Faraday Future Intelligent Electric Inc (FFAI) 2025 Q3 法說會逐字稿

Greetings, and welcome to Faraday Future Intelligent Electric Inc. Third quarter 2025 earnings call.

大家好，歡迎參加 Faraday Future Intelligent Electric Inc. 2025 年第三季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to John Schilling. Thank you, John. You may begin.

（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給約翰席林主持。謝謝你，約翰。你可以開始了。

Welcome, everyone, to Faraday Future's third 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, Mattias Aydt; our CFO, Koti Meka, and our Global FF President, Jerry Wang.

歡迎各位參加 Faraday Future 2025 年第三季財報電話會議。這是 FF 的公關與傳播總監 John Schilling。今天，我的幾位領導團隊成員也來到了現場，包括我們的全球聯合執行長 Mattias Aydt、財務長 Koti Meka 和全球 FF 總裁 Jerry Wang。

Today, we will be sharing details from our third 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年第三季業績的詳細情況。新聞稿和今天的簡報都將發佈在公司網站 investors.ff.com 的投資者關係版塊。本次電話會議的錄音回放也將於今日稍晚發佈在該版塊。

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，在本次電話會議中，我們將根據目前的預期和假設做出前瞻性陳述，這些陳述存在風險和不確定性。這些聲明僅反映我們截至今日的觀點，不應被視為代表我們之後任何日期的觀點，我們也沒有義務根據新的資訊或未來事件對這些前瞻性聲明進行修訂或公開披露任何修訂結果。

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.

這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。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 third quarter overview and financial highlights; our development progress, together with our fourth quarter and 2026 outlook. At the conclusion of the overview, the management team will also address questions from our shareholders submitted electronically in advance of the call.

在今天的電話會議中，我們將討論以下主題：第三季概覽和財務亮點；我們的發展進展，以及我們對第四季和 2026 年的展望。在概述結束後，管理團隊還將回答股東們在電話會議之前以電子方式提交的問題。

With that, I will now turn the call over to Mattias. Thank you.

接下來，我將把電話交給馬蒂亞斯。謝謝。

Thank you, John. Hi, everyone. This is Mattias, Global Co-CEO of Faraday Future. I am pleased to share our key developments for the third quarter of 2025 through today structured around our 7 Tier one 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。這位是法拉第未來全球聯席執行長馬蒂亞斯。我很高興與大家分享我們截至 2025 年第三季度的主要發展情況，這些發展情況圍繞著我們的 7 個一級戰略目標和支柱（S1 至 S7）展開，重點介紹了我們在運營方面取得的實質性進展、業務和財務基本面的改善以及在人工智能驅動的出行路線圖方面持續的戰略執行。

For S1, our user ecosystem at the global launch of the FX Super One NPV in L.A. on July 17, we unveiled three groundbreaking innovations, the FX Super One EAI-MPV, the FF Super EAI F.A.C.E. System and the FF EAI Embodied AI Agent 6x4 Architecture. The event drew major attention across the U.S. and China, further elevating the FX brand.

7 月 17 日，在洛杉磯舉行的 FX Super One NPV 全球發布會上，我們面向用戶生態系統 S1 推出了三項突破性創新：FX Super One EAI-MPV、FF Super EAI F.A.C.E. 系統和 FF EAI Embodied AI Agent 6x4 架構。該活動在美國和中國引起了廣泛關注，進一步提升了FX品牌的知名度。

As of the launch, FX has secured over 11,000 paid nonbinding Super One preorders. Faraday Future also finalized the U.S. production assembly plan for the FX Super One. The company's bridge partners and supply chain collaborators will commence component supply for the production assembly phase.

截至目前，FX 已獲得超過 11,000 份付費的非約束性 Super One 預購訂單。法拉第未來公司也最終敲定了FX Super One在美國的生產組裝計畫。該公司的橋樑合作夥伴和供應鏈合作方將開始為生產組裝階段供應零件。

FX has also rolled out national co-creation and sales events across eight major U.S. states receiving enthusiastic feedback in New York, Boston and L.A. The FX Super One continues to build strong momentum, reflecting the growing success of our co-creation ecosystem online direct sales model.

FX 也在美國八個主要州推出了全國性的聯合創作和銷售活動，並在紐約、波士頓和洛杉磯獲得了熱烈的反響。 FX Super One 持續保持強勁的發展勢頭，反映了我們聯合創作生態系統線上直銷模式的日益成功。

In the third quarter, we have signed a 100-unit nonbinding and nonrefundable FX Super One deposit agreement with Ariana Motors, one of the largest independent dealerships in Las Vegas. We also expanded our co-creation network through new nonbinding and nonrefundable deposits with the ALPS, a leading global MCN agency and a key TikTok partner managing over 3,000 influencers, Space Auto of Beverly Hills-based luxury auto dealer, strengthening our reach across Southern California's ultra-luxury market and both auto, one of Boston's largest independent dealerships through a 100-unit preorder agreement that marks our entry into the Massachusetts market.

