Faraday Future Intelligent Electric Inc (FFAI) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Faraday Future Intelligent Electric, Inc., first-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

女士們、先生們，下午好，歡迎參加法拉第未來智慧電氣公司 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I will now hand you over to John Schilling. You may proceed.

現在我將你交給約翰席林。您可以繼續。

Welcome, everyone, to Faraday Future's first-quarter 2025 earnings call. This is John Schilling, Director of PR and Communications at FF. Today, I'm joined by a few members of our leadership team, including our Global Co-CEO, Matthias Aydt; our Global President, Jerry Wang; our CFO, Koti Meka; and our Founder and Global Co-CEO, YT Jia. Today, we will be sharing details from our first-quarter 2025 results. The press release as well as today's presentation will be available in the Investor Relations section of our website at investors.ff.com.

歡迎大家參加法拉第未來 2025 年第一季財報電話會議。我是 FF 公關與傳播總監 John Schilling。今天，我和我們的領導團隊的幾位成員一起出席了會議，包括我們的全球聯席執行長 Matthias Aydt、我們的全球總裁 Jerry Wang、我們的財務長 Koti Meka 以及我們的創辦人兼全球聯席執行長賈躍亭。今天，我們將分享 2025 年第一季業績的詳細資訊。新聞稿以及今天的簡報將在我們網站 investors.ff.com 的投資者關係部分發布。

A replay of this call will also be posted there later today. Please note that on the call, we will be making forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties. These statements reflect our views only as of today, should not be relied upon as representative of views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC.

今天稍晚也將在那裡發布此通話的重播。請注意，在電話會議中，我們將根據目前的預期和假設做出前瞻性陳述，這些陳述受風險和不確定性的影響。這些聲明僅反映我們截至今天的觀點，不應被視為代表任何後續日期的觀點，並且我們不承擔根據新資訊或未來事件修改或公開發布對這些前瞻性聲明的任何修訂結果的義務。這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能影響我們財務表現的重大風險和其他重要因素的進一步討論，請參閱我們向美國證券交易委員會提交的文件。

In today's call, we will be covering the following topics: the first-quarter overview and financial highlights, our development progress, together with our second-quarter and full-year outlook. The management team will also address frequently asked questions from our shareholders.

在今天的電話會議上，我們將討論以下主題：第一季概況和財務亮點、我們的發展進展以及第二季度和全年展望。管理團隊也將解答股東的常見問題。

With that, I will now turn the call over to Matthias.

現在，我將把發言權交給 Matthias。

Thank you, John. Hi, everyone. This is Matthias, the Global Co-CEO of Faraday Future. I'm pleased to share our key developments for the first quarter of 2025 through today, which reflect growing operational maturity, expanding market reach and strategic execution across our AI-driven mobility road map. We began the quarter by announcing our plans for the FX Super One, which would be our first-class AI-MPV product. This marks a pivotal moment in our mass market strategy.

謝謝你，約翰。大家好。我是法拉第未來的全球聯席執行長馬蒂亞斯。我很高興與大家分享我們自 2025 年第一季至今取得的關鍵進展，這些進展反映了我們以人工智慧為驅動的行動出行路線圖的營運成熟度不斷提高、市場範圍不斷擴大以及戰略執行力不斷增強。我們在本季開始時宣布了 FX Super One 的計劃，這將是我們的首款 AI-MPV 產品。這標誌著我們大眾市場策略的關鍵時刻。

We also officially entered the East Coast market with the delivery of our first FF 91 2.0 in New York, expanding our regional footprint beyond California. To support FX development, we have kicked off US homologation and road testing for the FX Super One and FX6 prototype mules to keep us on track towards regulatory and production milestones.

我們還透過在紐約交付第一輛 FF 91 2.0 正式進入東海岸市場，將我們的區域影響力擴展到加州以外。為了支持 FX 的開發，我們已經啟動了 FX Super One 和 FX6 原型車的美國認證和道路測試，以確保我們能夠順利實現監管和生產的里程碑。

In alignment with our long-term focus on implementing AI technology to our cars, building the next-generation AIEV, we completed our ticker symbol change to FFAI, underscoring our strategic focus on AI integration across our product and operational ecosystem. We also established a new subsidiary, Future AI Hybrid Extended-Range, AIHER, which will lead the design and development of the world's first AI-powered hybrid extended range electric powertrain. This is a core enabler of our long-term platform strategy. Internally, we enhanced our capital and operational leadership with Jerry Wang appointed as Global President to drive global execution, product delivery and organizational efficiency. And just recently, we finally invited YT Jia, our Founder, to come back to the helm and co-lead the company as co-CEO together with me.

