Faraday Future Founder and Co-CEO, YT Jia, Shares Weekly Investor Update

Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future”, “FF” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Co-CEO of FF.

“Promises made, promises kept. Here comes our second FF Co-CEO Investor Weekly Update.

After we released the first Weekly Update, many of you expressed interest in our management tools. I’m actually using these tools to help our team develop more structured and logical thinking. I’ll share more thoughts on that in a future update.

1. Now, here are the key highlights from this week:

On S5 Finance and Capital:

This week, we submitted our Q1 earnings report a few days ahead of schedule. From delayed filings last year, to being on time, and now ahead of time, this shows in part how much progress our finance and compliance systems have made. It’s a concrete example of our “Stockholders First” approach in action.

It was also my first time joining an earnings call as a speaker. To share our progress with investors, outline our outlook, and get some real English practice along the way.

And let’s quickly go over a few key takeaways from the financial report.

Firstly, in terms of financial performance, our operating efficiency and cost control capabilities have improved significantly. Cash inflows from financing exceeded operating outflows. While our first quarter operating loss was $43.8 million, after excluding depreciation and amortization of $17.5 million, amortization of operating lease right-of-use assets and intangible assets of $0.6 million, and stock-based compensation of $0.3 million, our adjusted operating loss for the quarter was about $25 million, or roughly $8.5 million per month. On top of that, we’ve continued advancing both our strategy and core business fundamentals.

Secondly, we plan to hold our first product launch of the FX Super One around the end of June. The U.S. market today has very few compelling options for premium business and family vehicles. We want to redefine this segment in America.

Alongside the launch event, we will officially open online B2C refundable paid pre-order collection. Our goal is to reach a combined total of around 10,000 paid pre-orders from B2B and B2C channels 48 hours after the launch, including those already collected.

Thirdly, in Q3, we plan to launch another potential hit product for FX, the disruptor of RAV4 in AIEV era.

Fourthly, we continue to scale FX’s B2B sales. We invite FF Par candidates to join our online co-creation direct sales ecosystem, actively welcoming large B2B partners, including car rental companies and MCN organizations to become part of our business network.