第三季度，我們與拉斯維加斯最大的獨立經銷商之一 Ariana Motors 簽署了一份 100 台 FX Super One 的非約束性且不可退還的訂金協議。我們也透過與全球領先的MCN機構ALPS（也是TikTok的重要合作夥伴，管理著3000多名網紅）簽訂新的無約束且不可退還的訂金，擴大了我們的合作創作網絡；與位於比佛利山莊的豪華汽車經銷商Space Auto簽訂了新的無約束且不可退還的最大經銷商，加強了我們在南面超豪華經銷商的最大影響力； auto簽訂的100輛預訂協議，標誌著我們進入馬薩諸塞州市場。

In October, we also signed a nonbinding 1,000-unit preorder agreement with ZEVO, the U.S. Pioneer and peer-to-peer EV sharing platforms. In total, we have more than 11,000 B2B nonbinding preorders for the FX Super One.

10 月，我們還與美國先鋒點對點電動車共享平台 ZEVO 簽署了一份不具約束力的 1000 台預訂協議。目前，我們已收到超過 11,000 份 FX Super One 的 B2B 非約束預訂單。

These will help FX expand into new markets and represent innovative steps in our B2B, [B2C] sales model. With their preorders and rising brand visibility, FX Super One is strengthening its position as the leading AI-driven ultra-luxury mobility brand.

這些措施將有助於 FX 拓展新市場，並代表我們在 B2B、[B2C] 銷售模式中邁出的創新步伐。憑藉預購訂單和不斷提升的品牌知名度，FX Super One 正在鞏固其作為領先的 AI 驅動超豪華旅遊品牌的地位。

Moving to S2 and S3 product and technology. Building on last quarter's progress, we continue advancing both FF 91 and FX Super One. One exciting update is coming to the B-pillar AI system, which will soon include intuitive gesture control powered by AI, allowing users to open and close doors with simple hand gestures, completely touch-free. On FX, more than half of the Federal Motor Vehicle Safety Standards, FMVSS, 201U test points have been completed.

向S2和S3產品及技術過渡。在上一季的進展基礎上，我們繼續推進 FF 91 和 FX Super One 的研發。其中一個令人興奮的更新即將應用於 B 柱 AI 系統，該系統很快將包含由 AI 驅動的直覺式手勢控制功能，使用戶能夠透過簡單的手勢實現完全非接觸式的車門開關。FX 已經完成了聯邦機動車輛安全標準 (FMVSS) 201U 測試點的一半以上。

Full vehicle safety testing have also delivered interim results. The series of assessment tests continues at MGA Research, keeping the vehicle on track for development and validation after multiple rounds of discussion and alignment, we have finalized the U.S. assembly plant for FX Super One.

整車安全測試也已公佈了中期結果。MGA Research 繼續進行一系列評估測試，以確保車輛的開發和驗證按計劃進行。經過多輪討論和調整，我們最終確定了 FX Super One 的美國組裝廠。

Our bridge partners and supply chain collaborators are now supplying components for the production assembly phase as the team pushes towards the milestone of rolling the first preproduction U.S. version FX Super One off the line.

我們的橋樑合作夥伴和供應鏈合作者現在正在為生產組裝階段提供組件，團隊正朝著將第一台預生產型美國版 FX Super One 下線的里程碑目標邁進。

With more than $3.5 billion invested in our EAI EV strategy, FF has built a complete ecosystem, spanning R&D, manufacturing sales and aftersales. Operating FF as ultimate AI tech luxury and FX for broader markets, we continue to strengthen our foundation for sustainable long-term growth in the AI-driven ultra-luxury mobility space.

FF已在EAI電動車策略上投資超過35億美元，建構了一個涵蓋研發、製造、銷售和售後服務的完整生態系統。我們將 FF 作為終極 AI 技術奢侈品運營，並將 FX 運營至更廣泛的市場，我們將繼續加強我們在 AI 驅動的超豪華出行領域實現可持續長期增長的基礎。

This quarter, we released version 2.00.58 of the FF 91 operating system software delivered via OTA. This version enhances software stability and user experience and includes the latest FFAI 2.0 FS, proprietary next-generation voice assistant and ecosystem service platform, powered by large language models and generative AI. These advancements mark an important step forward in our long-term platform strategy. Lastly, the patent application for the Super One EAI phase product has been submitted.

本季度，我們發布了透過 OTA 方式交付的 FF 91 作業系統軟體 2.00.58 版本。此版本增強了軟體穩定性和使用者體驗，並包含最新的 FFAI 2.0 FS、專有的下一代語音助理和生態系統服務平台，該平台由大型語言模型和生成式人工智慧驅動。這些進展標誌著我們在長期平台策略方面邁出了重要一步。最後，Super One EAI 相產品的專利申請已經提交。

Shifting to S4, our progress on supply chain, industrialization and delivery. The FX Super One entered the trial preproduction phase at our facility in Hanford, California. We are progressing with process planning and validation, defining manufacturing processes, refining work procedures, establishing quality standards and ramping up training for engineers and production teams.

向S4轉型，我們在供應鏈、工業化和交付方面取得了進展。FX Super One 已在我們位於加州漢福德的工廠進入試生產階段。我們正在推進製程規劃和驗證，確定製造工藝，完善工作流程，建立品質標準，並加強對工程師和生產團隊的培訓。

FX also signed a procurement agreement for the first batch of complete parts with our supply chain partner with shipments scheduled to begin soon. The next focus will be accelerating logistics and supply chain efforts to ensure timely arrival of this first batch of parts at Hanford. Meanwhile, construction at our Ras Al Khaimah facility in the U.A.E. is progressing positioning us to begin our first few regional deliveries as early as this month.