為了與我們長期致力於將人工智慧技術應用於我們的汽車、打造下一代 AIEV 的目標保持一致，我們已將股票代碼更改為 FFAI，強調了我們對整個產品和營運生態系統中人工智慧整合的策略重點。我們也成立了新的子公司未來人工智慧混合動力增程式電動車公司（AIHER），該公司將領導全球首款人工智慧混合動力增程式電動車動力系統的設計和開發。這是我們長期平台策略的核心推動因素。在內部，我們任命 Jerry Wang 為全球總裁，以推動全球執行、產品交付和組織效率，從而增強了我們的資本和營運領導力。就在最近，我們終於邀請了創辦人賈躍亭回來掌舵，和我一起擔任聯合首席執行官，共同領導公司。

Now turning to vehicle delivery. We continue to expand our client base with two FF 91 2.0 deliveries, one in California and one in New York. In technology and AI, we have made strong progress across product planning and software enhancement. We have begun technology planning for our AI Hybrid Extended-Range System which could power the next generation of FF products.

現在轉向車輛交付。我們繼續擴大客戶群，交付兩輛 FF 91 2.0，一輛在加州，一輛在紐約。在技術和人工智慧方面，我們在產品規劃和軟體增強方面取得了長足的進步。我們已經開始為我們的 AI 混合增程系統進行技術規劃，該系統可以為下一代 FF 產品提供動力。

We have also successfully delivered the first internal development version of our AI-powered vehicle operating system built on our AI agent framework, enabling intelligent in-cabin and driving experiences. Our FF91 software continues to evolve with the version 57 update released during the quarter, further enhancing user experience, stability, and performance. In capital and investor relations, we received USD20 million from a prior financing round and secured an additional USD41 million in new funding, subject to closing conditions. These funds are crucial to support FX ramp-up, AI R&D, and market expansion. We also hosted a successful investor event in New York, where we engaged stakeholders, shared strategy updates, and announced plans to open a New York metro office to deepen our presence in this key market.

我們還成功交付了基於我們的 AI 代理框架構建的 AI 驅動車輛操作系統的第一個內部開發版本，實現了智慧車內和駕駛體驗。我們的 FF91 軟體不斷發展，本季發布了 57 版更新，進一步增強了使用者體驗、穩定性和效能。在資本和投資者關係方面，我們從上一輪融資中獲得了 2000 萬美元，並獲得了額外的 4,100 萬美元新資金，但需滿足成交條件。這些資金對於支持外匯成長、人工智慧研發和市場擴張至關重要。我們還在紐約舉辦了一場成功的投資者活動，與利益相關者進行了交流，分享了策略更新，並宣布了開設紐約大都會辦事處的計劃，以深化我們在這個關鍵市場的影響力。

As part of our global strategy, our Middle East facility in Ras Al Khaimah Economic Zone is now ready for occupancy. The local team will be taking over shortly, bringing our international production capacity another step closer to activation.

作為我們全球策略的一部分，我們位於拉斯海馬經濟區的中東工廠現已準備好投入使用。當地團隊將很快接手，使我們的國際生產能力更接近啟動。

Finally, on the operations front, we remain laser-focused on executing our FX strategy and enhancing work efficiency. We hosted our first FF Open AI Day, not only to spotlight our AI capabilities, but also to attract top engineering and data science talent, aligned with our long-term platform roadmap. We also continue to improve our operation efficiency and compliance through different methods, including AI-powered management system.

最後，在營運方面，我們仍然專注於執行外匯策略並提高工作效率。我們舉辦了首屆 FF Open AI Day，不僅是為了展示我們的 AI 能力，也是為了吸引頂尖工程和數據科學人才，這與我們的長期平台路線圖保持一致。我們也透過不同的方法不斷提高營運效率和合規性，包括人工智慧管理系統。

Now let's welcome Koti Meka, our CFO, to talk about the financials.

現在讓我們歡迎我們的財務長 Koti Meka 來談談財務狀況。

Thank you, Matthias. Hello, everyone. I will walk you through several key metrics that highlight both our operational execution and improving financial position.

謝謝你，馬蒂亞斯。大家好。我將向您介紹幾個關鍵指標，這些指標既突顯了我們的營運執行情況，也凸顯了財務狀況的改善。

For the quarter, we reported revenue of $0.3 million, primarily driven by the delivery of one newly leased FF 91 vehicle alongside lease revenue from the vehicles delivered in prior periods. This reflects continued monetization of our flagship product.

