Faraday Future Intelligent Electric Inc (FFAI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Faraday Future Intelligent Electric Inc., second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加法拉第未來智慧電氣公司 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to John Schilling, Director of PR and Communications. Please go ahead, sir.

現在我很高興將電話轉給公關和傳播總監約翰席林 (John Schilling)。先生，請繼續。

Welcome, everyone, to Faraday Future's second 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; Global President, Jerry Wang; and our CFO, Koti Meka.

歡迎大家參加法拉第未來 2025 年第二季財報電話會議。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，包括我們的全球聯合執行長 Matthias Aydt、全球總裁 Jerry Wang 和我們的財務長 Koti Meka。

Today, we will be sharing details from our second 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. A replay of this call will also be posted there later today.

今天，我們將分享 2025 年第二季業績的詳細資訊。新聞稿以及今天的簡報將在我們網站 investors.ff.com 的投資者關係板塊發布。本次電話會議的重播也將於今天稍晚發布。

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.

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。

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.

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 second quarter overview and financial highlights, our development progress, together with our third quarter and full year outlook. The management team will also address questions from our shareholders submitted electronically in advance of this call.

在今天的電話會議中，我們將討論以下主題。第二季概況和財務亮點、我們的發展進展以及第三季和全年展望。管理團隊也將解答股東在本次電話會議之前以電子方式提交的問題。

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

說完這些，我現在將電話轉給馬蒂亞斯。

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 second quarter of 2025 through today, structured around our seven Tier 1 strategic goals and pillars from S1 to S7, highlighting meaningful progress in operations, improvements in our business and financial fundamentals and continued strategic execution across our AI-driven mobility road map.

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 年第二季度至今的關鍵發展，這些發展圍繞著我們從 S1 到 S7 的七個一級戰略目標和支柱展開，重點突出了運營方面的重大進展、業務和財務基礎的改善以及我們人工智能驅動的移動路線圖的持續戰略執行。

The FX Super One launch campaign has demonstrated tangible commercial impact, underscoring the effectiveness of our influencer-led marketing strategy. In Q2, we received over 4,000 FX Super One nonbinding nonrefundable preorders from both B2B and B2C channels.

FX Super One 發布活動已展現出實際的商業影響，凸顯了我們以影響力為主導的行銷策略的有效性。在第二季度，我們從 B2B 和 B2C 管道收到了超過 4,000 份 FX Super One 無約束力不可退款的預訂單。

By July 31, 2025, we received total nonbinding nonrefundable preorders exceeding 10,000 units. The campaign's reach was amplified through coordinated digital content and endorsement from high-profile co-creation participants, resulting in broad social media visibility and accelerated customer engagement across both institutional and consumer segments.

截至 2025 年 7 月 31 日，我們收到的非約束性、不可退款的預訂單總計超過 10,000 台。透過協調的數位內容和知名共同創作參與者的認可，該活動的影響力得到了擴大，從而獲得了廣泛的社交媒體關注度，並加速了機構和消費者群體的客戶參與度。

FX continues to build strong momentum with its innovative B2B and B2C sales model. We have confidence that we will further strengthen our preorder pipeline.

FX 憑藉其創新的 B2B 和 B2C 銷售模式繼續保持強勁發展勢頭。我們有信心進一步加強我們的預訂管道。

By far, FX B2B strategy has covered multiple key FF partners. We are confident that our innovative B2B, B2C co-creation model will further strengthen our preorder pipeline.

目前，FX B2B策略已涵蓋FF多家重點合作夥伴。我們相信，我們創新的 B2B、B2C 共同創造模式將進一步加強我們的預訂管道。

On July 17, 2025, we hosted the global initial launch of the FX Super One MPV in Los Angeles, where we unveiled two groundbreaking global-first products, the FX Super One EAI EV MPV and the FF Super EAI F.A.C.E. System, alongside the FF EAI Embodied AI Agent 6x4 Architecture. The launch event was live-streamed to a global audience and attended by hundreds of guests.

2025年7月17日，我們在洛杉磯舉辦了FX Super One MPV的全球首發發布會，發布了兩款突破性的全球首發產品——FX Super One EAI EV MPV、FF Super EAI F.A.C.E.系統以及FF EAI Embodied AI Agent 6x4 Architecture。發布會向全球觀眾進行了現場直播，數百名嘉賓出席了此次發布會。

It was a tremendous success generating a sensational impact in both the United States and China and powerfully promoting the FX brand and the FX Super One product.

該片取得了巨大的成功，在美國和中國產生了轟動效應，有力地推廣了 FX 品牌和 FX Super One 產品。

One more significant achievement of our delivery in the second quarter is that Mariah Carey, award-winning best-selling female artist of all time and global top music legend, features prominently the FF 91 2.0 Futurist Alliance in her new music video Type Dangerous, alongside the FFZERO1.