FX 還與我們的供應鏈合作夥伴簽署了首批完整零件的採購協議，預計很快就會開始出貨。接下來的重點是加快物流和供應鏈工作，以確保首批零件及時運抵漢福德。同時，我們在阿聯酋拉斯海馬的工廠建設正在穩步推進，這使我們能夠最早在本月開始向該地區交付首批產品。

Regarding S5, our financial strategy and capital markets activity, Jerry, our Global President, will provide details shortly. Our efforts in the Middle East and China under S6, we continue to advance our three-pole strategy within FS global expansion.

關於S5，即我們的財務策略和資本市場活動，我們的全球總裁Jerry將很快提供詳細資訊。在S6框架下，我們在中東和中國的努力，將繼續推進我們在FS全球擴張中的三極戰略。

At the Sustainability and Clean Energy Conference in Dubai, FF 91 2.0 and FX Super One were showcased and received high praise and strong interest from members of the U.A.E. and Dubai royal families and senior government offices. The event highlighted not only our vehicles but also our solutions for future mobility, energy and sustainability, marking an important step forward in the region.

在杜拜舉行的可持續發展和清潔能源大會上，FF 91 2.0 和 FX Super One 進行了展示，並受到了阿聯酋和杜拜王室成員以及高級政府官員的高度讚揚和濃厚興趣。這項活動不僅重點展示了我們的車輛，還展示了我們面向未來出行、能源和永續發展的解決方案，標誌著該地區向前邁出了重要一步。

The Middle East final launch of the FX Super One took place on October 28, at the Armani Hotel of Burj Khalifa, Dubai and was a tremendous success. The launch featured the debut of the first-class EAI MPV in the region, the release of the FX Super One price point, starting at approximately $85,000 and announced the first global FX Super One to Andres Ingesta, which will make him the vehicles' inaugural global owner.

FX Super One 的中東最終發布會於 10 月 28 日在杜拜哈利法塔的阿瑪尼酒店舉行，並取得了巨大的成功。發布會上，EAI MPV 在該地區首次亮相，FX Super One 的價格也正式公佈，起價約為 85,000 美元。同時，首輛全球 FX Super One 交付給了 Andres Ingesta，他將成為該車型的首位全球車主。

This event reflects the strong traction of our co-creation ecosystem in the region and demonstrates FX Super One appeal among high-net-worth and influential customers. On the event, we received nonbinding nonrefundable paid preorders from XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX B2C customers for more than 200 total units within 48 hours after this event.

這項活動反映了我們在該地區的共創生態系統的強勁勢頭，並展現了 FX Super One 對高淨值和有影響力客戶的吸引力。活動結束後 48 小時內，我們收到了 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX B2C 客戶的非約束性、不可退款的預購訂單，總計超過 200 件。

Finally, let's look at S7 operations system buildup. A key milestone this quarter was FF strategic investment in Collagen Therapeutics. This investment underpins FF's dual flywheel and dual bridge ecosystem. The transaction strengthens the synergy between our EAI EV platform, and our fast-moving AI, crypto and digital asset initiatives. The dual flywheel strategy can help drive growth by combining long-term value and building through the EAI EV ecosystem with immediate impact opportunities in the crypto and digital space.

最後，我們來看看S7作業系統的建置。本季度的一個重要里程碑是 FF 對 Collagen Therapeutics 的策略投資。這項投資為 FF 的雙飛輪和雙橋生態系統奠定了基礎。此次交易加強了我們的 EAI 電動車平台與我們快速發展的 AI、加密貨幣和數位資產計畫之間的協同效應。雙飛輪策略可以透過將長期價值和透過 EAI 電動車生態系統建構的價值與加密貨幣和數位領域的即時影響機會相結合，從而推動成長。

Jerry will discuss more details of the investment during his coverage of our third quarter capital markets activities.

傑瑞將在報導我們第三季資本市場活動時，詳細討論這項投資的更多細節。

We also made significant strides in the system buildup and leadership expansion. This quarter, we welcomed George Lee as Head of FF and FX Global Supply Chain, and he also serves as FF-China Chief Strategic Cooperation and Business Growth Officer. George's extensive experience in other EV companies will strengthen our global supply chain ecosystem.

我們在系統建構和領導力拓展方面也取得了顯著進展。本季度，我們迎來了 George Lee 擔任 FF 和 FX 全球供應鏈負責人，他也兼任 FF-中國首席策略合作和業務成長長。George 在其他電動車公司累積的豐富經驗將加強我們的全球供應鏈生態系統。

We also added three new senior leaders, Todd Harrington, Deputy General Counsel; Steven Park, Head of Investor Relations; and Kevin Wong, Treasurer, further enhancing our capabilities in legal affairs, Investor Relations and Financial management.

我們也新增了三位高階主管：副總法律顧問 Todd Harrington、投資者關係主管 Steven Park 和財務主管 Kevin Wong，進一步增強了我們在法律事務、投資者關係和財務管理方面的能力。

Faraday Future continues to expand government affairs and policy engagement efforts, enhancing our presence in key policy discussions and supporting U.S. innovations and clean energy priorities.