本季度，我們報告的收入為 30 萬美元，主要由於交付了一輛新租賃的 FF 91 汽車以及前期交付的汽車的租賃收入。這反映了我們旗艦產品的持續貨幣化。

Our net loss from operations was $43.8 million, in line with the $43.6 million reported in Q1 2024. This stability underscores our disciplined approach to cost control even as we advance our FX strategy. Operating cash outflow totaled $20.3 million, a 38% increase from Q1 2024. This change was largely due to variations in net working capital changes between the two quarters.

我們的營業淨虧損為 4,380 萬美元，與 2024 年第一季報告的 4,360 萬美元持平。這種穩定性凸顯了我們在推動外匯策略的同時，對成本控制採取嚴謹的態度。經營現金流出總計 2,030 萬美元，較 2024 年第一季增加 38%。這項變化主要是由於兩個季度之間的淨營運資本變化差異所致。

Our total operating expenses were $22.8 million, representing a modest decrease of $0.2 million compared to quarter-one 2024. Our financing activities generated $24.6 million in Q1 2025. Although slightly below the $25 million raised in Q4 2024, this marks the third consecutive quarter where financing inflows exceeded operating outflows, a positive and sustained trend that continues to support our operations. Our net assets grew 21% compared to the prior quarter end to $139.8 million. Our debt-to-asset ratio improved by approximately 700 basis points to 66%.

我們的總營運費用為 2,280 萬美元，與 2024 年第一季相比小幅減少了 20 萬美元。我們的融資活動在 2025 年第一季創造了 2,460 萬美元的收入。儘管略低於 2024 年第四季籌集的 2,500 萬美元，但這標誌著融資流入連續第三個季度超過營運流出，這是一個積極而持續的趨勢，繼續支持我們的營運。我們的淨資產與上一季末相比成長了 21%，達到 1.398 億美元。我們的資產負債比率改善了約 700 個基點，達到 66%。

This increase in net assets was primarily driven by a $25.8 million reduction in outstanding notes payable. These developments reflect a meaningful improvement in our capital structure and overall financial stability since the first half of 2024. In summary, our performance this quarter demonstrates clear progress on both financial and operational fronts. We remain focused on strategic investments in our core roadmap while optimizing capital and driving toward long-term growth.

淨資產的增加主要是由於未償還應付票據減少 2,580 萬美元。這些發展反映了自 2024 年上半年以來我們的資本結構和整體財務穩定性的顯著改善。總而言之，我們本季的業績在財務和營運方面都取得了明顯進展。我們將繼續專注於核心路線圖的策略性投資，同時優化資本並推動長期成長。

I will now invite Jerry Wang, Global President of FF, to provide some comments.

現在我請FF全球總裁王傑瑞來發表一些評論。

Thank you, Koti. This is Jerry Wang, the Global President of Faraday Future. I will now share our recent progress.

謝謝你，科蒂。我是法拉第未來全球總裁王傑瑞。現在我將分享我們最近的進展。

Our FX development is progressing and showing early signs of strong market traction. We've already received 1,000 B2B nonbinding paid preorders from an East Coast company and another 300 nonbinding paid preorders from a West Coast company, a clear signal of demand for our FX product. We're currently in the midst of a testing and validation program for the FX platform, including ADAS, Advanced Driver Assistance Systems testing. This progress is focused on ensuring the highest standards in quality, performance, technology integration, and user experience. Currently, we're testing on the public roads in United States.

我們的外匯開發正在取得進展，並顯示出強勁市場吸引力的早期跡象。我們已經收到一家東海岸公司的 1,000 份 B2B 非約束性付費預訂單，以及一家西海岸公司的 300 份非約束性付費預訂單，這清楚地表明了對我們的外匯產品的需求。我們目前正在進行 FX 平台的測試和驗證程序，包括 ADAS、高級駕駛輔助系統測試。這項進展的重點是確保品質、效能、技術整合和使用者體驗的最高標準。目前，我們正在美國公共道路上進行測試。

At the management level, we've made fundamental changes to strengthen strategic execution. FF Founder, YT Jia, has been appointed Co-CEO. His incentive follows stockholders-first approach, tied to market capitalization, and stock price. His leadership and product vision are pivotal as we accelerate into the next stage of growth. On the capital markets front, we remain committed to protecting stockholder interests.

在管理層面，我們進行了根本性的變革，並加強了策略執行。FF 創辦人賈躍亭被任命為聯合執行長。他的激勵措施遵循股東至上的方法，與市值和股價掛鉤。當我們加速進入下一階段的成長時，他的領導力和產品願景至關重要。在資本市場方面，我們仍然致力於保護股東利益。

We issued a public statement regarding potential illegal short selling activity and online infringement. This was an important step to defend the company and its investors against market manipulation and reputational harm.