我們在第二季度交付的另一個重要成果是，有史以來最暢銷的獲獎女歌手、全球頂級音樂傳奇人物瑪麗亞·凱莉 (Mariah Carey) 在她的新音樂視頻《Type Dangerous》中與 FFZERO1 一起突出展示了 FF 91 2.0 Futurist Alliance。

This reflects a new phase of global cultural co-creation for FF, attracting top-tier celebrities and reinforcing FF's identity as a true ultimate AI tech luxury brand. Moving to S2 and S3 product technology. This quarter, we have officially released software version 2.00.58 for FF 91 delivered via OTA.

這體現了FF全球文化共創的新階段，吸引了頂級名人，並強化了FF作為真正的終極AI科技奢侈品牌的身份。轉向 S2 和 S3 產品技術。本季度，我們已正式發布透過OTA方式交付的FF 91軟體版本2.00.58。

This version improves software stability and user experience and features the latest FF AI 2.0. Additionally, FF's proprietary next-generation voice assistant and ecosystem service platform, powered by large language models, LLM, and generative AI, GAI, was set to launch via imminent OTA update.

此版本提升了軟體穩定性和使用者體驗，並搭載了最新的FF AI 2.0。此外，FF自主研發的下一代語音助理及生態系統服務平台，由大型語言模型LLM和生成式人工智慧GAI驅動，即將透過OTA更新發布。

Our technological advancement is a key driver for our long-term platform strategy. Regarding regulatory compliance, the FMVSS, Federal Motor Vehicle Safety Standards, validation and pre-verification testing for FX have been in progress.

我們的技術進步是我們長期平台策略的關鍵驅動力。在法規遵循方面，FMVSS、聯邦機動車輛安全標準、FX 的驗證和預驗證測試一直在進行中。

Additionally, we have officially submitted a patent application for our Super One EAI-Face product. Shifting to S4, our progress on supply chain, industrialization and delivery.

此外，我們已經正式提交了Super One EAI-Face產品的專利申請。轉向S4，我們在供應鏈、工業化和交付方面取得了進展。

The Hanford plant has completed production and delivery of the FF91 P20 model and continues to produce subsequent vehicles. We also proactively prepared to produce the FX Super One.

漢福德工廠目前已完成FF91 P20車型的生產交付，並持續生產後續車輛。我們也積極準備製作FX Super One。

As of today, we have completed initial preparation for production, including layout planning, equipment procurement and installation, process documentation, personnel planning and training and the development of quality and logistics standards. FX Super One has officially entered the parts procurement and production preparation phase at our Hanford factory.

截至目前，我們已完成生產的初步準備，包括佈局規劃、設備採購和安裝、製程文件、人員規劃和培訓以及品質和物流標準的製定。FX Super One 已在我們漢福德工廠正式進入零件採購和生產準備階段。

Moving into trial production. Internally, we have kicked off the final countdown targeting the first vehicle to roll off the line by year-end. Regarding S5, our financial strategy and capital markets activity, Jerry, our Global President, will provide details shortly.

進入試生產階段。在內部，我們已經啟動了最後的倒數計時，目標是在年底前讓第一輛汽車下線。關於我們的財務策略和資本市場活動 S5，我們的全球總裁 Jerry 很快就會提供詳細資訊。

Our efforts in the Middle East and China and S6 made us progress this quarter in our key markets beyond the US. As part of our third pole strategy, within our broader global expansion road map, we achieved a key milestone in the Middle East during the second quarter.

我們在中東、中國和 S6 的努力使我們本季在美國以外的主要市場取得了進展。作為我們第三極策略的一部分，在我們更廣泛的全球擴張路線圖中，我們在第二季在中東取得了一個重要的里程碑。

We formally signed lease and received the keys to our new facility in Ras Al Khaimah Economic Zone. With the handover complete, site preparation is now underway, and our local team is preparing to assume operational responsibilities.

我們正式簽署了租約並收到了位於拉斯海馬經濟區的新工廠的鑰匙。交接完成後，現場準備工作正在進行中，我們的當地團隊正準備承擔營運責任。

The RAKEZ facility is expected to support future regional vehicle, customization and potential SKD, semi-knocked-down, or CKD, complete knocked-down, assembly operations, strategies that enable cost-effective local assembly accessibility.

RAKEZ 工廠預計將支援未來區域車輛的客製化和潛在的 SKD（半散件）或 CKD（全散件）組裝作業，這些策略可實現具有成本效益的本地組裝。

This progress further advances our presence across the Middle East and North Africa region and reinforces our dual-home-plus-third-pole operating model. Finally, let's look at S7.

這項進展進一步提升了我們在中東和北非地區的影響力，並強化了我們的雙主場加第三極的營運模式。最後我們來看看S7。

On the operations front, we were pleased to welcome back our founder, YT Jia, who rejoined the company as a Co-CEO alongside me this past quarter. Since he joined the company, we have achieved a major leap in both operational and capital fundamentals, market confidence has rebounded significantly, and the company's market capitalization has increased nearly 300%.