Faraday Future 繼續擴大政府事務和政策參與工作，增強我們在關鍵政策討論中的影響力，並支持美國的創新和清潔能源優先事項。

I would like to announce that Chris Nixon Cox, grandson of former U.S. President, Richard Nixon and Board member of the Nixon Foundation has been engaged as a strategic adviser, providing support with investors, high-level government officials and industrial partnerships. In this role, Mr. Cox will introduce potential global strategic investors, enhanced government engagement and policy communications and expand cross-border industrial cooperation on behalf of FF.

我謹宣布，美國前總統理查德·尼克森的孫子、尼克森基金會董事會成員克里斯·尼克森·考克斯已受聘擔任策略顧問，為投資者、高級政府官員和產業合作夥伴提供支持。考克斯先生將擔任此職，代表 FF 引入潛在的全球戰略投資者，加強與政府的互動和政策溝通，並擴大跨境產業合作。

In addition, Shahryar Oveissi was engaged as Global Strategic Advisor, focusing on Investor Relations and government affairs in the Middle East with extensive experience in business development and operations consulting. Heath Shuler, former U.S. representative at NFL, star has also been engaged as a senior adviser to the company to help support government affairs and offer strategic counsel to FF leadership regarding federal and state legislative regulatory and policy developments.

此外，Shahryar Oveissi 還擔任全球策略顧問，專注於中東地區的投資者關係和政府事務，在業務發展和營運諮詢方面擁有豐富的經驗。前美國國家橄欖球聯盟 (NFL) 代表希思·舒勒 (Heath Shuler) 也被聘為該公司的高級顧問，以幫助支持政府事務，並就聯邦和州立法監管和政策發展向 FF 領導層提供戰略建議。

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

現在，讓我們歡迎財務長 Koti Meka 為大家介紹第三季的財務業績。

Thank you, Mattias. Hello, everyone. I will walk you through some key metrics that highlight both our operational execution and improving financial position in Q3 2025. For the quarter, our loss from operations was $206.8 million compared to $25.2 million in the same period in 2024. These changes reflect our investment in engineering, talent expansion, strategic initiatives and alignment of the value of our assets related to manufacturing.

謝謝你，馬蒂亞斯。大家好。我將帶您了解一些關鍵指標，這些指標突顯了我們在 2025 年第三季的營運執行情況和不斷改善的財務狀況。本季度，我們的營運虧損為 2.068 億美元，而 2024 年同期虧損為 2,520 萬美元。這些變化反映了我們對工程技術、人才拓展、策略性舉措以及與製造相關的資產價值調整的投入。

For the nine months ended September 30, 2025, operating cash outflow totaled $79.2 million compared to $51.8 million for the same period in 2024. This increase was primarily driven by changes in working capital and the operational ramp-up of the FX platform. The increase in operating cash usage reflects our ongoing investments in product development and strategic execution as we position the company for growth.

截至 2025 年 9 月 30 日的九個月，經營現金流出總額為 7,920 萬美元，而 2024 年同期為 5,180 萬美元。這一增長主要受營運資金變化和外匯交易平台營運逐步啟動的推動。經營現金使用量的增加反映了我們為公司發展而持續投資於產品開發和策略執行。

Our financing activities generated $135.8 million in net cash inflows during the nine months ended September 30, 2025, a 144% increase from $55.7 million in the same period of the prior year. In Q3, we received approximately $132.4 million in net financing proceeds from third parties, substantially exceeding $54 million from the same period last year.

截至 2025 年 9 月 30 日的九個月內，我們的融資活動產生了 1.358 億美元的淨現金流入，比去年同期的 5,570 萬美元增長了 144%。第三季度，我們從第三方獲得了約 1.324 億美元的淨融資收益，比去年同期的 5,400 萬美元大幅成長。

Notably, Q3 2025 marks the sixth consecutive quarter, in which financing inflows outpaced operating outflows, reinforcing a sustained trend that supports our operating runway and FX platform execution.

值得注意的是，2025 年第三季是連續第六個季度融資流入超過經營性流出，鞏固了這一持續趨勢，為我們的營運資金儲備和外匯平台執行提供了支持。

Turning to our balance sheet, which now includes investment in Qualigen. Our net assets decreased compared to the year-end on December 31, 2024, primarily reflecting a realignment of asset values based on the updated operational plans and near-term production forecasts.

接下來看一下我們的資產負債表，其中現在包括對Qualigen的投資。與 2024 年 12 月 31 日的年末相比，我們的淨資產有所下降，主要反映了根據更新後的營運計劃和近期生產預測對資產價值進行的重新調整。

While total liabilities grew by approximately $47.2 million over the nine-month period, a material portion of that increase reflects mark-to-market changes in existing convertible instruments. These dynamics underscore the sensitivity of our balance sheet to equity-linked valuation movements under fair value accounting.

雖然九個月期間總負債增加了約 4,720 萬美元，但其中很大一部分增長反映了現有可轉換工具的市值變化。這些動態凸顯了我們的資產負債表對公允價值會計下權益相關估價變動的敏感度。

In summary, our Q3 performance reflects meaningful progress, and we remain focused on executing strategic investments aligned with our road map while optimizing capital deployment and driving toward long-term sustainable growth.

總而言之，我們第三季的業績反映了實質的進展，我們將繼續專注於執行符合我們路線圖的策略投資，同時優化資本部署，並朝著長期永續成長邁進。

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

現在我邀請FF全球總裁王傑瑞發表一些看法。

Thank you, Koti. This is Jerry Wang, the Global President of Faraday Future. I will now share our progress with capital financing in the third quarter. First, we remain grounded in our stockholder-first philosophy. During the quarter, we continued our stock purchase program, which offers exclusive benefits for verified stockholders and eligible retail investors who participate in our ecosystem and preorder channels.

