Faraday Future releases new master plan aimed at improving sustainability and profitability

News on October 17, Faraday Future announced today a master plan aimed at enhancing the company’s sustainability and reducing its reliance on external funds. The company plans to disclose details of the plan at the "Investor Day" after its third quarter financial report in 2023.

According to the editor’s understanding, Faraday Future’s overall plan includes the following highlights:

The company’s current focus is on optimizing the operating cost structure and organizational structure, by substantially reducing FF 91 2.0 Futurist Alliance non-essential labor costs and general administrative expenses, as well as reducing the material and production costs of FF 91 2.0 Futurist Alliance to improve efficiency. Faraday Future also plans to adopt internal financing methods to cut costs within a reasonable range

Faraday Future has decided to stop signing new convertible bonds similar to existing convertible bond structures Agreement, and the suspension of the backup equity credit line (ELOC)

The company stated that executing this master plan will help achieve positive cash flow and profitability

In addition, Faraday Future pointed out that since Since August 2023, the company has entered the revenue delivery stage and established a comprehensive operational closed loop from users obtaining orders to delivering users. This transformative move has substantially changed FF's operating model from a project-driven operation to one that focuses more on continuity and stability to ultimately achieve profitability. The company is actively taking measures to achieve its strategic goals, including rapidly increasing the production capacity of FF 91 2.0. Rewritten content: In addition, Faraday Future stated that since August 2023, the company has begun to deliver and obtain revenue, establishing a comprehensive operational closed loop from obtaining user orders to delivering to users. This major move has substantially changed FF's operating model, transforming it from a project-driven approach to one that pays more attention to continuity and stability, in order to ultimately achieve profitability. The company is actively taking measures to achieve its strategic goals, including rapidly increasing the production capacity of FF 91 2.0

Faraday Future emphasized that the company has achieved qualitative changes before the end of 2022 and successfully achieved two important milestones : Completed compliance certification before delivery of new vehicles in the United States and established the necessary parts supply chain. Second, the company has started delivering vehicles to users. The achievement of these two milestones marks that the company has successfully transformed into a business model that pays more attention to continuity and stability, and is making steady progress towards the goal of profitability

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