在營運方面，我們很高興歡迎創辦人賈躍亭的回歸，他於上個季度與我一起重新加入公司，擔任聯合執行長。自從他加入公司以來，我們在營運和資本基本面都實現了重大飛躍，市場信心明顯回升，公司市值增長了近300%。

Our operations team continued to advance the corporate comprehensive compliance road map, ensuring full compliance across all areas, from company-level governance to facility operations and product standards. On the system side, we implemented the PPTIA framework across the company.

我們的營運團隊持續推進企業全面合規路線圖，確保從公司級治理到設施營運和產品標準等所有領域的全面合規。在系統方面，我們在全公司範圍內實施了PPTIA框架。

The fundamental framework has achieved significant results in cost reduction, efficiency improvement and streamlined operations. We continue to strengthen our government relationships.

基本架構在降本增效、精簡運作等方面取得了明顯成效。我們繼續加強與政府的關係。

We've received strong endorsements from California political leaders and positive comments from members of Congress in Washington, DC for the Bridge Strategy. We participated in several high-profile events this quarter to showcase our vehicles and highlighted our global engagement, including a business roundtable at the White House.

我們得到了加州政治領導人的大力支持和華盛頓特區國會議員對橋樑戰略的正面評價。本季度，我們參加了幾場備受矚目的活動來展示我們的車輛並強調我們的全球參與，其中包括在白宮舉行的商業圓桌會議。

In July, we hosted a successful reception at the Capitol Hill Club where we showcased the FX Super One and the FF 91. The event included private meetings with over a dozen US lawmakers focused on terrorist technology and American manufacturing.

7 月，我們在國會山莊俱樂部舉辦了一場成功的招待會，展示了 FX Super One 和 FF 91。活動包括與十幾位美國議員的私人會晤，重點在於恐怖主義技術和美國製造業。

We were honored by the strong turnout and interest in FF's role in advancing domestic EV production. In addition, our global Bridge Strategy was backed by Donald Trump, Jr, who expressed support for our commitment to US manufacturing, recognizing FF's role in advancing innovation, creating jobs and supporting America's economic comeback.

我們很榮幸 FF 在推動國內電動車生產方面發揮的作用得到瞭如此廣泛的關注和參與。此外，我們的全球橋樑策略得到了小唐納德·川普的支持，他表示支持我們對美國製造業的承諾，並認可FF在推動創新、創造就業機會和支持美國經濟復甦方面的作用。

On August 16 at Pebble Beach, FF unveiled its EAI and Crypto Dual-Flywheel & Dual-Bridge Eco-Strategy and officially launched the C10 Treasury plan, the first C10 Treasury product based on the top 10 crypto asset basket indexed by a US-listed company, along with the release of the C10 Index.

8月16日，FF在圓石灘發表了EAI及加密雙飛輪雙橋生態策略，並正式推出C10 Treasury計畫－首個基於美股上市公司Top10加密資產籃子的C10 Treasury產品，同時發表C10指數。

The C10 Treasury will accumulate and compound a portfolio of the world's top 10 crypto assets with the goal of becoming the top treasury for the C10 basket. Phase 1 targets purchase totaling $500 million to $1 billion, subject to securing necessary funding, starting with an initial $30 million purchase.

C10 國庫將累積並複合全球前 10 大加密資產的投資組合，目標是成為 C10 籃子的頂級國庫。第一階段的目標採購總額為 5 億至 10 億美元，但須確保必要的資金，最初的採購額為 3,000 萬美元。

By building an independently operating, mutually empowering Web2 plus Web3 dual-engine growth system, we aim to accelerate the execution of our EAI crypto strategy and maximize value for our stockholders.

透過建構獨立運作、相互賦能的Web2+Web3雙引擎成長體系，我們旨在加速EAI加密策略的實施，為股東實現價值最大化。

Now let's welcome Koti Meka, our CFO, to walk through the financial results for the quarter.

現在，讓我們歡迎我們的財務長 Koti Meka 來介紹本季的財務業績。

Thank you, Matthias. Hello, everyone. I'll walk you through several key metrics that highlight both our operational execution and improving financial position in Q2 2025. For the quarter, our net loss from operations was $48.1 million compared to $50.6 million in the same period in 2024.

謝謝你，馬蒂亞斯。大家好。我將向您介紹幾個關鍵指標，這些指標突顯了我們的營運執行情況和 2025 年第二季財務狀況的改善。本季度，我們的營業淨虧損為 4,810 萬美元，而 2024 年同期為 5,060 萬美元。

Excluding depreciation, amortization and stock-based compensation, the adjusted operating loss stood at approximately $27.4 million, made up of $7.3 million in cost of revenue, $4.8 million in R&D, $1.9 million in sales and marketing and $13.4 million in G&A.