謝謝你，科蒂。這位是法拉第未來全球總裁王傑瑞。接下來，我將向大家介紹我們在第三季資本融資方面的進展。首先，我們始終堅持股東至上的理念。本季度，我們繼續推行股票購買計劃，為參與我們生態系統和預購管道的已驗證股東和符合資格的散戶投資者提供專屬福利。

Turning to liquidity and financing. We previously announced approximately $136 million in financing commitments to support our growth strategy, FX Super One launch readiness, and our position in the AI EV market. As of the end of the third quarter, we have received approximately $82 million, with the remaining amount subject to closing conditions and timing. We continue to manage deployment carefully and evaluate additional financing opportunities as needed to prudently support commercialization and ecosystem execution.

轉向流動性和融資。我們先前宣布了約 1.36 億美元的融資承諾，以支持我們的成長策略、FX Super One 的上市準備以及我們在人工智慧電動車市場的地位。截至第三季末，我們已收到約 8,200 萬美元，剩餘款項將視交割條件和時間而定。我們將繼續謹慎管理部署，並根據需要評估額外的融資機會，以審慎地支援商業化和生態系統執行。

Turning to corporate compliance and governance. In September, we successfully completed the NASDAQ one year compliance monitor period, returning to fully normalized normal listed company status. In addition, our management continued to demonstrate alignment with stockholders through Rule 10b5-1 stock purchase plans. Founder and Global CEO -- Co-CEO, YT Jia completed approximately 560,000 in purchases of FFAI common stock under a previously announced plan as of September 8, 2025.

接下來談談公司合規和治理。9 月，我們成功完成了納斯達克為期一年的合規監管期，恢復了完全正常的上市公司狀態。此外，我們的管理層繼續透過 10b5-1 股票購買計劃來展現與股東利益的一致性。創辦人兼全球執行長－聯席執行長賈永濤（YT Jia）已於 2025 年 9 月 8 日根據先前宣布的計畫完成了約 56 萬股 FFAI 普通股的購買。

These purchases underscore management's long-term confidence and commitment to create shareholder value. We announced and subsequently closed an approximately $41 million strategic investment in Qualigen Therapeutics, Inc., a NASDAQ-listed company including $30 million invested directly by Faraday Future and a $4 million personal investment from our founder and Global Co-CEO, YT Jia.

這些收購凸顯了管理階層對公司長期發展和創造股東價值的信心和承諾。我們宣布並隨後完成了對納斯達克上市公司 Qualigen Therapeutics, Inc. 的約 4,100 萬美元策略投資，其中包括 Faraday Future 直接投資的 3,000 萬美元，以及我們創辦人兼全球聯席執行長 YT Jia 的 400 萬美元個人投資。

This investment is intended to accelerate deployment of a crypto flywheel business and further advance the dual flywheel and dual bridge strategy. Qualigen's future financing will be conducted through a new entity without diluting FFAI's share capital.

這項投資旨在加速加密貨幣飛輪業務的部署，並進一步推動雙飛輪和雙橋策略。Qualigen 未來的融資將透過新實體進行，不會稀釋 FFAI 的股本。

In summary, our capital markets efforts during the third quarter centered on three priorities securing and prudently developing capital to support commercialization; building new digital asset financing platforms that completed building new digital asset financial platforms that complement our mobility business; and reinforcing strong compliance and investor alignment. We believe these initiatives position Faraday Future to execute the milestones ahead while maintaining strategic flexibility.

總而言之，我們在第三季的資本市場工作主要集中在三個方面：確保並謹慎開發資金以支持商業化；建立新的數位資產融資平台，以補充我們的出行業務；以及加強合規性和與投資者的協調。我們相信，這些舉措將使 Faraday Future 在保持策略靈活性的同時，實現未來的里程碑目標。

I will now turn the call over to Matthias for the fourth and next year's outlook.

現在我將把電話交給馬蒂亞斯，讓他展望第四年和明年的前景。

Thank you, Jerry. I will now walk you through our key updates with the primary focus on Q4 and next year also structured across the S1 to S7 framework. For S1 user ecosystem, we will be focusing on multiple areas on the user acquisition side. We continue to drive the FF 91 2.0 Futurist Alliance deliveries and FX Super One preorders. We are on track to deliver an additional FF 91 2.0 Futurist Alliance unit in December.

謝謝你，傑瑞。接下來，我將帶您了解我們的主要更新，重點關注第四季度和明年，並按照 S1 至 S7 框架進行組織。對於 S1 用戶生態系統，我們將重點放在用戶獲取方面的多個領域。我們繼續推進 FF 91 2.0 未來主義聯盟的交付和 FX Super One 的預訂。我們預計在 12 月交付另一台 FF 91 2.0 未來主義聯盟型設備。

For FX, we have now established FX Pars, our preorder holders in California, New York, Massachusetts, Texas and Nevada.

