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| Statement |
|---|
| The Middle East market presents exciting opportunities for smart and autonomous vehicles, and is well aligned with our product technology and brand positioning |
| Co-creation has not only helped us increase our reach, but co-creators have also been instrumental in helping FF increase our product power, improving all aspects of the vehicle -- from design, features |
| And that gives me a very positive look forward that we are in a very favorable situation at the end of next year and then through 2025 |
| Thanks to feedback from our co-creators we have improved the performance of the FF 91 2.0 Futurist Alliance across all dimensions |
| The vehicle our users will receive at our final Phase 3 delivery will be a stronger product due to their contributions |
| And lastly, we are excited for all the opportunities ahead |
| We believe with increased vehicle production and supply chain optimization activities, there is good opportunity for continuous meaningful reduction |
| We also grow our visibility and build our brand positioning and recognition in the ultra-luxury market segment |
| We further showcased the FF 91 2.0 Futurist Alliance's performance capabilities with an impressive lap record at both the Button Willow Raceway and Willow Springs Raceway, achieving record lap times in the SUV and crossover segments |
| And I'll say he's very well-respected within the organization |
| Building of our Q2 momentum, we made further production improvements by refining our manufacturing throughput and process |
| Once again, I find myself deeply impressed by the steadfast commitment and tireless contributions of the FF team in reaching this pivotal moment in our delivery schedule |
| Specifically, our approach to producing batches has allowed us to embed a culture of continuous improvement, refining our processes with each production cycle |
| Supported by -- To emphasize, we are in the second phase of a three phase delivery plan, and successfully delivered vehicles this quarter |
| We believe these deliveries are very beneficial to Faraday Future, and an incredibly cost effective way to rapidly improve vehicle quality, performance, and to promote our brand |
| And these initiatives to more than just elevate our brand presence -- they cultivate a deep connection between FF and its community offering an enriched brand journey |
| One of the major accomplishments of this quarter was that it was our first quarter of generating revenue |
| Before we begin, I'd like to say that it is a great honor to be appointed Global CEO, and that I'm excited to further leverage my experience in product technology, research and development to help elevate Faraday Future to the next level |
| So we're optimistic on this |
| So he has deep knowledge and experience in delivering very high-quality vehicles end-user |
| As such, our final quality customer craftsmen audit, referred to as CCA, improved by 50% compared to the first CCA scores |
| Through collaborative partnerships with co-creators, the company believes that substantial value can be accessed across various aspects such as product development, technological development, brand amplification, trust and loyalty, pricing power, strategic positioning, and brand marketing |
| Significant improvements continued to be made in vehicle build quality in terms of fit finish, and functionality of the vehicle |
| The third quarter has been a defining period for Faraday Future, propelling us further on our journey of innovation and growth |
| This paradigm sets us apart in the dynamic EV landscape, ensuring our offerings are not merely technologically superior, but also resonate with the ever evolving expectations and aspirations of our clientele |
| Members of the management team have voluntarily taken significant salary reductions and made commitments to purchase FFIE's stock, because we believe in the company's future success |
| We have a new senior management team that is passionate and capable, and committed to making Faraday Future success |
| On the other hand, it's also very true for allowing us a huge reduction in material cost, which takes a little bit of time, but that is the progress we are planning to do over the next two years |
| Bureau of Automotive Repair license -- owning a license from the California Bureau of Automotive Repair is a testament to our commitment to uphold the highest standards in vehicle maintenance, warranty repairs, and service |
| With our innovative efforts, we were able to introduce this new to the market -- this all-ability vehicle with the performance of a sports car, the luxury of a sedan, and the terrain handling of an SUV |
| Statement |
|---|
| Michael Ward Now, I think, when I look at the landscape, virtually every EV manufacturer has struggled to meet production targets, even Tesla when you go back over the last 10 years |
| Still, our stock price has fallen dramatically |
| The factory is not a bottleneck and is ready to produce more, but we are limited by our liquidity, which is causing some supply delays |
| The higher cost of goods sold was driven by the natural inefficiencies of early-stage vehicle production, namely initial manufacturing inefficiencies, and a higher cost of parts resulting from low volume |
| And as Jonathan mentioned, we have a burden on overhead costs |
| We have seen large failure to deliver data in recent months, which can be indicative of illegal naked short selling |
| I think it's easy to imagine that we have extreme costs at the moment with this low volume |
| In addition, we significantly reduced our net loss to $78 million for the three months ended September 30, 2023, as compared to a net loss of $119.9 million for the three months ended September 30, 2022 |
| We significantly reduced our operating loss to $66.4 million for the three months ended September 30, 2023 as compared to an operating loss of $80 million for the three months ended September 30, 2022 |
| And so I think you misspoke in Q2, zero |
| I saw you stopped issuing the new ones |
| We are taking steps to attempt to halt and reverse that decline |
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