我們就潛在的非法賣空活動和網路侵權行為發表了公開聲明。這是保護公司及其投資者免受市場操縱和聲譽損害的重要一步。

We have also adopted a zero tolerance policy towards illegal short selling and the deliberate spread of false or misleading information. Some misleading content has already been removed or addressed. We will continue to take appropriate actions to address those issues and ensure transparency, reinforcing the importance of accountability and truth in capital markets. For the manufacturing and supply chain, we improved supplier relations and strengthened supply chain stability for win-win collaboration. Investor interaction has also intensified.

我們也對非法賣空和故意傳播虛假或誤導性訊息採取零容忍政策。一些誤導性內容已被刪除或處理。我們將繼續採取適當行動解決這些問題並確保透明度，加強資本市場問責和真相的重要性。在製造及供應鏈方面，我們改善供應商關係，加強供應鏈穩定性，實現合作共贏。投資人互動也進一步加強。

We've increased the frequency of co-creation events to promote openness and direct stakeholder participation. This includes the FX Developer Co-Creation Program, where participants test drove the FX prototype mule; and the FFAI Investor Community & FX Developer Co-Creation Day, which received powerful endorsements from California political leaders, validating our Global Automotive Bridge Strategy and reaffirm our investment of over $3 billion in California, focusing on the research, development, and manufacturing of next-generation artificial intelligence electric vehicle. In addition to our hosted events, we participated in the Jones Technology and Innovation Conference in Las Vegas and joined a business roundtable at the White House in Washington, DC, strengthening our dialogue with national leaders and innovation partners.

我們增加了共同創造活動的頻率，以促進開放性和利害關係人的直接參與。其中包括 FX 開發者共同創造計劃，參與者試駕了 FX 原型車；以及 FFAI 投資者社群和 FX 開發者共同創造日，該計劃得到了加州政治領導人的大力支持，驗證了我們的全球汽車橋樑戰略，並重申了我們在加州超過 30 億美元的投資，專注於下一代人工智慧電動車的研究、開發和製造。除了主辦的活動外，我們還參加了在拉斯維加斯舉行的瓊斯技術與創新會議，並參加了在華盛頓特區白宮舉行的商業圓桌會議，加強了與國家領導人和創新夥伴的對話。

Now let's welcome YT Jia, Founder and Co-CEO of Faraday Future.

現在讓我們歡迎法拉第未來創辦人兼聯席執行長賈躍亭。

Thank you, Jerry. Hello, everyone. This is YT. I will now walk you through our outlook with a primary focus on Q2, structured around our seven Tier 1 strategic goals and pillars from S1 to S7.

謝謝你，傑瑞。大家好。這是YT。現在，我將向您介紹我們的展望，主要關注第二季度，圍繞我們的七個一級策略目標和從 S1 到 S7 的支柱。

For S1, user ecosystem. First, to start with, we are planning to host the first product launch event for the FX Super One around the end of June, which will also mark the official countdown to user deliveries. The product launch will also fully open our online B2C paid preorder collection. Our target is to achieve around 10,000 paid preorders, including binding B2B preorder agreements with nonrefundable deposits and nonbinding reservations and B2C preorders within refundable deposits and nonbinding reservations placed before and within 48 hours of the launch event.

對於 S1，用戶生態系統。首先，我們計劃在6月底左右舉辦FX Super One的首場產品發表會，這也標誌著正式進入用戶交付倒數計時。此次產品發表會也將全面開啟我們線上B2C付費預購的徵集。我們的目標是實現約 10,000 份付費預訂單，包括具有不可退還押金和非約束性預訂的具有約束力的 B2B 預訂協議，以及在發布活動之前和發布活動後 48 小時內可退還押金和非約束性預訂的 B2C 預訂單。

We are on track to have the first FX Super One off the line by the end of 2025, and our ambition is to establish Super One as the number one first-class AI-MPV brand in the US. This launch will mark the official birth year of first-class AI-MPV in the US, setting the stage for disruption in the premium business and family vehicle segment, a largely untapped blue ocean market.

我們預計在 2025 年底前推出第一輛 FX Super One，我們的目標是將 Super One 打造為美國第一的 AI-MPV 品牌。此次發布將標誌著美國一流人工智慧MPV的正式誕生，為高端商務和家庭用車領域這一尚未開發的藍海市場的顛覆奠定基礎。

The FX Super One aims to disrupt the Toyota Alphard in Asia and Cadillac Escalade in the US in the AIEV era for three key reasons. Number one, as the first first-class AI-MPV in the US market, we believe that the FX Super One will deliver a level of product performance and technology that could go far beyond today's mainstream business in family vehicles.

