Faraday Future Intelligent Electric : Presentation (FFIE - Fiscal Fourth Quarter 2024 Final v3)
FFIE
Faraday Future Intelligent Electric Inc. (Nasdaq: FFAI)
Fiscal Fourth Quarter
2024 Earnings Presentation
March 27, 2025
TABLE OF CONTENTS
01. Company Overview
02. 2024 Highlights and 2025 Outlook
03. 2024 Financial Highlights
04. 2024 Q4 Key Accomplishments
05. 2024 Full Year Accomplishments and Subsequent Events
06. 2025 Technology & AI Development Planning
07. Appendix
COMPANY OVERVIEW
Company History:
• Founded in 2014 by YT Jia, a serial entrepreneur and the originator of Smart TV in China Market. Faraday Future is a California based global shared intelligent mobility ecosystem company with a vision to disrupt the automotive industry.
• Starting from August 2023, the first FF 91s, the world first Electric Vehicle model equipped with Artificial Intelligent Technology (AIEV) designed for Truly Luxury Experience are delivered.
• In 2024, the China bridge strategy and dual brand strategy FF and FX were initiated to cover a broader market. FF expands to the UAE.
Headquarter: Los Angeles, CA.
Mission: To continuously innovate mobility solutions by co-developing and sharing a user-centric, intelligent electric mobility ecosystem that seamlessly integrates the automotive, AI, internet, and clean energy industries.
Dual-Brand Strategy:
❑ Faraday Future | FF: Ultimate AI TechLuxury Spire Market-redefining ultra-luxury automotive excellence and disrupting the traditional prestige of brands like Ferrari and Maybach.
❑
Faraday X | FX: Large-Volume Mass Market-positioning as the Toyota of the AIEV by equipping a $30,000-$80,000 model with many of the core technologies of the $309,000 FF 91. Delivering twice the performance at half the price.
Total Invested: ~$3.5 Billion USD, ~50% in R&D, ~30% in Capex.
Intellectual Property: Technology and competitive differentiation independently verified by Roland Berger; ~660 filed or issued utility and design patents.
Manufacturing Reach: 1.1 million square foot manufacturing facility in Hanford, CA with expected production capacity of ~10,000 vehicles per year.
$129,000 - $309,000
Actual /Target
Pricing
FX 6: $30,000 - $50,000 Super One: To be revealed
FF 9 Series
Actual /Potential
Models
FX 5: A Large-Space Sporty AIEV FX 6: An Extra-large, Luxury AIEV for the Family
Super One: First Class First-ever
AI-MPV in the U.S
Actual /Potential
Battery Electric
Powertrains
Range Extended Hybrid / Battery
Electric
TechLuxury Spire Market
Target Market
Large Volume Mass Market
2024 HIGHLGHTS & 2025 OUTLOOK
2024 Summary
2025 Outlook
Overall Operations Financial
FF built Light, Swift, and Empowering Model:
Light: Resource-efficient in assets, capital, and marketing Swift: Agile decision-making, execution, and production
Empowering: Products, team members, users, and our global strategy FX Cooperation Agreements with Major OEMs: Established collaborations with several leading OEMs, enabling the launch of FX product development and testing.
FF91's In-House Development and Upgrades: Features extensive proprietary technology and nearly 1600 software upgrades, including the vehicle's AI system, laying the groundwork for FX's future empowerment.
Top-Tier User and Co-Creator Deliveries: Delivering FF91 to high-end users sets the stage for FX's future market success.
Largely Improved Operation Efficiency:
• 2024 operating loss: $149.7 million, reduced 47.7% from 2023
• 2024 operating cash outflow: $70.2 million, reduced 75% from 2023
• 58.0% of 2024 net loss driven by non-operating losses and non-cash expenses, rather than business performance.
FX First Vehicle Rolls Off the Line by 2025: First FX vehicle rolls off the line by the end of 2025. Plan to hold first vehicle launch event and start to collect paid reservations in Q2 2025
FF 91 2.0: Continue to maintain current deliveries of FF 91 2.0 to spire users and co-creators
Second FX Product Kick Off: The second potential FX product could be a category-defining, high-volume electric SUV, RAV4 in the AIEV era, designed for the age of intelligent mobility. Plan to kick off development in Q2 2025. Continue FF AI Technology Development: including AI-Powered Smart Cabin, AI Hybrid System, Autonomous Driving and US regulatory compliance starting in Q2 2025
Democratizing Hyper Cars in Future FX Model: Making high-performance vehicles more accessible and affordable.
Revenue Generation: Targeting FX vehicle revenue generation in 2025. Targeting Positive Gross Margins: Aiming for FX models to achieve positive gross margins relatively quickly, with sufficient funding to support 2025 production costs.
