FF's open letter reveals its strategic blueprint for 2023, with CEO Matthias Aydt leading the new chapter

Faraday Future (FF) released an open letter today, signed by global CEO Matthias Aydt, detailing the company’s latest overall plan version 1.1 to guide this year’s development.

According to the editor’s understanding, although FF has faced the challenges of financial constraints and the global economic downturn in the past year, including the rapid changes in the electric vehicle industry, Still, the company has made significant progress. Entering 2023, FF has embarked on a new journey of delivery and revenue, forming a complete business closed loop from user acquisition, product delivery to user operations. More and more American industry leaders have become FF's first car owners and developer co-founders, which marks a positive change in the company's operating fundamentals and the pragmatic and efficient work style of the new management team. Matthias Aydt said that this is a critical period for the company's business growth and an important opportunity for the company to embrace the next stage of development.

The open letter further revealed that FF has invested US$3 billion so far to build an industry-leading electric vehicle platform, I.A.I technology, and product development and manufacturing capabilities. According to the company's published third quarter report of 2023, its net assets are US$261.8 million. In addition, FF's self-operated factory in Hanford, California is expected to have an annual production capacity of 10,000 units, with an investment of more than US$200 million. FF's unique dual-home cultural foundation gives it a competitive advantage in the two major electric vehicle markets of China and the United States, and is expected to further expand to the Middle East market in 2024. Starting from the third quarter of 2023, the company’s flagship product FF 91 2.0 Futurist Alliance will enter the second phase of a three-phase delivery plan.

In terms of financing, FF is also continuing to make progress and is expected to successfully complete a new round of financing. At the same time, the company is working hard to tighten the conversion operations of convertible notes and suspend the use of financing tools such as ATMs and ELOCs. In order to reduce monthly cash expenses and cut non-essential expenses, FF has taken a series of measures to balance business investments, which is crucial to the company's long-term development.

Looking to the future, FF plans to lay a solid foundation for the company's sustainable development by optimizing and upgrading operations, improving product and technical capabilities, accelerating manufacturing and supply chain upgrades, and strengthening financing and financial management. Matthias Aydt emphasized that although FF already has the basic conditions to support future development, it still needs to obtain additional funds to promote the realization of strategic goals. Since delivery begins in 2023, the company has been proactively taking measures to reduce operating and supply chain costs to support the smooth achievement of its strategic goals.

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