對於外匯交易，我們現在已經建立了 FX Pars，我們的預購持有者分佈在加利福尼亞州、紐約州、馬薩諸塞州、德克薩斯州和內華達州。

The next phase of expansion will target New Jersey, Florida and Washington, where we are seeing strong signs of demand. We believe this expansion will support incremental preorder volume and broaden our FX Pars network. In parallel, we are making steady progress and tasks required to support vehicle deliveries, including sales operation, aftersales and service capability, auto finance and compliance.

下一階段的擴張將瞄準新澤西州、佛羅裡達州和華盛頓州，我們在這些地區看到了強勁的需求跡象。我們相信此次擴張將有助於增加預購量，並擴大我們的 FX Pars 網路。同時，我們在支援車輛交付所需的各項工作中穩步推進，包括銷售營運、售後服務能力、汽車金融和合規性。

In addition, we continue to build the organization's execution capability through targeted hiring. Lastly, we are focused on enhancing our customers' user experience. On FF 91 2.0, we continue to upgrade our third AI space experience and specifically for the FX Super One, we will collaborate with content and application partners, including live sports, streaming, and in-vehicle entertainment to broaden our third AI space strategy.

此外，我們也透過有針對性的招聘，不斷提升組織的執行能力。最後，我們致力於提升客戶的使用者體驗。在 FF 91 2.0 上，我們將繼續升級我們的第三個人工智慧空間體驗，特別是對於 FX Super One，我們將與內容和應用合作夥伴（包括直播體育賽事、串流媒體和車載娛樂）合作，以擴大我們的第三個人工智慧空間策略。

We also expect continued improvements in the experience and performance of the EAI space as part of this road map. Now shifting to S2 and S3 with product technology. We will continue to focus on building a robust internal R&D capability in software and AI while accelerating the transfer of core technologies from our flagship FF 91 into the FX product line to deliver a deeply interactive user ecosystem across all our vehicles.

我們也期望，作為該路線圖的一部分，EAI 領域的體驗和表現能夠持續改進。現在正向產品技術過渡到S2和S3階段。我們將繼續專注於建立強大的軟體和人工智慧內部研發能力，同時加快將旗艦車型 FF 91 的核心技術轉移到 FX 產品線，從而在我們所有車型中打造深度互動的用戶生態系統。

On the regulatory front, we expect to complete a series of Federal Motor Vehicle Safety Standards Assessment Tests at MGA, paving the way for further engineering development to ensure full compliance, enable the rollout of the first U.S. version FX Super One. From there, let's look at S4 where we will cover progress on supply chain, industrialization and delivery.

在監管方面，我們預計將在MGA完成一系列聯邦機動車輛安全標準評估測試，為進一步的工程開發鋪平道路，以確保完全合規，並最終推出首款美國版FX Super One。接下來，我們將關注S4部分，其中將介紹供應鏈、工業化和交付的進展。

Following the launch event of the FX Super One in the U.S. and U.A.E in July and October, respectively, we have been accelerating our logistics and supply chain initiatives, enhancing training and strengthening our qualified team metrics management.

繼 FX Super One 分別於 7 月和 10 月在美國和阿聯酋發布之後，我們一直在加快物流和供應鏈舉措，加強培訓，並強化合格團隊的指標管理。

We will release the first version of the manufacturing management system. For our second plant FX model, FX 4, we plan to show its redesign rendering during the time period of Los Angeles Auto Show in November, subject to securing the necessary agreements. We also reaffirm our plan to introduce a series of models over the next five years, covering four major segments in the U.S. market. We do look forward to sharing more updates.

我們將發布製造管理系統的第一版。對於我們的第二款工廠 FX 車型 FX 4，我們計劃在 11 月洛杉磯車展期間展示其重新設計的效果圖，前提是能夠獲得必要的協議。我們也重申了未來五年內推出一系列車款的計劃，涵蓋美國市場的四大細分市場。我們期待與大家分享更多最新消息。

Shifting to S5, we will focus on increasing our stockholders' base and additional outreach to investors and bank relationships with global efforts. We will be opportunistic in our fundraising efforts and evaluating various funding channels.

進入 S5 階段後，我們將專注於擴大股東基礎，並透過全球努力加強與投資者和銀行的關係。我們將抓住一切機會進行募款，並評估各種募款管道。

Now to S6, our efforts in the Middle East and China. Our other key markets beyond the U.S., following a successful Super One product final launch event in Dubai, the preparatory work related to the delivery for the Middle East has officially been completed. The first Super One is scheduled to be delivered in November. We believe that high-net-worth users and investors in this region will strongly support our international expansion.

接下來是S6，我們在中東和中國的努力。繼在杜拜成功舉辦 Super One 產品最終發表會之後，我們在美國以外的其他主要市場，與中東地區交付相關的準備工作已正式完成。首輛Super One計劃於11月交付。我們相信，該地區的高淨值用戶和投資者將大力支持我們的國際擴張。

Finally, let's close with S7 system development and strategic growth with new leadership recently joining FF, we are strengthening our expertise in legal affairs, capital markets and communications, financial management and government affairs. We are solidifying compliance. We will also continue improving operational efficiency and cost control across all entities, reinforcing our corporate goal of putting stockholder-first.

最後，讓我們以 S7 系統開發和策略成長作為結尾。隨著新領導層的加入，FF 正在加強我們在法律事務、資本市場和傳播、財務管理和政府事務方面的專業知識。我們正在加強合規性。我們將持續提高所有實體的營運效率和成本控制，強化我們以股東利益為先的企業目標。

Looking to the future, we expect to achieve a key milestone with the delivery of the first FX Super One vehicles in the U.S. and the Middle East making the beginning of a full-scale effort to strengthen FF's global delivery capabilities to support future rollouts.

