FF released its financial report for the second quarter of 2024. Cost reduction has achieved significant results. Production and manufacturing costs have been significantly reduced.

On August 15, Faraday Future (Nasdaq:
FFIE, referred to as FF) today released its financial results for the second quarter of 2024 and held an earnings conference call, which marked that the company has met SEC financial reporting compliance. Financial report data shows that important cost control measures have driven expenses significantly lower than the same period last year. In particular, the independent manufacturing of the FF
91 body has significantly reduced production and manufacturing costs. In addition, it raised approximately US$15.5 million in the second quarter and continues to follow up on strategic investments. In terms of business, the launch of the "FF Sino-US Automotive Industry Bridge Strategy" marks the company's return to dual brands. As part of its "China-U.S. dual home strategy", FF
hopes to leverage its unique bridge value to integrate the advantages of the U.S. automotive industry with Chinese OEMs, parts suppliers and their respective supply chains, with a focus on US$20,000-80,000 price range.

1. The financial report shows that in the second quarter of 2024, the company continued to achieve significant results in controlling costs and reducing operating expenses:

   • Operations in the second quarter Expenses were US$29.9 million, a significant decrease from US$49.4 million in the same period last year
   • Second quarter operating loss decreased to US$50.6 million from US$56 million in the same period last year
   • In the six months ended June 30, 2024 In mid-month, cash used in operating activities decreased significantly to US$29.1 million from US$160.7 million in the same period last year
2. As of June 30, 2024, the company's total book assets were US$457.9 million, total liabilities were US$309.2 million, and net assets of US$148.7 million
3. These results reflect the company’s significant results in cost control. FF expects that the company's costs will continue to decrease year-on-year during the year
4. Based on current business needs and funding conditions, the company has made reasonable adjustments to its operations and employee scale. Next, the company will continue to promote production and vehicle delivery

FF Hanford factory has full production capacity. The second brand focuses on the range of US$20,000-80,000

5. In the second fiscal quarter, FF has outstanding business highlights, especially Significant cost savings have been achieved by independently manufacturing the FF 91 body, and the company's supply chain, production and quality control systems have also continued to mature

   

   FF China-U.S. Automotive Industry Bridge Strategy

FF China-U.S. Dual Home Strategy
FF will integrate the U.S. automotive industry and The advantages of Chinese OEMs and parts suppliers focus on the price range of US$20,000-80,000.

FF cooperates with China’s automobile industry
FF improves parts procurement and creates value in the artificial intelligence (AI) electric vehicle (EV) mass market through cooperation with the Chinese automobile industry.

FF ieFactory production capacity
The FF ieFactory located in Hanford, California has the potential to produce products from other brands of OEMs.

FF Middle East Expansion
FF establishes a Middle East sales entity, marking a milestone in the company’s expansion plan.

FF Financing and Compliance
FF raised approximately US$15.5 million through convertible bond note financing and regained SEC financial reporting compliance.

FF strategic funds are in place
After the strategic funds are in place, FF will increase production, support more FF 91 deliveries, and promote the Sino-US automotive bridge strategy and the development of the Middle East market.

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