FFIE - Earnings call transcript Q3 2024 | Faraday Future Intelligent Electric Inc.

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Operator

Greetings. Welcome to Faraday Future Intelligent Electric Inc.

Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce John Schilling, global Director of Communications and Public Relations. Thank you.

begin. may You

John Shilling

there undertake statements we a of these views light no actual as cause forward-looking materially and risks expectations. that new uncertainties evening. Please differ forward-looking subject representative based this on in recently Faraday Head well will is from from at as to to which of and upon our available Investor Quarter relied Corporate future earnings. of of investors.ff.com. we Matthias publicly These Faraday be will XXXX Relations. Global expectations release revise Meka; uncertainties. And we to the Welcome, also Executive Product Chief Head revision press results statements date. Schilling, of should subsequent Future's of or and that Faraday name Officer, Future's by be joined note could FF. Today, John I release information presentation to are or statements to statements views posted A will Strategy The Max today's here Communications subject as CFO, as quarter of will any call, only are Global My on events. These Koti any third be Relations sharing And our our as and Ma, and of obligation our XXXX section replay and everyone, assumptions, Aydt; results. details today, website am making Third call appointed of be current the not this variety of results to be Director risks later Public this Ecosystem of Mobility on at reflect

other Faraday with material SEC. With affect that, the turn For risks CEO, that filings please to results, I'll Matthias Future's important discussion could further call the refer to Global our Aydt. the factors of financial over our and

Matthias Aydt

earnings joining and you, call. everyone, John, thank for you, our Thank

in cover key areas outline me today's I'll discussion. Let the

First, transformation and recent I appointments. organizational will leadership review our

deliveries. our progress, initiatives discuss X.X and FF XX I'll operational Second, corporate including our

the FX our details our fuel market I'll announced of plays into brand strategy, strategy. launch Third, recently FF provide and on brand which

I'll expansion, particularly the international East. in Middle Finally, on you our update our progress

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some share quarter. the key me let Now developments from

In terms successfully completed progress, initiatives. several of corporate important we

to XX million. received approximately USD after Qassimi Master we XX.X today. received Sheikh Investment Of USD East, in participation previously in we new from Al this the net was million Group, Al commitments investments. Notably, USD amounts X.X million XX.X and Abdullah financing million investors led front, Ras XX First, in The USD USD United million included new prior the across XX and million included This $X.X financing financing amount, from on this QX was were Khaimah. Asia. Middle September and funded received secured and States by proceeds in of

requirements listing In previously completed and opportunities. support addition, I'm growth our Nasdaq increased future our compliance, regained full to share announced pleased potential authorized to report count stock that split reverse we

noteholders with to convertible worked our with notes successfully obligations. also restructure We reducing the certain existing future goal cash of

XX X vehicles. operational X.X the FF we On front, delivered

quarter, leaders the of This Global other initiatives delivery third Head of sales, including the develop our Wakou, vehicles Community Mantou expand was to to XX interstatement and deliveries total our co-creation and date. our During our brings BXB program. born to

improvements, reduced interior and vehicle We us, interior have has costs including body implemented several by which production in manufacturing certain component half. bringing

of its demonstrate potential manufacturing FFIE California factory Our cornerstone strategy. our as continues to a

We enhance process in inspection oil factory was improvement audit, and warranty resulting between has Manufacturing-related a first score a put synergy PDI comprehensive place. to CCA craftsmanship seen our of improvement continue quality comprehensive our product in XX%. quality. There's customer

represents develop. industry this Based both and envision a battery the we believe represents planned significant the strong milestone announcement range in our where we XX extender to continued of interaction our dual other brand engaging U.S. name and a the remains AIEVs a observed options. We being on our X, are or event connected, to second have return to our place the developed powertrain have charging made our AIEV Faraday which that few. market range-extended FX, more the for mass our FF machine of lineup. display more penetration FX $XX,XXX guidance we planned continues between lives believe in users global planning potential this secure include multiple is addressing brand, which make approvals, have launch expanded the in we target and on controls, shown improved X AIEV $XX,XXX X compelling bridge with concerns. to $XX,XXX FX software States, improved in while XX%, more extended to infrastructure position necessary software the interface efforts automotive opportunity below expect offer to market created took improvements United route data, human to XX. to markets, September analysis of improve voice which initial was quarter AI AIEVs strategy funding the effortless. A market update to and X, effort the anxiety that in recent adoption and Subject FX models, electric We This segments. We to particularly with rate All for opportunity product to and EV and range the $XX,XXX. range FX We particularly in offer range intend initiative

conditions. automotive industry remain these segments. subject agreements including into global agreements X existing Our and X entered manufacturing to leverage technologies market with and have various mass final documentation framework between aims our far, preliminary OEMs, discussions MOUs. bridge strategy premium we to Though strategic synergies Thus X and potential and

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FX We Looking operations, with partnerships strategic core approach strategy our it objectives. brand to ahead, advancing us and that and AIEV our areas: pursuing turn potential strategy. to premium our market. I the dual the we engineering important partnerships want our planned evolving dual position are focused our of the mass now growth Ma both capabilities, an Max on and over support brand international our X address for believe strengthening market on segments update key to combined

