Financial Data and Key Metrics Changes - Operating expenses improved significantly to $29.9 million compared to $49.4 million in the prior year quarter [13] - Loss from operations improved to $50.6 million compared to a loss of $56.0 million in the prior year quarter [13] - Cash from operating activities improved to a $29.1 million outflow compared to an outflow of $160.7 million in the six months ended June 30th, 2023 [14] - The company had $457.9 million of assets, $309.2 million of liabilities, and a book value of $148.7 million at quarter end June 30th, 2024 [14] - Approximately $15.5 million of gross financing was raised through convertible debt during Q2 2024 [14][15] Business Line Data and Key Metrics Changes - The company delivered two more FF 91 2.0 EVs since June, bringing the total to 13 vehicles delivered to date [9] - The cost of interior parts has been cut by more than half due to in-house production of vehicle body and some interior components [10] Market Data and Key Metrics Changes - The establishment of a Middle Eastern sales entity in Dubai marks an important milestone in the company's expansion plans [11] - The company is exploring opportunities in the Middle East, including strategic financing and business development [11] Company Strategy and Development Direction - The new China-U.S. Automotive Bridge Strategy aims to leverage AI and software technology across multiple market segments [5][7] - The company plans to establish a second mass market-focused brand by collaborating with China-based OEMs and part suppliers [7] - The focus remains on stabilizing operations and achieving profitability in the shortest possible time [16] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the path ahead and confidence in achieving and exceeding objectives [17] - The company believes that the biggest barrier to vehicle sales and profitability is the capital required to produce vehicles at scale [15] Other Important Information - The company continues to seek strategic financing to support production ramp-up and the development of the China-U.S. Automotive Bridge Strategy [8] - The company remains compliant with Nasdaq's reporting requirements [8] Q&A Session Summary - The conference call concluded without a Q&A session, as indicated by the operator's closing remarks [18]

Patents and Production - As of June 30, 2024, the company has been granted approximately 660 patents globally[289]. - The company started production of the FF 91 Futurist and delivered the first FF 91 2.0 Futurist Alliance in 2023[289]. - The planned B2C passenger vehicle pipeline includes the FF91 series, FF81 series, and FF71 series[289]. - The FF 81 is expected to compete against the Tesla Model S and similar vehicles, while the FF 71 is designed to compete with the Tesla Model 3 and BMW 3-series[290]. - The company began delivering its first electric vehicle, the FF 91 Futurist, in the third quarter of 2023, following the start of production in April 2023[325]. - Automotive sales revenue was $0.3 million for the three months ended June 30, 2024, as vehicle deliveries began in the third quarter of 2023[324]. - Automotive sales revenue was $0.3 million, with the first electric vehicle, the FF 91 Futurist, starting production in March 2023[345]. Financial Performance - Revenue for the three months ended June 30, 2024, was $0.293 million, a significant increase from $0 in the same period in 2023[323]. - Revenue for the six months ended June 30, 2024, was $0.3 million, a significant increase from $0 in the same period in 2023[344]. - Cost of revenues for the three months ended June 30, 2024, was $20.97 million, compared to $6.613 million in 2023, resulting in a gross profit loss of $20.677 million[323]. - Cost of revenues for the six months ended June 30, 2024, was $41.7 million, representing a 530% increase from $6.6 million in 2023[346]. - The net loss for the period was $108.685 million, compared to a net loss of $124.928 million in the same quarter of 2023, indicating an improvement[323]. - Loss from operations for the six months ended June 30, 2024, was $94.2 million, an improvement from a loss of $151.8 million in 2023[344]. - Loss on settlement of notes payable decreased to $58.4 million, a 68% reduction from $183.5 million in the same period last year[360]. Expenses and Cost Management - Research and development expenses decreased to $3.317 million from $25.269 million year-over-year, indicating a reduction in R&D activities[323]. - Research and development expenses decreased to $10.0 million for the six months ended June 30, 2024, down 88% from $83.1 million in 2023[348]. - Sales and marketing expenses were $1.782 million, down from $7.699 million in the previous year, reflecting cost control measures[323]. - Sales and marketing expenses dropped to $4.3 million, a 67% decrease from $12.8 million in the prior year[349]. - General and administrative expenses increased slightly to $17.201 million from $17.062 million, showing stability in administrative costs[323]. - General and administrative expenses were $31.0 million, down 29% from $43.6 million in 2023[350]. - A lease impairment loss of $7.5 million was recognized due to the termination of leases for a store and a research facility during the three months ended June 30, 2024[330]. Cash Flow and Liquidity - Net cash used in operating activities was $29.1 million for the six months ended June 30, 2024, a significant decrease from $160.7 million for the same period in 2023[386]. - Net cash used in investing activities was $0.3 million for the six months ended June 30, 2024, compared to $25.9 million for the same period in 2023, indicating a reduction in fixed asset acquisitions[387]. - Net cash provided by financing activities was $26.7 million for the six months ended June 30, 2024, down from $181.8 million for the same period in 2023[388]. - The company continues to experience negative cash flows from operations due to investments in R&D for electric vehicles and infrastructure development in the U.S. and China[385]. - The company reported an accumulated deficit of $4,115.4 million and an unrestricted cash balance of $0.8 million as of June 30, 2024[369]. - The company has commitments totaling $554.5 million under various SPA agreements, with $343.2 million funded and $211.3 million remaining to be funded as of June 30, 2024[370]. - The company’s primary source of liquidity is the issuance of various convertible note instruments due to restrictions on accessing the ATM Program[372]. Strategic Initiatives - The company plans to develop a Smart Last Mile Delivery vehicle to address high-growth delivery opportunities in Europe, China, and the U.S.[292]. - The company has updated its corporate strategy to include a China-U.S. Automotive Bridge Strategy, aiming to establish a second mass-market brand[293]. - A Middle Eastern sales entity was established in Dubai, U.A.E. on April 9, 2024[300]. - The company held an interactive investor Community Day at its Los Angeles headquarters on July 20, 2024[300]. - Nasdaq granted the company continued listing on Nasdaq subject to compliance with periodic reporting requirements by July 31, 2024[302]. Debt and Related Party Transactions - The company incurred a related party interest expense of $6.6 million for the six months ended June 30, 2024, reflecting a 9329% increase from the prior year[365]. - Related party interest expense increased significantly to $(1.5) million, a rise of $1.4 million or 2051% from $(70,000) in 2023, due to default on a related party note[341]. - As of June 30, 2024, the company had outstanding principal of $7.6 million and interest payable of $18.5 million related to its debt agreement with Chongqing Leshi Small Loan Co., Ltd.[377]. - The company has been in default on SPA commitments since April 2023 and is presenting related notes as current[377]. - The company has the right to issue and sell up to an additional $192.5 million of Class A Common Stock under the Standby Equity Purchase Agreement as of June 30, 2024[371]. Accounting and Estimates - Management's estimates for financial reporting are based on historical experience and reasonable assumptions, but actual results may differ significantly[392]. - There have been no changes to critical accounting estimates that have materially impacted the financial statements as of the date of this report[393]. - The effect of exchange rate changes on cash and restricted cash was immaterial for the six months ended June 30, 2024, compared to $5.6 million for the same period in 2023[389]. - The company did not have any off-balance sheet arrangements as of June 30, 2024[390].