不包括折舊、攤提和股票薪酬，調整後的營業虧損約為 2,740 萬美元，其中包括 730 萬美元的收入成本、480 萬美元的研發成本、190 萬美元的銷售和行銷成本以及 1,340 萬美元的一般及行政費用。

The monthly operating loss is approximately $9 million during this quarter. These numbers reflect our disciplined cost management even as we continue to invest in FX-related engineering, talent expansion and strategic ramp-up initiatives.

本季每月營業虧損約 900 萬美元。這些數字反映了我們嚴格的成本管理，即使我們繼續投資於外匯相關的工程、人才擴張和策略性提升計劃。

For the 6 months ended June 30, 2025, operating cash outflow totaled $43.6 million, a 50% increase from $29.1 million for the same period in 2024. This increase was primarily driven by timing of the payments and the operational ramp-up of the FX platform.

截至 2025 年 6 月 30 日的 6 個月，經營現金流出總計 4,360 萬美元，較 2024 年同期的 2,910 萬美元增長 50%。這一增長主要得益於付款時間和外匯平台營運的提升。

The increase in operating cash usage reflects our ongoing investments in product development, strategic execution and cost discipline as we position the company for growth. Our financing activities generated $55.1 million in net cash inflows during the six months ended June 30, 2025, a 106% increase from $26.7 million in the same period of the prior year.

營運現金使用量的增加反映了我們在產品開發、策略執行和成本控制方面的持續投資，為公司的成長做好了準備。截至 2025 年 6 月 30 日的六個月內，我們的融資活動產生了 5,510 萬美元的淨現金流入，比去年同期的 2,670 萬美元增長了 106%。

As of August 12, subsequent to Q2's end, we received an additional $45.7 million in financing. Our financing efforts have meaningfully bolstered our liquidity with quarter end cash position reaching an 18 month high.

截至 8 月 12 日，第二季結束後，我們又獲得了 4,570 萬美元的額外融資。我們的融資努力顯著增強了我們的流動性，季度末現金狀況達到了 18 個月的最高水平。

This improvement reflects our ability to secure capital despite the constrained macroeconomic environment. While total liabilities grew by approximately $29.4 million over the six month period, much was due to mark-to-market adjustments rather than new financing, highlighting the balance sheet sensitivity to equity-linked valuation changes under fair value accounting.

這項改善反映了我們在宏觀經濟環境受限的情況下仍能獲得資本的能力。雖然總負債在六個月內增加了約 2,940 萬美元，但很大程度上是由於按市價調整而不是新融資造成的，這突顯了資產負債表對公允價值會計下與股權相關的估值變化的敏感性。

In summary, our Q2 performance reflects meaningful progress across both capital liquidity and operational fronts. We remain focused on executing strategic investments aligned with our core road map while optimizing capital deployment and driving toward long-term sustainable growth.

總而言之，我們的第二季業績反映出資本流動性和營運方面都取得了有意義的進展。我們將繼續專注於執行符合我們核心路線圖的策略性投資，同時優化資本配置並推動長期永續成長。

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 progress with capital financing in the second quarter.

謝謝你，科蒂。我是法拉第未來全球總裁王傑瑞。現在我將分享我們第二季資本融資的進展。

In Q2, FFAI was officially added to the Russell 3000 Index, a key milestone that enhances our visibility and credibility among institutional investors, analysts and the broader market. Externally, top-tier international fund managers, including Vanguard and BlackRock, continued to increase their holdings in FFAI.

第二季度，FFAI 正式被納入羅素 3000 指數，這是一個重要的里程碑，提高了我們在機構投資者、分析師和更廣泛市場的知名度和可信度。外部來看，先鋒集團、貝萊德等國際頂尖基金管理公司持續增持FFAI。

Vanguard currently holds 5.24 million shares and has increased by 500% compared to Q4 2024. BlackRock has increased its holdings in FFAI for 4 consecutive quarters, boosting its position nearly sevenfold from the previous quarter.

Vanguard 目前持有 524 萬股，與 2024 年第四季相比增加了 500%。貝萊德已連續四季增持FFAI，持股較上一季增加近七倍。

As of June 30, 2025, BlackRock reported that it holds approximately 5.39 million shares, up from just 780,000. Capital markets are recognizing and gaining confidence in FF's authentic value and long-term growth potential.

截至 2025 年 6 月 30 日，貝萊德報告持有約 539 萬股，高於先前的 78 萬股。資本市場正在認可並相信FF的真實價值和長期成長潛力。

Internally, we launched our 10b5-1 executive stock purchase plans, which reflect FF executives personal commitment to the company's future and aim to align their interests with those of the stockholders. Our Founder and Co-CEO, YT Jia, Global President, Jerry Wang, myself, FX CEO, Max Ma; FF CFO, Koti Meka, and several other executives have been officially approved and processed for these 10b5 purchase plans.