展望未來，我們期待在美國和中東交付首批 FX Super One 車輛，這將是一個重要的里程碑，標誌著全面加強 FF 全球交付能力以支持未來推廣工作的開始。

Now let's turn back to John for Q&A.

現在讓我們回到約翰那裡進行問答環節。

Thank you, Mattias, and thank you to everyone who presented here today. With that, we'd now like to open the floor to Q&A.

謝謝馬蒂亞斯，也謝謝今天所有到場發言的人。接下來，我們進入問答環節。

The first question, what are the key features of FX Super One?

第一個問題，FX Super One 的主要特點是什麼？

FX Super One is more than an MPV. It's the world's leading EAI MPV, a truly AI-driven luxury cabin that intelligently adapts to your lifestyle. Powered by the super EAI FACE system, it transforms your relationship with the vehicle into something far more engaging and human.

FX Super One 不僅僅是一款 MPV。它是全球領先的EAI MPV，擁有真正由人工智慧驅動的豪華座艙，能夠聰明地適應您的生活方式。憑藉強大的 EAI FACE 系統，它將您與車輛的關係轉變為更具吸引力和人性化的關係。

AI tech luxury and comfort, this FX Super One blends artistry and intelligence to craft an atmosphere of tranquil indulgence. It's zero gravity NAPPA leather seats with 10-point massage deliver effortless serenity and a purification system, antibacterial intelligence and super-quiet acoustic engineering create an environment of calm purity.

這款 FX Super One 融合了人工智慧技術帶來的奢華與舒適，將藝術性和智慧性相結合，營造出寧靜奢華的氛圍。零重力 NAPPA 皮革座椅，10 點按摩功能，帶來輕鬆的寧靜；淨化系統、抗菌智慧和超靜音聲學工程，營造出平靜純淨的環境。

FX Super One delivers a luxurious, comfortable, healthy, and private experience across all scenarios, turning every journey into a first-class experience for both body and mind. Dual power options AI HER, and AI EV engineered for effortless strength, composure and precision, the FX Super One introduces a new generation of intelligent power, AIHER hybrid extended range and AI EV battery electric systems, both paired with standard intelligent all-wheel drive.

FX Super One 在各種情況下都能提供奢華、舒適、健康和私密的體驗，將每趟旅程變成身心愉悅的一流體驗。FX Super One 提供 AI HER 和 AI EV 兩種動力選擇，旨在輕鬆實現強勁動力、沉著冷靜和精準操控。它引入了新一代智慧動力系統，包括 AIHER 混合動力增程系統和 AI EV 電池電動系統，兩者均標配智慧全輪驅動。

The result is best-in-class efficiency across all conditions and a seamless human machine connection that inspires confidence in every drive. Expansive and adaptive design with a commanding 213-inch overall length, 150.5-inch interior space and a 72.6-inch shared track layout for the second and third rows, the FX Super One creates an open, flexible environment that adapts to every lifestyle.

結果是，無論在何種條件下都能實現一流的效率，並建立起無縫的人機連接，從而在每一次駕駛中都能激發信心。FX Super One 擁有寬敞靈活的設計，總長度達 213 英寸，內部空間達 150.5 英寸，第二排和第三排座椅採用 72.6 英寸的共享軌道佈局，打造出開放、靈活的環境，可適應各種生活方式。

Every detail has been sculpted for balance, comfort and ease, ensuring that every passenger enjoys true VIP serenity within this executive class EAI MPV. Truly perceptive EAI agent equipped with the world's first FF Super EAI FACE System and the EAI space, the FX Super One offers an ultra-clear, immersive multiscreen and multimodal interactive experience.

每個細節都經過精心雕琢，力求達到平衡、舒適和便捷，確保每位乘客都能在這款行政級 EAI MPV 中享受真正的 VIP 寧靜。FX Super One 是一款真正具有感知能力的 EAI 代理，配備了世界上第一個 FF Super EAI FACE 系統和 EAI 空間，可提供超清晰、沉浸式的多螢幕和多模態互動體驗。

It becomes the embodied AI agent, an intelligent life form that perceives things, communicates and grows. It understands you better than you do and reshapes the bond between you and your vehicle, 360 degrees intelligent safety. Built upon a high-strength steel cage body with extended full-length side curtain airbags, protecting all three rows and four longitudinal, seven transversal multi-beam architecture, the FF Super One delivers next-generation safety intelligence.

它將成為具身人工智慧代理，一種能夠感知事物、溝通和成長的智慧生命體。它比你更了解你，重塑你與車輛之間的聯繫，360 度智慧安全。FF Super One 採用高強度鋼籠式車身結構，配備加長型全長側簾式氣囊，可保護所有三排座椅，並採用四縱七橫多樑結構，提供下一代安全智慧。

Through dual core protection, structure and algorithm, it fuses predictive sensing with physical resilience to create a truly holistic intelligent safety ecosystem.

透過雙核心保護、結構和演算法，將預測感測與物理韌性融合，打造真正全面的智慧安全生態系統。

Question number two, how many preorders has the company received to date? And when will they turn into firm orders?