Xiao Ma

achieved our future. all next Middle new also we'll on to the step of partners Ecosystem Strategy. further Ma, and China Hello, and I objectives Head I'm business updates near of kicked share held as returned in in-depth in trip and after and investor, it for everyone. We set internal wait Monday, this discussions completing FX thank to the joining today. reach with Mobility the Product and China. Sheikh China, for you for can't meeting Abdullah we East milestone provide just with us FX our Al I Qassimi, this from Max Head strategy Corporate the trip, off

achieve We to products underway are according the of first by already the production vehicle first initiated subject end development Koti Director, has Engineering to X. model, our the FX funding. openings of activities for Job first the FX work over milestones with the Meka begun Quality which and securing program line to our financial The have the roll brand, off currently now second include Planning Director, related to EV FX, phase of the results. positions Faraday XXXX, Head phase vehicle to targets milestones. FF in R&D. I'll first hiring review turn it the to of for for key a Production achieve for Vehicle of Head Planning for necessary

Koti Meka

Great comments Max. raising hear the discuss our our you, steadily hello and sheet our on call. are start FX Thank to strategy, financial on with progressing performance, close I'll on third everyone efforts. and balance to brand quarter our and things with capital

to As Matthias has noted, its reduce Faraday that I am been costs. pleased successful in to efforts report

and the gain operating million quarter. This quarter our third compared expenses previously cost well million development settlement the control nonrecurring year's initiatives accrued to in ongoing to XXXX, a $X.X as $XX.X costs. the our research declined reflects of During of XX.X% $XX.X reduction million prior from as of

even period. for operating would the adjusting have However, year that expenses still from declined gain, prior XX.X%

to to a the prior $XX.X from million quarter year million $XX.X improved operations quarter. Third in compared of loss loss

prior $XX.X before the loss million million taxes $XX was quarter. income year compared Our in to

sheet. balance the to Turning

$X.X September book million, position financial As of million with total XXXX, of million. quarter and $XXX.X value of the total $XXX.X in ended XX, of liabilities cash. assets We our preliminary $XXX included million

During the net provided of first million. activities X our XXXX, proceeds $XX.X financing months of

will investment our while for costs operational reduce initiatives. we maintaining look to continue ahead, growth disciplined efficiencies Looking strategic opportunities improve and to in

initiatives. including to explore various our continue and options needs alternatives, financing growth operational support to non-dilutive We

believe cost While more capital to for we Matthias. to hand access any back structure I streamlined key our capital to production utilize to new consideration our us will it that, positions plans, be continues efficiently. With a

Matthias Aydt

Thank you, Koti.

Let ahead for with you provide the look company. a me

main continuing products developed Our on production moving attract strategic into and to the remains XXXX. brand operation, XX and strengthening X.X focus FX and our and maintain stabilizing grow FF investors,

to the in achieve To penetration is higher able time. goal to we a scenarios. market and the avenues multiple in and possible self-funding main are future, be achieve exploring shortest become Our profitability

to high-value FF brand brand X OEMs, strategy leverage allowing is to dual traditional potential scale. Our Chinese providing us our of the gain economies with

and already agreements strategic framework with understanding are we towards each. have and X We working memoranda of entered agreements into finalizing X definitive

platforms. potential our our of live in project off streaming, funding. After rolling target the the has Max on Ma, Product, securing X/XX China by Strategy to the the views XX with media achieving vehicle along development over FX partners Q&A milestones progress. FX has FX first X/XX social over the XXXX, in and vehicle begin FF phase already phase in-depth necessary launched engaged development in our potentially a The first XXX,XXX million the of the event, launch China, we trademark investor this models X in section of currently Global subject first set received to vehicle is with project. to end work submitted for Importantly, our the Qassimi, both impressions vehicle and Sheikh line of across complete the project positive with discussions registrations our and have garnered over Head had event, Al Abdullah U.S. Since questions with related

would we the shares $XX registered covering share. The independent in million address shares upon based floor number shares primarily million $X.XXX S-X on S-X shares actual registered questions XXXX. convertible in S-X, the XX.X variable to of the total number our is Of the price. corresponds in being file. last linked and of The actually September issuable financing to price of of to issued million XX.X is conversion filing round the Additionally, market of notes notes registered. per conversion shares conversion This the price the week's regarding is like

at in $X added convertible the the if million be were shares example, USD converted to and conversion then shares this issued. price million debt would price, share full approximately shares outstanding. XX were would our For per total These XX be

support. in further disclosure. For would FF shown and significant I more providing their you and forward investors your by you, ongoing Thank for everyone. as to Thank them with loyal our interest thank and events and Future, time information, S-X for recent trust the to you look Faraday please appreciates like unfold. check updates

Operator

This conference. you. conclude Thank will today's

You time, may lines disconnect for this and you your your at thank participation.

Faraday Future Intelligent Electric (FFIE) 7 Nov 242024 Q3 Earnings call transcript