在內部，我們推出了10b5-1高階主管股票購買計劃，這反映了FF高階主管對公司未來的個人承諾，旨在使他們的利益與股東的利益保持一致。我們的創辦人兼聯席執行長賈躍亭、全球總裁王傑瑞、我本人、FX 執行長 Max Ma、FF 財務長 Koti Meka 以及其他幾位高階主管已正式獲得批准並處理這些 10b5 購買計劃。

On the capital markets front, we actively participated in several investor conferences, forums and non-deal road shows to strengthen our engagement with the broader capital markets. I had the honor of delivering remarks at Keppel Bank's conference, and I just presented at JPMorgan 2025 Auto Conference in New York last week.

在資本市場方面，我們積極參與了多場投資者會議、論壇和非交易路演，以加強我們與更廣泛的資本市場的接觸。我很榮幸能在吉寶銀行的會議上發表演講，上週我剛在紐約摩根大通 2025 汽車會議上發表了演講。

Stakeholder engagement remained a key focus in the second quarter. We hosted our first Annual Stockholders Day where we provided in-depth FX product updates and deepen alignment with our retail investor community.

利害關係人的參與仍然是第二季度關注的重點。我們舉辦了首屆年度股東日，提供了深入的外匯產品更新，並加深了與散戶投資者社群的聯繫。

We strategically collaborated with HabitTrade, a global multi-market brokerage and digital asset infrastructure platform, marking Faraday Future's first step into the Web3 financial ecosystem. We have also engaged a leading financial adviser to help advance global AI and AI EV M&A strategy.

我們與全球多市場經紀和數位資產基礎設施平台 HabitTrade 達成策略合作，標誌著法拉第未來邁出進軍 Web3 金融生態系統的第一步。我們還聘請了一家領先的財務顧問來幫助推動全球人工智慧和人工智慧電動車併購策略。

Additionally, we recently announced $105 million in financing in July to fund our aggressive growth strategy. This fund will significantly strengthen the company's ability to launch FX Super One, scale up the production readiness as well as advance our position to be a leader in the AI EV market.

此外，我們最近宣佈在 7 月融資 1.05 億美元，以資助我們積極的成長策略。該基金將大大增強公司推出 FX Super One 的能力，擴大生產準備，並提升我們在人工智慧電動車市場的領先地位。

Now let's welcome back Matthias to discuss the outlook.

現在讓我們歡迎 Matthias 回來討論前景。

Thank you, Jerry. I will now walk you through our key updates with the primary focus on Q3, also structured across the S1 to S7 framework.

謝謝你，傑瑞。現在我將向您介紹我們的主要更新，主要關注 Q3，也涵蓋 S1 至 S7 框架。

For S1, first of all, we continue to make strong progress in building our user ecosystem. On the FS 91 side, we expect more elite celebrities and public figures to join as FF 91 owners and co-creation officers.

對S1來說，首先，我們在用戶生態系統建置方面持續取得強勁進展。在FS 91方面，我們期待更多精英名人和公眾人物加入成為FF 91的車主和共同創造者。

Their participation not only validates our brand but also helps amplify our co-creation vision through influence, innovation and community building. On the FX side, momentum is accelerating.

他們的參與不僅驗證了我們的品牌，而且還有助於透過影響力、創新和社區建設來擴大我們的共同創造願景。外匯方面，勢頭正在加速。

Our B2B and B2C sales channels have now expanded into the eight US states, and we have officially launched the FX Dream Partner Program, inviting leading players across various industries to join us in co-creating the next generation of mobility. We are also developing a comprehensive user engagement ecosystem that combines products, platforms and AI to deepen customer interaction.

我們的B2B和B2C銷售管道現已擴展到美國八個州，並正式啟動FX夢想合作夥伴計劃，邀請各行各業的領先企業加入我們，共同創造下一代移動出行。我們也正在開發一個綜合的用戶參與生態系統，結合產品、平台和人工智慧來加深客戶互動。

In the meantime, our FX Service Par Program continues to grow as we expand partnerships with major service and aftermarket providers to establish a strong nationwide aftersales support network. In the near future, we are ramping up physical presence and visibility through a series of high-impact off-line activities for the FX Super One.

同時，隨著我們擴大與主要服務和售後市場供應商的合作夥伴關係以建立強大的全國售後支援網絡，我們的 FX 服務標準計劃也在不斷發展。在不久的將來，我們將透過一系列針對 FX Super One 的高影響力線下活動來提升實體影響力和知名度。

This includes our participation in the LA Auto Conference. Now shifting to S2 and S3 without or with product technology. We are doubling down on our AI product strategy.

這包括我們參加洛杉磯汽車會議。現在轉向有或無產品技術的 S2 和 S3。我們正在加倍努力推進我們的人工智慧產品策略。

A core focus this year is building a robust internal R&D capability especially in software and AI. We are expanding the transfer of core technologies from our $300,000 flagship FF 91 into the FX product line.

今年的核心重點是建立強大的內部研發能力，特別是在軟體和人工智慧領域。我們正在將核心技術從價值 30 萬美元的旗艦 FF 91 轉移到 FX 產品線。

In the second half of the year, our voice interaction system built on large language models will be deployed across FX Super One and other models. These models will connect seamlessly with the full FF ecosystem of intelligent services, delivering a deeply interactive user ecosystem.