Capital
Capital market performance underwent a fundamental improvement:
• Regained NASDAQ full Compliance;
• Surge in Retail Investor Participation-registered shareholders (NOBO) grew by approximately 163% from mid-2023 to January 2025, reflecting rising investor interest and engagement
• Total Capital Raised: $76.7 million-surpassing its operating and investing cash outflows and strengthening the balance sheet.
Grow Fandor Initiatives: YT Jia donated a 10% equity stake and advanced the commercialization of merchandise.
Enhancing Shareholder Value: Improving performance for institutional and retail investors by end of 2025.
Maintaining Nasdaq Compliance: Meeting Nasdaq requirements without a reverse stock split.
Optimizing Funding Costs: Securing funding without excessive dilution to meet the needs of both FX and FF.
Increased Investor Interaction in 2025: Planning higher-frequency engagement activities, including connecting the Annual Shareholder Meeting with an Investor Community Day with more interactive events.
2024 FINANCIAL HIGHLIGHTS
Q4 2024:
• Net Loss from Operations was $30.3m, a 55.3% improvement from $67.8m in Q4'23
• Operating Cash Outflow decreased by 51.3% to $18.4m, compared to $37.8m in Q4'23.
• Financing Cash Inflow totaled $25m in Q4'24, close to $26.6m in Q3'24, exceeding operating cash outflows for two consecutive quarters.
As a result, financial stability has improved significantly since the end of the first half of 2024.
2024 Full-Year:
• Net Loss : $355.8m, 58.0% of which driven by $206.4m in non-operating loss and non-cash expenses rather than core business performance.
• Net Loss from Operations: $149.7m in 2024, a 47.7% reduction from $286.1m in 2023. reflecting ongoing efforts to control R&D and G&A expenses
• Operating Cash Outflow: $70.2 million in 2024, a significant 75% reduction compared to $278.2m in 2023, highlighting Faraday's continued focus on cost control and operational efficiency.
• Cost of Revenue increased by $41.4m YoY, driven by: $29.3m higher depreciation expenses as more equipment was placed into service to enhance production capabilities, particularly in the paint and body shop.
• R&D Expenses decreased by $106.8m, primarily driven by:
• $53.6m reduction due to salary and headcount reductions, along with the reassignment of R&D personnel to production roles.
• $35.2m reduction in engineering, design, and testing costs.
• $14.9 million gain from the settlement of prior year accrued R&D expenses with Palantir
• Sales and Marketing Expenses decreased by $13.6m, primarily due to:
• $7.7m reduction in compensation expense.
• $5.3m total reduction in general expenses and advertising expenses
• General and Administrative Expenses decreased by $39.7m, primarily driven by:
• $23.2m reduction in professional service fees.
• $10.7m reduction in insurance costs, primarily related to officers' insurance.
• Non-operating Loss was $206.4m, primarily driven by accounting-related, non-operating and non-cash items:
• $188.3m valuation true-up related to existing and settled convertible notes and warrants.
• $16.6m in interest expense
KEY ACCOMPLISHMENTS: Q4 SNAPSHOT
Vehicle Delivery
FF 91 2.0 Futurist Alliance (FF 91) delivery including Suede Brooks, a YouTube influencer, fashion model, and designer, as well as Entrepreneur and community leader Luke Hans.
Manufacturing
• Vehicle Body Parts: FF secured 100 sets of FUJI vehicle body parts to support FF 91 manufacturing.
• Insourcing FF 91 2.0 EV Seats: improved manufacturing efficiency
• Partnership with JC Sportline: MOU signed to explore future collaborations, potentially improving customization capabilities.
FX Business Development
Launched two potential FX models (FX 5 with target base priced between $20,000- $30,000 and FX 6 with target base priced between $30,000-$50,000) with both range-extended and battery-electric powertrains.
• Target rollout: End of 2025.
• Prototype Development: First FX prototype mules were shipped to FF's U.S. headquarters for product development and testing in November.
• Agreements with Top OEMs: Successfully signed collaboration agreements with top OEMs, kicking off the product research phase.
Fundraising
• Funding Secured:
• Secured an additional $30 million to strengthen its core business and support the rollout of the Faraday X (FX) strategy.
• Signed a co-investment agreement with Master Investment Group, owned by Sheikh Abdulla Al Qassimi (UAE royal family member) for a commercial property development.
• Funding Received: Received $30 million in previously committed financing
Operational Progress
• Stock Ticker Symbol Change: Announced stock ticker symbol change from FFIE to FFAI emphasizing the long existing AI focus.
• Future Headquarters: Planning for FF's future UAE headquarters in Ras Al Khaimah, UAE.