FX Super One 的目標是在 AIEV 時代顛覆亞洲市場的豐田 Alphard 和美國的凱迪拉克 Escalade，主要原因有三。第一，作為美國市場上第一款一流的AI-MPV，我們相信FX Super One的產品性能和技術水平將遠遠超越當今家用車的主流水平。

Number two, the superior product power is expected to come at a much lower price point than the Escalade in the US and the Alphard in Asia. This extreme price-to-performance ratio could help it be the best beyond its class. Number three, in the future, the mass-market FX product line could benefit from the technology stack developed for our 300,000 flagship FF 91, which is fully compliant with current US ICTS regulations. This could help make the ultimate AI tech luxury accessible to every household.

第二，這款車型擁有卓越的產品力，預計售價將遠低於美國的凱雷德和亞洲的埃爾法。這種極高的性價比可以使其成為同類產品中的佼佼者。第三，未來大眾市場的 FX 產品線可以受益於我們為 30 萬輛旗艦 FF 91 開發的技術堆疊，該技術堆疊完全符合目前的美國 ICTS 法規。這可以幫助每個家庭都能享受終極的人工智慧科技奢侈。

At the same time, we are continuing to scale up our B2B sales efforts. In Phase 1, we aim to enter seven US states with strong AIEV demand: California, Nevada, Texas, Florida, New York, New Jersey, and Washington. We welcome new FF Par candidates to join our Co-Creation Ecosystem Online Direct Sales System and also invite B2B partners such as rental car companies and MCN agencies to visit us in Los Angeles to explore co-creation and win-win opportunities in this promising blue ocean market. FX's co-creation model will deeply empower FX by engaging users, stockholders, celebrities, and partners across industries and communities. We are building a truly collaborative ecosystem together.

同時，我們正在繼續擴大B2B銷售力度。在第一階段，我們的目標是進入對 AIEV 需求旺盛的七個美國州：加利福尼亞州、內華達州、德克薩斯州、佛羅裡達州、紐約州、新澤西州和華盛頓州。我們歡迎新的FF Par候選人加入我們的共創生態線上直銷體系，也誠邀租車公司、MCN機構等B2B合作夥伴蒞臨洛杉磯，共同探索在這個充滿希望的藍海市場中共創共贏的機遇。FX 的共同創造模式將透過吸引跨產業和社群的使用者、股東、名人和合作夥伴來深度賦能 FX。我們正在共同建構一個真正協作的生態系統。

Now let's move on to S2 and S3, product and technology. First, I'd like to share with you now the rear design rendering of the planned production version of the FX Super One. Please take a look at the slides. Two, in Q3, FX plans to unveil a new potential FX model designed to potentially disrupt the market dominance of RAV4 in the AIEV era, bringing us one step closer to our vision, an AIEV for Everyone.

現在讓我們繼續討論 S2 和 S3，產品和技術。首先，我想跟大家分享一下FX Super One計畫量產版的車尾設計效果圖。請大家看一下投影片。二是，FX 計劃在第三季推出一款全新的潛在 FX 車型，旨在打破 RAV4 在 AIEV 時代的市場主導地位，讓我們更接近「人人共享 AIEV」的願景。

Third, we are going all in on AI, accelerating the design and development of our Super AI Hybrid Extended-Range System, AIHER, and pushing forward with our AI cabin and aiDriving platform. The AIHER company has already submitted three core technology patent applications. From there, let's look at S4, where we will cover progress on supply chain, industrialization, and delivery. Our Hanford factory is now preparing a flexible production line for FX units with an annual capacity of over 30,000 total units, including FF. The facility would support mixed-line manufacturing or assembly for multiple models.

第三，全力佈局人工智慧，加速超級人工智慧混合增程式系統AIHER的設計研發，推動人工智慧座艙和aiDriving平台建置。AIHER公司目前已提交三項核心技術專利申請。從那裡，讓我們看看 S4，我們將介紹供應鏈、工業化和交付的進展。我們的漢福德工廠目前正在為 FX 裝置準備一條靈活的生產線，年產能超過 30,000 台，包括 FF。該工廠將支援多種型號的混合生產線製造或組裝。

With our Light, Swift, and Empowering model, we expect to achieve a fully competitive supply chain and manufacturing system, targeting less than 25% of the typical R&D cost of traditional OEMs. This would allow us to launch mass-market hit products with extreme price-to-performance ratio and reach our goal of tens of thousands of units sold within two years of mass production, subject to securing necessary agreements and funding.