下半年，我們基於大型語言模型建構的語音互動系統將會在FX Super One等機型上部署。這些模型將與FF完整的智慧服務生態系統無縫連接，提供深度互動的用戶生態系統。

From there, let's look at S4 where we will cover progress on supply chain, industrialization and delivery. We have launched the pilot production phase of the FX Super One, and equipment installation and commissioning are expected to be completed within the year to enable full vehicle manufacturing capability.

從那裡，讓我們看看 S4，我們將介紹供應鏈、工業化和交付方面的進展。目前，FX Super One已進入試生產階段，預計在年內完成設備安裝調試，形成完整的整車製造能力。

In September 2024, the FF and FX dual-brand strategy was first announced. In 2025, we expect to complete the FX year-end off-line target.

2024年9月，FF、FX雙品牌策略首度公佈。2025年我們預計完成FX年終下線目標。

Shifting to S5. We are continuously optimizing our capital and financing structure, including bringing in top-tier investment banks and large institutional investors.

轉換至 S5。我們不斷優化資本和融資結構，包括引進頂級投資銀行和大型機構投資者。

As always, we continue to uphold the shareholders-first philosophy by putting all of our efforts towards building trust with investors and fully regain their confidence. Turning to S6, our efforts in the Middle East and China.

我們將一如既往地秉持股東至上的理念，盡力與投資人建立信任，重新贏得他們的信心。談到 S6，我們在中東和中國的努力。

The Middle East market has made positive progress in preparation, including financing, research and development and vehicle deliveries. It is expected that the preparatory work related to the delivery for the Middle East will be completed within Q3.

中東市場在融資、研發、車輛交付等準備工作上均取得正面進展。預計中東地區交付相關準備工作將於第三季內完成。

Strong support from FF's partners and the smooth launch of the Middle East factory construction has greatly accelerated our ability to commence vehicle deliveries. We anticipate the first Super One will roll off the production line by the end of the year.

FF合作夥伴的大力支持以及中東工廠建設的順利啟動，大大加快了我們車輛交付的速度。我們預計第一輛 Super One 將於今年底下線。

Finally, let's close with S7, system development and strategic growth. FF will continue to advance its EAI EV dual-brand strategy.

最後，讓我們以 S7、系統開發和策略成長來結束。FF將持續推進其EAI EV雙品牌策略。

Our first brand, FF will remain focused on the ultra-spire segment, maintain FF 91 deliveries to celebrities and stars and complete the model change and upgrades to FF 92. Our second brand, FX will leverage the Super One to open the blue ocean MPV market in the US while rapidly initiating deliveries of several additional models.

我們的第一個品牌FF將繼續專注於超級尖頂領域，保持向名人和明星交付FF 91，並完成向FF 92的車型更改和升級。我們的第二個品牌 FX 將利用 Super One 打開美國藍海 MPV 市場，同時快速啟動幾款其他車型的交付。

We are continuing to improve operational efficiency through resource optimization, cost control and enhanced execution and tracking. Our strategic planning systems have undergone several rounds of iterative refinement, and we are beginning to see tangible results.

我們正在透過資源優化、成本控制和加強執行和追蹤來持續提高營運效率。我們的策略規劃體系經過幾輪迭代完善，開始看到實際的成果。

In addition, we are integrating AI and IT tools across our operations. The ongoing improvement of our IT General Controls framework is helping us increase the efficiency of quarterly and annual reporting.

此外，我們正在整個營運過程中整合人工智慧和 IT 工具。我們 IT 整體控制框架的持續改進正在幫助我們提高季度和年度報告的效率。

We believe FF, propelled by the EAI and Crypto Dual-Flywheel Dual-Bridge Eco-Strategy, could continue to optimize operations in line with our corporate goal, Stockholder First. Thank you. Now let's turn it back to John for Q&A.

我們相信，在EAI和加密雙飛輪雙橋生態策略的推動下，FF能夠繼續優化運營，並符合我們「股東至上」的企業目標。謝謝。現在讓我們把話題轉回約翰進行問答。

Thank you, Matthias, 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 June 30, 2025, providing additional detail on our financial position.

謝謝你，馬蒂亞斯，也謝謝今天在場的每一個人。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 6 月 30 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。

These materials offer helpful context to support everything we've shared today. With that, we'd now like to open up the floor for some Q&A.

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。現在，我們想開始進行一些問答。

Here are some selected questions from e-mails sent to us. One, what is the status of your US production time line? Are you still on target for initial production by the end of this year?

以下是從發送給我們的電子郵件中選取的一些問題。一、你們美國生產時間線的現況如何？你們是否仍計劃在今年年底前實現初步生產？

We remain on track for the first FX Super One rollout in the US by year-end. Recently, we have announced the FX Super One has commenced its trial production based at our Hanford factory. This procurement and installation work are in progress, and the Middle East deliveries are planned to start this year.

