FF 91 2.0 Futurist Alliance.

FF first generated revenue in the Q3 quarter, with a cost of sales of $16.1 million and an operating loss of $66.4 million, compared with a loss of $80 million in the same period last year. The narrowing of operating loss is mainly due to the reduction of R & D expenditure, followed by the improvement of management expenses. It is understood that FF car sales revenue includes income related to new car delivery, as well as income from specific features and services, including home chargers, charger installation, round-the-clock roadside assistance, software updates ("OTA"), Internet connection and destination costs (offset by certain co-creation costs).

FF revealed that the company will also hold an investor day at the company's global headquarters in Los Angeles on November 15, Pacific time (November 16, Beijing time). Analysts and investors participating in the event will test-drive FF 91 2.0 Futurist Alliance, and investors can watch the live broadcast of the Investor Day event on the investor relations page of the company's website.

FF Q3 fiscal quarter: outstanding delivery and sales highlights

Q3 fiscal quarter is the first time that FF generates revenue, which is very important to the company, and it marks an important step for FF on the road to innovation and growth. Following the first delivery of FF 91 2.0 Futurist Alliance, FF further strengthens the company's position in the electric vehicle market through transformative co-creation and continuous delivery.

According to FF financial data, the company has now entered the revenue phase, the first delivery vehicles have been on the road in California. Approximately $3 billion was invested in building the FF 91 2.0 Futurist Alliance,FF. So far, FF has achieved an important delivery milestone with the delivery of seven FF 91 2.0 Futurist Alliance to new users, and ten FF developer co-creators have endorsed and provided valuable insights on our products.

In terms of sales expansion, FF also launched the vehicle Rental (Leasing) program. FF, in partnership with Luxury Lease Partners, has successfully launched a vehicle Rental (Leasing) program for its FF 91 2.0 Futurist Alliance owners. Prices start at $4990 a month, with a down payment of $15000, and owners can receive Faraday Future's flagship model with a few clicks on the screen. The vehicle Rental (Leasing) agreement is completed electronically as part of Faraday Future's commitment to the future of smart electric.

In addition, construction has begun on FF's flagship store in the heart of the Beverly Hills shopping district in Los Angeles, California. The multimillion-dollar project aims to provide future car owners with an immersive physical and virtual experience that demonstrates the unlimited possibilities of Faraday Future's intelligent travel ecosystem.

During the Q3 quarter, FF also launched a mobile services fleet to provide concierge services to FF 91 2.0 Futurist Alliance users on demand. With the start of delivery, FF also officially opened a showroom at its headquarters in Gardiner, California, providing vehicle display, driving area demonstration and vehicle configuration experience, and obtained a full license issued by the California Department of Automotive maintenance to its facility technicians and operators. This license ensures that consumers and their vehicles meet high standards in terms of maintenance, warranty and overall services.

At the same time, FF has also launched a home charging installation plan and a public charging plan to ensure the travel of every user.

FF will hold Middle East Strategy Conference at the end of November

FF revealed in its financial report that the company will hold a "FF Middle East Strategy Conference" during the F1 Grand Prix in Abu Dhabi at the end of November. The Middle East market presents exciting opportunities for smart and self-driving cars, which coincides well with FF's product technology and brand positioning.

FF said the company expects this to be the first step in FF's many future cooperation and activities in the Middle East. At present, the company is ushering in a huge development opportunity, and the professionalism and passion of the management prove that the company is ready for the next stage of development, through cooperation with industry pioneers and top figures to expand brand attractiveness, enhance brand awareness, deepen the relationship between FF and users, and create a richer brand experience.

FF promises to crack down on short selling program to break even in 2025

From an operational point of view, Q3 fiscal quarter is the most mature period since the establishment of Faraday Future. The company is delivering vehicles and generating revenue; the new executive team is passionate, capable, and committed to making Faraday Future a success.

Even so, FF's share price has fallen sharply. At present, the company is taking steps to try to stop and reverse this decline. To this end, the company's management launched a management stock purchase program in the Q3 fiscal quarter. Executives and core management members have pledged 50 per cent of their three-month salary to buy class A common shares of FF directly from the company.

FF revealed that the company has seen a large number of FTD data in recent months, which may indicate illegal naked short selling. The company has hired ShareIntel to provide us with information on potential market manipulation and illegal short selling to take appropriate measures and will provide updates before the end of the year.

FF said that under its current plant improvement and climbing plan, the third phase of full delivery of vehicles to users will begin at the end of the first quarter of 2024. According to the company's current plant improvement and climbing plan, the company aims to achieve production of about 1000 vehicles next year, as long as it has access to the required capital, the capacity and stability of the supply chain and the necessary permits.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.