透過我們的「輕量化、快速化、賦能」模式，我們預期實現完全競爭的供應鏈和製造體系，目標是研發成本低於傳統OEM廠商典型研發成本的25%。這將使我們能夠推出具有極高性價比的大眾市場熱門產品，並在獲得必要的協議和資金的情況下實現量產後兩年內銷售數萬台的目標。

Now turning to S6, our efforts in the Middle East and China, our two other key markets beyond the US. We are advancing FX production and sales preparation in the Middle East. A regional launch event will be held in parallel with the FX Super One product launch in June, underscoring the region's strategic role as the third pole in our global strategy.

現在轉向 S6，我們在中東和中國的努力，這是我們除美國以外的另外兩個主要市場。我們正在中東推進FX製作和銷售準備。區域發表會將於 6 月與 FX Super One 產品發表會同時舉行，強調該地區作為我們全球戰略第三極的戰略作用。

Let's take a look at our financial strategy and the capital markets activities under S5. We are ready to launch a new round of executive stock purchases, set to gradually roll out after this quarterly report. Meanwhile, I invested the entirety of the after-tax amount of my $1.2 million Co-CEO appointment bonus into FF stock open market purchases with at least a one-year lock-up.

讓我們來看看我們的財務策略和S5下的資本市場活動。我們準備啟動新一輪高階主管股票購買計劃，並將在本季報告發布後逐步推出。同時，我將我 120 萬美元聯席執行長任命獎金的稅後金額全部投資於 FF 股票公開市場購買，鎖定期至少為一年。

We remain firmly committed to avoiding a reverse stock split and to protecting our NASDAQ listing. Future equity offerings will be carefully considered and focused on maximizing long-term value and managing stockholder dilution. Firstly, we continue to refine our capital strategy for raising the funds needed to support the FF and FX product roadmap. Secondly, our counterattacks against illegal short selling are already showing results. We issued notices to several suspected parties, and several misleading videos have since been removed or addressed. We will not hesitate to take further action if necessary.

我們仍然堅定地致力於避免反向股票分割並保護我們的納斯達克上市地位。未來的股權發行將經過仔細考慮，並專注於最大化長期價值和管理股東稀釋。首先，我們繼續完善我們的資本策略，以籌集支持 FF 和 FX 產品路線圖所需的資金。第二，打擊非法賣空活動已取得明顯成效。我們向多位涉嫌違法行為的當事人發出了通知，多條誤導性影片已被刪除或處理。如果有必要，我們將毫不猶豫地採取進一步行動。

In addition, we are enhancing investor communication by setting up official and executive accounts on major stock forums to better engage with stockholders and promptly correct misinformation. We are leveraging our unique advantages to launch a global M&A initiative, targeting high-value, cost-efficient acquisitions of AI technology companies and others in the mobility ecosystem, which could accelerate the realization of our intrinsic capital value.

此外，我們還透過在主要股票論壇上設立官方和執行帳戶來加強與投資者的溝通，以便更好地與股東互動並及時糾正錯誤訊息。我們正在利用我們的獨特優勢啟動一項全球併購計劃，旨在對人工智慧技術公司和行動生態系統中的其他公司進行高價值、具有成本效益的收購，這可以加速實現我們的內在資本價值。

We are building a compliant, efficient financial system to reduce the risk of delayed financial reporting and protect stockholder interests. At the same time, we are enforcing strict cost controls and focusing resources on core operations to ensure steady progress toward our strategic goals.

我們正在建立合規、高效的財務體系，以降低財務報告延遲的風險並保護股東利益。同時，我們嚴格控製成本，將資源集中在核心業務上，以確保穩步實現我們的策略目標。

Finally, let's close with S7, operations system build-up. We have established a global strategic policy research center to track international policy trends, including around the tariffs, and strengthen our engagement with the policymakers. Our goal is to secure support from government agencies at all levels, including incentives such as tax relief and subsidies to ensure we stay ahead of regulatory changes worldwide.

最後，讓我們以 S7 作業系統建置來結束。我們建立了一個全球戰略政策研究中心，以追蹤包括關稅在內的國際政策趨勢，並加強與政策制定者的接觸。我們的目標是獲得各級政府機構的支持，包括減稅和補貼等激勵措施，以確保我們在全球監管變化中保持領先。

Looking ahead, I'm fully committed to delivering the KPIs tied to the stockholders-first equity incentive as soon as possible. We aim to reward stockholders with meaningful long-term returns. Thank you.