• Events
▪ Co-Creation Event: participated in the 22nd SongZhuMei Thousand People Picnic, hosted by the Chinese University of Alumni Association Alliance of Southern California.
▪ SEMA Show: showcased two modified FF 91 2.0 Futurist Alliances at the 2024 Specialty Equipment Market Association (SEMA) Show.
• Toy Drive Event: joined the annual Toy Drive event hosted by Sean Lee.
▪ AI Open Day: planned to host an "FF AI Open Day" event in early 2025.
Leadership
• Share Donations: YT Jia, FF Founder, 60% of his personal shares of Grow Fandor, a global IP commercialization company, which is 10% of Grow Fandor's total shares, to FF as a gift.
• Stock Purchases: Global CEO Matthias Aydt and YT Jia purchased 10,455 shares of FF's Class A common stock in September 2024, totaling $35,799.
• New Appointments: Dr. Lei Gu appointed as President of FX Global EV R&D Center. Xiao Ma to be the CEO of FX.
Other Business
• Strategic Licensing Collaboration: FF and Grow Fandor entered into an exclusive licensing agreement, potentially creating a new growth driver.
- VEHICLE DELIVERY, MANUFACTURING & IMPROVEMENTS
Vehicle Delivery
In 2024, FF delivered 6 FF 91 vehicles
Users Includes:
• Born Leaders Entertainment in Hollywood
• Motev, a B2B Co-Creation Partner Founded by Robert Gaskill and Morgan Freeman
• Fashion Model and Designer Suede Brooks
• Entrepreneur and Community Leader Luke Hans
Co-Creation Officer Program:
Added 4 Co-Creation Officers, bringing diverse resources and industry influence on the brand, strengthening FF's brand influence and industry connections.
Product Optimization:
Valuable feedback from Co-Creation Officers contributed to continuous product improvements and enhanced user experience.
Key achievements include:
• Introduction of a sport game replay feature.
• Added synchronized video playback across 3 screens.
Manufacturing
Delivered 8 vehicles, two of which were used for crash testing purposes to validate FF self-produced body in white.
United Arab Emirates (UAE) Factory Progress
Facility Secured: Finaled the lease for a 108,000 sq ft facility in RAKEZ
Stakeholder Engagement: FF Advanced Manufacturing Engineering (AME) held its first face-to- face meeting with Ras Al Khaimah Economic Zone (RAKEZ) municipality to advance the completion of the manufacturing facility.
Equipment Procurement:
• Completed the equipment supplier selection.
• Awarded Phase One equipment procurement to a UAE-based supplier.
Program Management:
• Introduced program management tools and project charter.
• Presented and secured stakeholder approval for the estimated UAE program schedule.
Subsequent Events
Vehicle Delivery:
Completed the first FF 91 lease in the East Coast, entering the New York market in March 2025.
Manufacturing: Hanford Plant Improvements
• Production cycle time reduced by 40%.
• Customer Craftsmanship Audit (CCA) score improved by 50%.
• Enhanced quality control with in-process quality gates: 200% more quality checks.
Hanford Plant Progress: Fuji completed 100 body panels in Japan, with shipments to Hanford, CA beginning in March 2025.
UAE Factory Progress: Received keys to the RAKEZ facility in the UAE in February 2025.
- TECHNOLOGY & AI
Technology Improvements
AI-Driven Advancements
Enhanced the FF 91's capabilities through nearly 1600 software upgrades through several Ove-the-air (OTA) updates.
User Feedback Optimization
Feedback submission directly through the FFAI voice assistant, simplifying the process of sharing insights and suggestions.
Navigation Improvements
The maps app now provides clearer turn-by-turn guidance, ensuring a more intuitive and stress-free driving experience.
Entertainment Upgrades
Streaming video playback is now available on the center display when parked, with access to major sports events, including NFL, MLB, NBA, NHL, and more.
Control & Interface Enhancements
• Door Panel Interface: Revamped for easier seat adjustments. FFAI assistant activation is now accessible via rear seat controls.
• Seat Comfort: Smoother leg support and seat adjustment mechanisms for enhanced comfort.
• Pillar Screen Controls: New interactive features allow flexible control of all doors.
• Center Display: Updated interface with drag-and-drop app customization, improved color contrast, and better readability.
• Rear Display: Now shows Bluetooth connection status, simplifying headphone pairing and management.
Connectivity Enhancements
Clearer signal strength display and support for wireless carrier name visibility, ensuring better connectivity management.
Product Quality & Stability
Significant improvements in overall build quality and system stability, delivering a more reliable and refined driving experience.
AI-Powered In-Car Interaction System: A next-generation in-car interaction system based on large AI models, also referred to as an AI OS powered by AI Agents.