我們仍有望在年底前在美國推出首支 FX Super One。最近，我們宣布 FX Super One 已在漢福德工廠開始試產。此次採購和安裝工作正在進行中，並計劃今年開始向中東地區交付。

Two, are you going to be presenting at any upcoming investor conferences? And will they be webcast?

二，您會出席任何即將召開的投資者會議嗎？他們會進行網路直播嗎？

We are scheduled to participate in several investor conferences this fall, including the Deutsche Bank Car Conference in Germany on September 8 to 9, 2025, and LA Auto Conference from November 21 to 30. We plan to participate in additional investor conferences in the fourth quarter, and we'll keep the investor community updated.

我們計劃在今年秋季參加幾場投資者會議，包括2025年9月8日至9日在德國舉行的德意志銀行汽車會議，以及11月21日至30日舉行的洛杉磯汽車會議。我們計劃在第四季度參加更多投資者會議，並將向投資者社區通報最新情況。

Most of these conferences will be webcast or live stream, and we will publish the schedules and links on our Investor Relations website. Last week, I presented at the JPMorgan Auto Investor Conference in New York on August 12, 2025.

大多數會議將以網路直播或現場直播的方式進行，我們將在投資者關係網站上發布會議日程和連結。上週，我在 2025 年 8 月 12 日於紐約舉行的摩根大通汽車投資者會議上發表了演講。

Three, what is your strategic plan in the Middle East market? Can you provide an update on the operations there?

三、貴公司在中東市場的策略規劃是什麼？您能否提供那裡行動的最新情況？

The Middle East is the third major pillar, FF's global market strategy. Product and capital market of China and the US, we held a handover ceremony in Ras Al Khaimah, UAE for our regional factory and operations facility, a critical step forward.

中東是FF全球市場策略的第三大支柱。針對中國和美國的產品和資本市場，我們在阿聯酋拉斯海馬舉行了區域工廠和營運設施的交接儀式，這是向前邁出的關鍵一步。

The plan for 2025 is to begin sales of the Super One model in the Middle East market, followed by sales in the US market by the end of the year.

2025 年的計畫是開始在中東市場銷售 Super One 車型，然後在年底前在美國市場銷售。

Four, do you have a list of future events where we might be able to see the vehicles and production facilities?

第四，您是否有未來活動的清單，我們可以在這些活動中看到車輛和生產設施？

Yes, and we are ramping up physical presence and visibility through a series of high-impact off-line activities for the FX Super One.

是的，我們正在透過一系列針對 FX Super One 的高影響力線下活動來提升實體存在感和知名度。

We officially unveiled and kicked off the second chapter of our Bridge Strategy over the weekend at our Pebble Beach event. We will also attend LA Auto Conference from November 21 to 30.

我們在週末的圓石灘活動上正式公佈並啟動了橋樑戰略的第二章。我們也將參加11月21日至30日的洛杉磯汽車會議。

Five, with top funds like BlackRock and Vanguard increasing holdings, what themes have come up in your conversations with them?

五、隨著貝萊德、先鋒等頂級基金增持，您在與他們的對話中談到了哪些主題？

We are glad to see capital markets are recognizing and gaining confidence in FF's authentic value and long-term growth potential. We've had constructive conversations with institutional holders around scalability, governance and capital efficiency.

我們很高興看到資本市場對FF的真實價值和長期成長潛力的認可和信心。我們就可擴展性、治理和資本效率與機構持有者進行了建設性的對話。

The increased holdings reflect confidence in our long-term potential, and we continue to work closely with these stakeholders to ensure alignment on strategy and transparency.

增持反映了對我們長期潛力的信心，我們將繼續與這些利害關係人密切合作，以確保策略和透明度的一致性。

Six, how do you plan to achieve the same level of the user experience in human-machine interaction, high-level intelligent connectivity and precise autonomous driving that some of your peers have already accomplished?

六、在人機互動、高水準智慧網路、精準自動駕駛等方面的使用者體驗，你們計畫如何達到一些同業已經達到的水準？

We have already built a solid foundation in the area of in-vehicle systems particularly with extensive team experience in internet services, AI applications and human-machine interaction. For the final FX product, we will incorporate these advanced technologies and features that have already been tested and validated in the FF 91.

我們已在車載系統領域建立了堅實的基礎，特別是在網路服務、人工智慧應用和人機互動方面擁有豐富的團隊經驗。對於最終的 FX 產品，我們將融入這些已經在 FF 91 中測試和驗證的先進技術和功能。

On the software platform and intelligent hardware front, we will collaborate with partners and fully leverage supplier capabilities to ensure that resource-intensive areas such as intelligent hardware and algorithms meet industry-leading standards.

在軟體平台和智慧硬體方面，我們將與合作夥伴協同，充分發揮供應商的能力，確保智慧硬體、演算法等資源密集領域達到業界領先水準。

As for autonomous driving, which involves significant investments in regulations, infrastructure and data, we will implement it in phases based on technology and end consumers demand.