Over the years, I try to steer clear of overly direct assessments of publicly traded enterprises, especially if my opinion is negative. However, with premium electric vehicle manufacturer Faraday Future (NASDAQ:FFIE), I’m afraid I’m going to have to be blunt. Unless you’re a day trader speculating on near-term blips, you want to stay far away from FFIE. It would not surprise me in the least to see Faraday Future stock stumble to $0.While that sounds excessively harsh, recent automotive history is replete wi ...

Faraday Future (NASDAQ:FFIE) stock continues to slide today despite the promising news that shareholders have approved Faraday’s proposed stock split, which will allow FFIE to remain listed on the Nasdaq.On Wednesday, July 31, Matthia Aydt, the Chief Executive of Faraday Future, released a video confirming the results of the recent shareholder meeting, which includes the proposed stock split and several other proposals. From the video’s transcript:“Today I want to share with you the results of our annual me ...

Faraday Future Intelligent Electric (NASDAQ:FFIE) finally has some good news to report. It hasn’t been an easy month for the electric vehicle (EV) producer, who has been trending downward for weeks. The company hasn’t seen any real growth since the Roaring Kitty rally of May 2024, which has long since fizzled out, leaving most meme stocks where they started. But FFIE stock is up today on news that Faraday has managed to regain compliance with the Nasdaq. For the time being, at least, the automaker can check ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-39395 Faraday Future Intelligent Electric Inc. (Exact name of registrant as specified ...

Faraday Future (NASDAQ:FFIE) stock is down about 1% today after the carmaker shared an update on its recent Investor Community Day, held yesterday, on Monday, July 22. The carmaker offered investors a closer look into the company’s operations, technology, and software development areas ahead of its upcoming annual shareholder meeting, set for July 31.“In my view, this first Investor Community Day was a huge success,” said Matthias Aydt, Chief Executive of Faraday. He additionally stated:“The entire FF organ ...

Faraday Future Intelligent Electric (NASDAQ:FFIE) stock once had promise. Now it’s a penny stock. Founded 10 years ago in Los Angeles, in 2015 it promised to invest $1 billion in a new factory to take on Tesla (NASDAQ:TSLA) and other industry pioneers. It promised a new type of battery and showed off a concept race car with a carbon fiber shell.Had Faraday followed through on its promises, FFIE stock could have been a good investment. It didn’t. Founder Jia Yueting was no Elon Musk. It was saved in 2018 by ...

Shares of Faraday Future (NASDAQ:FFIE) are down by about 20% this year as customers have largely turned away from the company’s luxury EVs. That’s a stark contrast to May, when FFIE stock was up by 200% year-to-date. FF isn’t alone; other EV companies have also struggled. Today, however, FFIE stock is up about 25%.FF offers the FF 91 2.0 Futurist Alliance which carries a base price of $309,000. The first Alliance was delivered last August after being unveiled in 2017. Preorders are also open for the FF 91 2 ...

While there are plenty of electric vehicle stocks to choose from, it’s hard to understand why anybody would consider Faraday Future Intelligent Electric (NASDAQ:FFIE) given Faraday Future stock trades around 50 cents and it’s late filing its Q1 2024 10-Q. If I’ve written about the Los Angeles-based company, it was several years ago. Clearly, I needn’t have paid attention to this struggling EV company, despite recently jumping 100% on hopes that it would get a lifeline like Rivian (NASDAQ:RIVN) did with Volk ...