End-to-End Pure Vision Advanced Autonomous Driving: Research on advanced autonomous driving solutions using end-to-end pure vision technology.
AI Applications in Vehicle Control and Traditional Driving: Exploring AI applications in areas such as vehicle control and traditional driving, including projects like AI Range Extension.
Subsequent Events
FF 91 Software Updates:
• Completed the newest external release version 57 of FF 91 vehicle software with enhanced user experience and product performance.
• Finalized the next round version 58 of the software, which is now in the internal testing phase.
AI Product Strategy:
• Completed the strategic planning for upcoming AI products.
• Delivered the first internal development version of an AI-powered system based on AI Agent technology.
• Launched Future AI Hybrid Extended-Range (AIHER) subsidiary, which aims to design and develop the world's first AI Hybrid Extended-Range Electric Powertrain System.
FX Product Compliance:
Conducted compliance analysis for the U.S. market with multiple FX partners. Delivered design change proposals to ensure compliance with U.S. market regulations.
- FINANCING & NASDAQ COMPLIANCE
Financing Progress
Subsequent Events
Capital market performance underwent a fundamental improvement:
Q1 2025
• Regained NASDAQ full Compliance
• On September 4, 2024, Nasdaq officially confirmed FF's full compliance with listing requirements. This achievement follows a series of strategic actions to resolve previously identified deficiencies, including delays in filing periodic reports and the minimum bid price requirement.
• February New York Investor Event: Hosted a private event for investment bankers and fund managers in NYC announcing plans to increase stakeholder engagement and to open a New York Metro office to strengthen investor relations.
• Significant Growth in Stockholder Base-total NOBO holders increased by approximately 163% from mid-2023 to January 2025
• Total Capital Raised: $76.7 million
• Received 26.7 million in financing in the first half of 2024
• Received 50.0 million in financing in the second half, an 87% increase from first half
Growth Drivers:
• Early successful execution of the FX strategy.
• Capital began to appreciate FF's uniqueness, further strengthening FF's position in the EV sector.
Investor Day Events:
Hosted an Investor Community Day on July 20, 2024, at its LA headquarters, presenting its AI strategy and core values to investors.
• Ticker Symbol Change and AI Commitment: The new ticker symbol reflects FF's brand upgrade and reaffirms its AI strategy.
• $41 million Financing: FF secured another $41 million in funding commitments to accelerate growth, including FX brand development, AI-driven autonomous driving R&D, and AI talent acquisition, aiming to deliver the first FX vehicle by late 2025.
- OPERATIONAL & HUMAN RESOURCES
Operational
Human Resources
Operational Resilience
• Sustained FF 91 deliveries despite global supply chain and tariff challenges.
• Launched second brand (FX) and Bridge Strategy at a pivotal moment.
• Strengthened market presence through partnerships with key Chinese industry players.
Cost Reduction Achievements
• Significant savings achieved across key areas:
• Personnel costs.
• Professional services.
• General expenses (e.g., rent, insurance).
• 72.9% reduction in operating expenses compared to 2023.
• Maintained operational effectiveness while optimizing costs.
• Disciplined cost management has improved financial health and positioned the company for sustainable growth
Risk Management
Strengthened risk management framework to ensure financial stability and regulatory compliance.
AI for work efficiency launched the PPTIA (Policy, process, tools, IT, and AI) system to guide the overall company operation on a daily basis. As a key element of PPTIA, AI has been incorporated into the daily system build-up efforts, including data analysis and operational enhancement.
Several Management Appointments
• Werner Wilhelm as Executive Launch Director
• Tin Mok to Head of FF UAE
• Koti Meka as Chief Financial Officer
• Aaron Ma as Acting Head of EV R&D
• Xiao (Max) Ma Global CEO of Faraday X
• Dr. Lei Gu as President of FX Global EV R&D Center
Subsequent Events
Operational
Improve Operational Systems:
• Continuously enhance the five-step system build-up methodology and the PPTIA system to optimize daily operations.
• Actively collaborate with top OEMs to advance the Bridge strategy.
FF Focus
• Prioritize vehicle delivery and user experience enhancement.
• Ensure improved services for spire market users and maintain the brand's high-end positioning.
• Use the continued delivery and sale of the FF 91 as a foundation for launching the second brand, FX.
FX Focus
• Collaborate with major top-tier OEMs to ensure the successful launch and delivery of FX vehicles.
• Drive key progress to unlock the Company's inherent value and maximize shareholder value.
Human Resources
• Jerry Wang appointed President of Faraday Future
Disclaimer
Faraday Future Intelligent Electric Inc. published this content on March 28, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 28, 2025 at 04:16:01.543.