至於自動駕駛，涉及法規、基礎設施和數據方面的大量投資，我們將根據技術和最終消費者的需求分階段實施。

Seven, your company's stock price has made significant progress since the second quarter. Could you briefly introduce what your company's most core value is?

七、貴公司股價自第二季以來取得了明顯進步。能否簡單介紹一下貴公司最核心的價值是什麼？

FF is one of the only four US-listed new energy EV companies to pass crash testing alongside Tesla, Lucid and Rivian and among the few that have successfully gone from concept to commercialization.

FF是繼特斯拉、Lucid、Rivian之後，僅有的四家通過碰撞測試的美股上市新能源電動車公司之一，也是少數幾家成功從概念走向商業化的公司之一。

We've invested nearly $4 billion and built a full closed-loop system in the United States, encompassing R&D, safety testing, certification, manufacturing, sales and aftersales service.

我們在美國投資了近40億美元，建立了涵蓋研發、安全測試、認證、生產、銷售、售後服務的完整閉環系統。

As a NASDAQ-listed company, FF benefits from strong liquidity, high visibility and a broad shareholder base. Our premium brand image is well established, and our FX series target the untapped blue ocean market in the United States.

作為納斯達克上市公司，FF 擁有強大的流動性、較高的知名度和廣泛的股東基礎。我們的高端品牌形像已得到良好樹立，我們的FX系列瞄準美國尚未開發的藍海市場。

At our Hanford, California facility, we currently have an annual production capacity of 10,000 units, which can be scaled to 30,000 to 50,000 units for the production of FF and FX vehicles under certain conditions.

在我們位於加州漢福德的工廠，我們目前的年生產能力為 10,000 輛，在某些條件下可以擴大到 30,000 至 50,000 輛，用於生產 FF 和 FX 車輛。

As an American company with deep Chinese roots, FF keep close contracts with top China OEMs and Tier 1 suppliers. We're leveraging global supply chain advantages, including cost, speed and scale to deliver greater efficiency to the United States market. This strategy is now in active execution.

作為一家有著深厚中國根基的美國公司，FF 與中國頂級原始設備製造商和一級供應商保持著密切的聯繫。我們正在利用全球供應鏈優勢，包括成本、速度和規模，為美國市場提供更高的效率。目前該戰略正在積極實施中。

Eight, besides the FX Super One, you've also mentioned developing a second FX model. How do you plan to achieve it?

八，除了 FX Super One 之外，您還提到開發第二款 FX 型號。你打算如何實現它？

Currently, aside from software, most of FX work focuses on engineering management. Therefore, many resources and capabilities can be reused and shared within the FX Super One project. Meanwhile, the second model will be managed with staggered resource allocation to better utilize existing resources.

目前，除了軟體之外，FX 的大部分工作都集中在工程管理上。因此，許多資源和能力可以在 FX Super One 專案內重複使用和共享。同時，第二種模式將採用分階段資源配置的管理方式，以便更好地利用現有資源。

Nine, which flagship FF 91 technologies are being integrated into the FX product line? How are you managing cost and complexity in that transfer?

九、FF 91的哪些旗艦技術正在融入FX產品線？您如何管理轉移過程中的成本和複雜性？

The company's resource are mainly divided into two categories, platform-based and model-based. The platform-based category primarily revolves around FF's core AI software and the application of internet technologies, which also benefits FX.

公司的資源主要分為平台型和模型型兩大類。平台化板塊主要圍繞在FF的核心AI軟體以及互聯網技術的應用，這也對FX有利。

This area represents the company's core competitiveness and will be the primary focus of investment. Model-based category includes vehicle programs since FF's production has already reached a relatively mature stage.

該領域是公司的核心競爭力，將是公司投資的重點。基於模型的類別包括車輛項目，因為FF的生產已經達到相對成熟的階段。

Apart from the software portion, most of our investment in this area will focus on FX mass production, development and complete vehicle testing.

除了軟體部分，我們在這方面的大部分投入將集中在FX的量產、開發和整車測試。

10, what is your monthly burn rate?

10、您每個月的資金消耗率是多少？

As we mentioned before, for Q2, our adjusted operating loss stood at $27.4 million. That translates to an average monthly operating loss of approximately $9 million, which includes expenses across cost of revenue, research and development, sales and marketing and general and administrative functions.

正如我們之前提到的，第二季度，我們的調整後營業虧損為 2,740 萬美元。這意味著平均每月的營運虧損約為 900 萬美元，其中包括收入成本、研發、銷售和行銷以及一般和行政職能方面的費用。

Thank you for your time. 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.

感謝您抽出時間。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。

We remain committed to maintaining open communication with our investors. That concludes today's conference call. Thank you for your participation.

我們始終致力於與投資者保持開放的溝通。今天的電話會議到此結束。感謝您的參與。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。