第二個問題，該公司迄今收到了多少預購訂單？這些訂單何時才能轉換為正式訂單？

As of October 28, the company has secured nonrefundable deposits, nonbinding B2B reservation orders for more than 11,000 FX Super One units and approximately 250 refundable nonbinding B2C preorders. We continue to expand our market through the co-creation ecosystem, direct online sales and FX Par partnership models.

截至 10 月 28 日，該公司已獲得超過 11,000 台 FX Super One 設備的不可退還定金、不具約束力的 B2B 預訂訂單以及約 250 份可退還的不具約束力的 B2C 預訂訂單。我們透過共創生態系統、直接線上銷售和 FX Par 合作模式不斷拓展市場。

Partners do not only reserve vehicles, but also responsible for off-line operations and services in specific regions, sharing in the revenue. Preorders will convert to binding sales orders ahead of vehicle availability.

合作夥伴不僅負責預訂車輛，還負責特定地區的線下營運和服務，並分享收益。預購訂單將在車輛到貨前轉換為具有約束力的銷售訂單。

The third question, update on tariff impact. How much will it increase costs for next year? How are you mitigating it?

第三個問題，關稅影響的最新情況。這將使明年的成本增加多少？你打算如何緩解這個問題？

We see tariffs as something that affects the entire U.S. auto industry, not just one company. In many ways, tariff policy is part of a broader industrial strategy. It can help drive more local production, innovation and supply chain resilience, which ultimately strengthens the competitiveness of U.S. brands.

我們認為關稅影響的是整個美國汽車產業，而不僅僅是一家公司。從很多方面來看，關稅政策是更廣泛的產業策略的一部分。它有助於推動更多本地生產、創新和供應鏈韌性，最終增強美國品牌的競爭力。

The recent progress in U.S. China trade discussions is encouraging. A more stable and predictable tariff environment benefits everyone. It reduces uncertainty for manufacturers and helps keep costs manageable for consumers.

近期中美貿易談判的進展令人鼓舞。更穩定和可預測的關稅環境對每個人都有好處。它降低了製造商的不確定性，並有助於控制消費者的成本。

At FF, we operate our own factory in Hanford, California, with an annual SKD capacity of up to 30,000 vehicles as production of both the FF and FX brands scales up and more components are localized, we expect to rely less on imports and contribute even more to U.S. advanced manufacturing.

在 FF，我們在加州漢福德經營自己的工廠，年 SKD 產能高達 30,000 輛汽車。隨著 FF 和 FX 品牌產量的擴大和更多零件的本地化，我們預計將減少對進口的依賴，並為美國先進製造業做出更大的貢獻。

At the same time, with the FX Super One model entering mass production in 2026 and gradually ramping up capacity, we expect the impact of tariffs on our cost over the next 12 months to remain manageable. While tariffs on Chinese-made EVs could reach up to 100% under certain policies, their main goal is to balance global competition and boost domestic capability.

同時，隨著 FX Super One 車型於 2026 年進入量產階段並逐步提高產能，我們預計未來 12 個月內關稅對我們成本的影響將保持在可控範圍內。雖然在某些政策下，對中國製造的電動車徵收的關稅可能高達 100%，但其主要目標是平衡全球競爭並提升國內能力。

In that context, our FX bridge strategy becomes even more important. It helps connect global supply strengths with the U.S. innovation and efficiency. We've also been in active and constructive dialogue with policymakers to ensure tariff measures, support innovation, sustainability and affordability. So the entire industry can continue to grow in a healthy way.

在這種情況下，我們的外匯過橋策略就顯得更加重要了。它有助於將全球供應鏈優勢與美國的創新和效率聯繫起來。我們也與政策制定者進行了積極而建設性的對話，以確保關稅措施、支持創新、永續性和可負擔性。這樣整個產業才能繼續健康發展。

Question number four. Following the UAE launch, what initial reservation volumes have you seen? And what is your business strategy in the UAE?

第四個問題。在阿聯酋上線後，你們看到的初期預訂量是多少？您在阿聯酋的商業策略是什麼？

We have received B2B preorders for more than 200 Super One units in the UAE. We have strong support from high-value co-creators including government officers and potential investors. We can also ramp up crypto-related business more quickly due to government support.

我們已收到來自阿聯酋的 200 多台 Super One 裝置的 B2B 預訂單。我們得到了包括政府官員和潛在投資者在內的高價值共同創造者的大力支持。由於政府的支持，我們也可以更快地擴大加密貨幣相關業務。

Following the official launch of the FX Super One in the UAE, we have opened preorders through our local partner network and have seen strong early interest from both private buyers and institutional customers.

FX Super One 在阿聯酋正式推出後，我們已透過當地合作夥伴網路開放預購，並看到了來自私人買家和代理商客戶的強烈早期興趣。

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. We remain committed to maintaining open communication with our investors. That concludes today's conference call.

感謝您抽出時間。我們的投資人問答環節到此結束。感謝大家提交的所有問題，如果今天我們沒能回答所有問題，我們深感抱歉。我們將繼續致力於與投資者保持公開透明的溝通。今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

Thank you. And with that, this does conclude today's teleconference. We thank you for your participation, you may now disconnect your lines at this time, and have a wonderful day.

謝謝。至此，今天的電話會議就結束了。感謝您的參與，您現在可以斷開線路了，祝您度過美好的一天。