展望未來，我將全力致力於盡快實現與股東優先股權激勵相關的關鍵績效指標。我們的目標是為股東帶來有意義的長期回報。謝謝。

Thank you, YT, and thank you to everyone who presented today. As we wrap up, I'd like to briefly highlight the materials included in the appendix. In the appendix, you'll find our unaudited balance sheet and financial statements as of and for the three months ended March 31, 2025, providing additional detail on our financial position. These materials offer helpful context to support everything we've shared today.

謝謝 YT，也感謝今天演講的所有人。最後，我想簡單介紹一下附錄中所包含的資料。在附錄中，您將找到截至 2025 年 3 月 31 日三個月的未經審計的資產負債表和財務報表，其中提供了有關我們財務狀況的更多詳細資訊。這些材料提供了有用的背景來支持我們今天分享的所有內容。

With that, we'd now like to open the floor for Q&A.

現在，我們想開始問答環節。

Hello. This is John Schilling again. Now I would like to begin our question-and-answer session. I will read off some selected questions from e-mails sent to us, and Matthias Aydt will give his answers. First question.

你好。我又是約翰·席林。現在我想開始我們的問答環節。我將讀出從我們收到的電子郵件中選取的一些問題，然後 Matthias Aydt 將給出答案。第一個問題。

Will all FX vehicle models have clear published pricing? And if not, why?

所有 FX 車款都有明確的公佈價格嗎？如果不是，為什麼？

Faraday Future is committed to provide clear and competitive pricing across our vehicle line-up. While we are actively working on the first FX product to roll off the line by end of 2025, we will publish the detailed pricing when the timing gets closer, consistent with industry standard practice. Please note that any deviations from published estimate pricing would be driven by market-specific factors, for example, tariffs, local incentives, dynamic supply chain conditions affecting material costs and strategic adjustments based on competitive positioning. We will ensure that stakeholders receive timely updates as pricing is finalized.

法拉第未來致力於為我們的整個車系提供清晰且具競爭力的定價。我們正在積極致力於在 2025 年底前推出第一款外匯產品，同時我們將在時間接近時公佈詳細的定價，以符合行業標準做法。請注意，任何與已公佈的估價的偏差都將受到市場特定因素的影響，例如關稅、當地激勵措施、影響材料成本的動態供應鏈條件以及基於競爭定位的策略調整。我們將確保利害關係人在定價最終確定後及時收到更新。

The next question. Given FF's historic high-end positioning, how will the company reconcile brand identity with FX's mass market target?

下一個問題。鑑於 FF 一直以來的高端定位，該公司將如何協調品牌形象與 FX 的大眾市場目標？

The FF 91 established our technological leadership in the ultra-premium segment, the ultimate tech luxury. The key takeaway from its launch and co-creation experience, including pricing strategy and customer demand, are being applied to the FX models through technology transfer in future iterations, incorporating high-end features designed for the FF 91, for example, connectivity, AI cabin into accessible configurations, streamlined offerings, global bridge strategy for mature supply chain to lower the production cost, brand architecture positioning the FX as a high-value entry point, while the FF 91 remains our flagship innovation showcase.

FF 91 確立了我們在超高端領域、終極科技奢華領域的技術領導地位。其發布和共同創造經驗的關鍵點，包括定價策略和客戶需求，正在通過未來迭代的技術轉移應用於 FX 車型，融入為 FF 91 設計的高端功能，例如，連接性、AI 座艙融入可訪問的配置、精簡的產品、成熟供應鏈的全球橋樑戰略以降低生產成本，品牌架構將 FX 定位為高價值切入點，而 FF 91 仍然是我們的旗艦創新展示。

The next question. Regarding the 1,300-plus FX Super One B2B orders, are these reflected in Q1 or Q2 guidance? What types of clients place these orders?

下一個問題。關於 1,300 多份 FX Super One B2B 訂單，這些是否反映在第一季或第二季的指引中？哪些類型的客戶會下這些訂單？

These preorders were placed by a fleet provider, Sky Horse Auto LLC in Orange County, and a regional dealership in New York, JC Auto, which is considering building a fleet service. Revenue recognition will follow delivery timelines and contractual terms. The preorder by JC Auto happened in late April and the order by Sky Horse happened in early May. While these preorders are nonbinding, their respective deposits of $100,000 and $30,000 are nonrefundable and can be used forward to purchase the FX vehicles. JC Auto is a regional used car dealership in New York with many vehicle shopping options available.

