- Provides business update on strategic developments and
operational progress.
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF” or
the “Company”), a California-based global shared intelligent
electric mobility ecosystem company today provided a business
update, highlighting significant strategic developments and
operational progress, including regaining compliance with Nasdaq
timely reporting requirements.
Overview
- Financial Update – First Quarter 2024
- China-U.S. Automotive Bridge Strategy
- Fundraising and Expense Initiatives
- Investor Community Day
- Nasdaq Listing Compliance
Financial Update – First Quarter 2024
The Company continued its efforts to control costs and reduce
operating expenses:
- Operating expenses declined significantly to $22.9 million
compared to $95.8 million in the same prior year quarter.
- Loss from operations declined to $43.6 million compared to a
loss of $95.8 million in same prior year quarter.
- Cash from operating activities improved meaningfully to a loss
of $14.7 million compared to negative $103.0 million in first
quarter 2023.
- The Company had $499.9 million of assets, $298.4 million
liabilities and a book value of $201.5 million at quarter end March
31, 2024.
- Shares of Class A common stock outstanding on July 30, 2024
were 441.3 million, as compared to Class A shares outstanding on
May 17, 2024 of 439.7 million.
"The start of 2024 marked a transformative period for the
Company,” said Matthias Aydt, Global CEO of Faraday Future. “Our
new China-U.S. Automotive Bridge Strategy positions us to leverage
our cutting-edge AI and software technologies across multiple
market segments, potentially accelerating our mass-market entry
while maintaining our ultra-luxury offering. Coupled with our
fundraising efforts, Nasdaq compliance efforts, and the success of
our first Investor Community Day held recently, these developments
underscore our commitment to innovation, sustainable growth, and
stockholder value. As we move forward, we remain focused on
executing our global strategy and bringing our unique vision of
intelligent electric mobility to a broader audience."
China-U.S. Automotive Bridge Strategy
FF has unveiled its innovative China-U.S. Automotive Bridge
Strategy, marking a return to a two-brand approach. As part of its
dual-home-market strategy, FF could leverage its unique bridge
value to integrate the strengths of the U.S. automotive industry
with those of Chinese car companies and their respective supply
chains. This strategy aims to establish a second mass
market-focused brand by collaborating with China-based OEMs and
parts suppliers. FF plans to enhance procured components with its
proprietary AI and Vehicle Software technology, creating a
compelling value proposition for the AI EV mass-market.
Fundraising and Expense Initiatives
The Company reported progress on strategic financing. If
strategic investments are secured, this could allow for a ramp in
production and additional deliveries of the FF 91. Furthermore,
incremental funding could support the development of the China-U.S.
Automotive Bridge Strategy that is being developed. FF will also
keep working to optimize operations to support sustainability. This
includes ongoing evaluations of current cost reductions and
spending efficiency, including daily operations and FF 91 materials
costs.
Investor Community Day
FF’s Investor Community Day, held in July, provided a tour of
the Company’s facilities and an opportunity to experience the FF 91
firsthand. FF executives spent the day showcasing the Company's
core values and marketplace advantages. The event highlighted FF's
unique product power, transformative technology, brand strength,
and innovative user ecosystem.
Nasdaq Listing Compliance
FF received approval for continued listing from the Nasdaq
Hearings Panel, subject to compliance deadlines. FF successfully
met one compliance deadline with the filing today of its Form 10-Q
for the quarter ended March 31, 2024.
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury
ultra spire market in the intelligent EV era, and the disruptor of
the traditional ultra-luxury car civilization epitomized by Ferrari
and Maybach. FF is not just an EV company, but also a
software-driven intelligent internet company. Ultimately FF aims to
become a User Company by offering a shared intelligent mobility
ecosystem. FF remains dedicated to advancing electric vehicle
technology to meet the evolving needs and preferences of users
worldwide, driven by a pursuit of intelligent and AI-driven
mobility.
FORWARD LOOKING STATEMENTS
This communication includes “forward looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements, which
include statements regarding the Company’s “Bridge Strategy,” the
Company’s growth strategy and the development of the markets in
which it operates, and the production and delivery of the FF 91,
and future compliance with Nasdaq listing requirements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements.
Important factors, among others, that may affect actual results
or outcomes include, among others: the Company’s ability to
continue as a going concern and improve its liquidity and financial
position; the Company’s ability to regain compliance with, and
thereafter continue to comply with, the Nasdaq listing
requirements; the Company’s ability to pay its outstanding
obligations; the Company’s ability to raise necessary capital,
including but not limited to the capital required to fund
production of the FF 91 and the Bridge Strategy; the Company’s
ability to remediate its material weaknesses in internal control
over financial reporting and the risks related to the restatement
of previously issued consolidated financial statements; the
Company’s limited operating history and the significant barriers to
growth it faces; the Company’s history of losses and expectation of
continued losses; the success of the Company’s payroll expense
reduction plan; the Company’s ability to execute on its plans to
develop and market its vehicles and the timing of these development
programs; the Company’s estimates of the size of the markets for
its vehicles and cost to bring those vehicles to market; the rate
and degree of market acceptance of the Company’s vehicles; the
Company’s ability to cover future warrant claims; the success of
other competing manufacturers; the performance and security of the
Company’s vehicles; current and potential litigation involving the
Company; the Company’s ability to receive funds from, satisfy the
conditions precedent of and close on the various financings
described elsewhere by the Company; the result of future financing
efforts, the failure of any of which could result in the Company
seeking protection under the Bankruptcy Code; the Company’s
indebtedness; the Company’s ability to cover future warranty
claims; insurance coverage; general economic and market conditions
impacting demand for the Company’s products; potential negative
impacts of a reverse stock split; potential cost, headcount and
salary reduction actions may not be sufficient or may not achieve
their expected results; circumstances outside of the Company’s
control, such as natural disasters, climate change, health
epidemics and pandemics, terrorist attacks, and civil unrest; risks
related to the Company’s operations in China; the success of the
Company’s remedial measures taken in response to the Special
Committee findings; the Company’s dependence on its suppliers and
contract manufacturer; the Company’s ability to develop and protect
its technologies; the Company’s ability to protect against
cybersecurity risks; the ability of the Company to attract and
retain employees; any adverse developments in existing legal
proceedings or the initiation of new legal proceedings; and
volatility of the Company’s stock price. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of the
Company’s Form 10-K filed with the Securities and Exchange
Commission (“SEC”) on May 28, 2024, as amended on May 30, 2024 and
June 24, 2024, as updated by the “Risk Factors” section of the
Company’s Form 10-Q filed with the SEC on July 30, 2024, and other
documents filed by the Company from time to time with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730457701/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
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