這些預訂單由車隊供應商、位於橘郡的 Sky Horse Auto LLC 和位於紐約的地區經銷商 JC Auto 下達，後者正在考慮建立車隊服務。收入確認將遵循交付時間表和合約條款。JC Auto 的預訂發生在 4 月底，而 Sky Horse 的預訂發生在 5 月初。雖然這些預訂單不具有約束力，但其各自的 100,000 美元和 30,000 美元押金是不可退還的，可以用於購買 FX 車輛。JC Auto 是紐約地區性二手車經銷商，提供多種車輛購買選擇。

JC Auto differentiates itself by understanding the local car buying community and satisfying its needs. It is considering building a fleet service, which could utilize FX vehicles. Founded in 2019, Sky Horse Auto LLC is a mobility solution provider based in Southern California, specializing in premium car rental services and custom travel experiences for international travelers. Sky House has a fleet of over 100 vehicles and is recognized for its personalized service and convenience.

JC Auto 透過了解當地購車群體並滿足其需求來脫穎而出。該公司正在考慮建立可以利用 FX 車輛的車隊服務。Sky Horse Auto LLC 成立於 2019 年，是一家位於南加州的行動解決方案提供商，專門為國際旅客提供優質汽車租賃服務和客製化旅遊體驗。Sky House 擁有超過 100 輛車的車隊，以其個人化的服務和便利性而聞名。

The next question. Will management resume open market insider stock purchases immediately after the post earnings blackout period? Is there a defined timeline or scale for such transactions?

下一個問題。收益保密期結束後管理層是否會立即恢復公開市場內部股票購買？此類交易是否有明確的時間表或規模？

FF leadership remains committed to align with stakeholder interest. Any open market purchase post blackout will comply with SEC regulations and corporate policies. Our management team do have plans to purchase stock from the open market and will disclose 10b5-1 trading plans or transactions as required by SEC regulations.

FF 領導層始終致力於與利害關係人的利益保持一致。停牌後的任何公開市場購買都將遵守美國證券交易委員會的規定和公司政策。我們的管理團隊確實有從公開市場購買股票的計劃，並將根據美國證券交易委員會的規定披露 10b5-1 交易計劃或交易。

And the last question. FX products appear to rely significantly on components sourced from China, owing to the maturity and cost advantages of its supply chain. What impact will the recent tariff increases on Chinese goods have on FX's strategy? And how will the company respond?

最後一個問題。由於中國供應鏈的成熟度和成本優勢，FX 產品似乎很大程度上依賴來自中國的零件。近期中國商品關稅上調將對FX的策略產生什麼影響？公司將如何因應？

The recent tariff increase has had a broad impact on the US automotive industry. China's supply chain, known for its cost effectiveness and high quality to cost ratio, has long supported US automotive operations. In response to the tariff hikes, FX is taking a dual approach.

近期的關稅上調對美國汽車產業產生了廣泛影響。中國的供應鏈以其成本效益和高品質成本比而聞名，長期以來一直支持美國汽車業務。為了應對關稅上調，外匯局採取了雙重措施。

Besides purchasing from Chinese suppliers, first, FX will look to leverage its existing domestic supply chain, which already accounts for up to 50% of the FF 91's component.

除了從中國供應商採購外，首先，FX 將尋求利用其現有的國內供應鏈，該供應鏈已佔 FF 91 零件的 50%。

Second, FX is actively collaborating with suppliers to localize more production in the United States. Furthermore, FX is working closely with both federal and state governments to seek support in mitigating the impact of tariffs. As a brand focused on producing high-volume mainstream vehicles, FX's efforts could contribute significantly to US job creation and tax revenue. All these actions could provide a competitive advantage for FX.

其次，FX 正積極與供應商合作，實現更多生產在美國在地化。此外，FX 正在與聯邦政府和州政府密切合作，尋求支持以減輕關稅的影響。作為一個專注於生產大批量主流汽車的品牌，FX 的努力可以為美國創造就業機會和增加稅收做出重大貢獻。所有這些舉措都可能為外匯帶來競爭優勢。

Thank you for your time, and thank you, Matthias, for your answers. This concludes our investor Q&A session. We appreciate all the questions submitted and apologize if we couldn't get to all of them today. We remain committed to maintaining open communication with our investors.

感謝您抽出時間，也感謝 Matthias 的回答。我們的投資人問答環節到此結束。我們非常感謝大家提出的問題，如果今天我們無法回答所有問題，我們深感抱歉。我們始終致力於與投資者保持開放的溝通。

That concludes today's conference call. Thank you for your participation.

今天的電話會議到此結束。感謝您的參與。

Thank you. Ladies and gentlemen, that concludes today's event. Thank you for attending, and you may now disconnect your lines.

謝謝。女士們、先生們，今天的活動到此結束。感謝您的參與，現在您可以斷開線路了。