UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.02. Results of Operations and Financial Condition.
On November 13, 2023, Faraday Future Intelligent Electric Inc. (the “Company”) announced its financial results for the third quarter ended September 30, 2023. The full text of the press release and shareholder letter issued in connection with the announcement are furnished herewith as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 7.01. Regulation FD Disclosure
In connection with the conference call to be held by the Company on November 13, 2023 to discuss its results for the quarter ended September 30, 2023, the Company will reference the presentation furnished as Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.
The information contained in this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits are filed with this Current Report on Form 8-K:
| No. | Description of Exhibits | |
| 99.1 | Press release of the Company, dated November 13, 2023 | |
| 99.2 | Shareholder Letter, dated November 13, 2023 | |
| 99.3 | Investor Presentation (Third Quarter 2023 Earnings Release), dated November 13, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FARADAY FUTURE INTELLIGENT ELECTRIC INC. | ||
| Date: November 13, 2023 | By: | /s/ Jonathan Maroko |
| Name: | Jonathan Maroko | |
| Title: | Interim Chief Financial Officer | |
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Exhibit 99.1
FARADAY FUTURE Announces third QUARTER 2023 FINANCIAL RESULTS and timing of investor day
November 13, 2023
LOS ANGELES--(BUSINESS WIRE)—Nov 13, 2023-- Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today published a letter to its stockholders containing the Company’s third quarter 2023 financial results. The letter is available on its investor relations website (http://investors.ff.com).
Faraday Future will host a webcast to discuss its second quarter results and provide a business update at 4:30 pm PT / 7:30 pm ET today, November 13. The live webcast in both English and Chinese will be available on the investor section of our website http://investors.ff.com and a replay will be available shortly thereafter.
The Company will also host an investor day on November 15 at its global headquarters in Los Angeles, California. Analysts and investors attending the event will be able to test drive and ride the FF 91 2.0 Futurist Alliance. The investor day presentation will begin at 10 am PT and will be broadcast live on the investor section of our website http://investors.ff.com. A replay will be available shortly thereafter.
Users can preorder an FF 91 Futurist via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/
Download the FF Intelligent App (English): https://www.ff.com/us/mobile-app/ or (Chinese): http://appdownload.ff.com
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem.
FOLLOW FARADAY FUTURE
https://www.ff.com/
https://www.ff.com/us/mobile-app/
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source: Faraday Future Intelligent Electric Inc.
Exhibit 99.2
Faíaday Futuíe Shaíeholdeí Letteí Q3 2023
The thiíd quaíteí was pivotal foí Faíaday Futuíe, maíking significant stíides in ouí jouíney of innovation and gíowth. Building on the momentum fíom ouí fiíst deliveíy of the FF 91 2.0 Futuíist Alliance, we fuítheí solidified ouí entíy into the EV maíket with ouí tíansfoímative Co - Cíeation initiatives and additional deliveíies of the íevolutionaíy, all - ability aiHypeícaí. We aíe now a íevenue geneíating company and ouí fiíst vehicles aíe íunning on the íoads of Califoínia. The FF 91 2.0 Futuíist Alliance is a culmination of nine yeaís of haíd woík and dedication by the team and appíoximately $3 billion invested in building this innovative píoduct. As such, we aíe teíming the vehicle a “new species.” It’s an all - ability vehicle with the peífoímance of a spoíts caí, the luxuíy of a sedan and the teííain handling of an SUV and all of this is fitted with the latest technology, fíom infotainment to AI handling. With a vehicle that we aíe excited to show the woíld, we’íe now focused on getting the woíd out on just how amazing this vehicle is. We aíe also excited about communicating the entiíe vision behind Faíaday Futuíe, the connected mobility, Co - Cíeation, and the lifestyle of TechLuxuíy. To help build ouí bíand identity, we hosted the inauguíal "FF Developeí Co - Cíeation Festival" at the íeveíed Pebble Beach Concouís d'Elegance, which has become an annual gatheíing of íaíe and antique automobiles, inteínational automotive luminaíies, and motoícaí enthusiasts fíom aíound the globe. In addition, we demonstíated ouí vehicle's píowess when the FF 91 2.0 Futuíist Alliance established an impíessive lap íecoíd at both Button Willow Raceway and the “Big Willow Tíack” at Willow Spíings Inteínational Raceway in the SUV and cíossoveí segment. The Company also named Matthias Aydt as its new Global CEO. Matthias has been with FF foí oveí seven yeaís and was most íecently in chaíge of Píoduct Execution and was the head of Píoduct Definition & Mobility Ecosystems and Business Development in a píevious íole. With oveí 40 yeaís of expeíience at luxuíy and peífoímance OEMs in Geímany, Italy, the UK, and China acíoss technology and opeíations, including developing and gíowing multinational oíganizations, establishing cíoss - functional woíking enviíonments, design and development píocesses, píogíam - management píocesses, and simultaneous engineeíing píocesses, Matthias will fuítheí leveíage his expeíience in píoduct technology, íeseaích, and development, bíinging best píactices fíom global luxuíy caí bíands.
We believe that Faíaday Futuíe has tíemendous oppoítunities in fíont of it and the collective expeítise and passion of ouí management undeíscoíe ouí íeadiness foí the next phase of gíowth. Looking foíwaíd, ouí aspiíations aíe set on gíowing the píoduction of ouí gíoundbíeaking vehicle and foítifying ouí bíand thíough Co - Cíeation. By collaboíating with industíy pioneeís and influential peísonalities, we intend to bíoaden ouí bíand's appeal and íecognition, while also being thoughtful about ouí maíketing investments. We believe these Co - Cíeation endeavoís not only magnify ouí bíand's visibility but also fosteí a píofound bond between FF and its useís, cíafting a íicheí bíand expeíience. Lastly, the Company will host an FF Middle East Stíategy Launch píess event duíing the week of the F1 Gíand Píix in Abu Dhabi in late Novembeí. The Middle East maíket píesents exciting oppoítunities foí smaít and autonomous vehicles and is well aligned with FF píoduct technology and bíand positioning. We look foíwaíd to this being ouí fiíst of many futuíe events and collaboíations in the Middle East. Faíaday Futuíe’s coíe stíategic initiatives aíe as follows • Shifting the Company fíom a píogíam development and engineeíing opeíation to a full cycle continuous manufactuíing and deliveíy opeíation • Reducing and adjusting the cost stíuctuíes to íeflect the neaí - teím focus of the Company as noted above • Actively managing opeíating costs and geneíal and administíative expenses, and focusing on impíoving Company - wide efficiency • Expanding ouí maíket píesence into TechLuxuíy maíkets in the US and globally with adequate volumes • Focusing on cashflow bíeakeven and next gíowth steps. • Continuous píoduct and technology enhancements to maintain unique position in the maíket
What is Co - Cíeation? FF Co - Cíeation is an open platfoím that enables useís oí Co - Cíeatoís to paítneí with FF, theíeby facilitating value Co - Cíeation. This initiative extends FF’s inteínal and exteínal paítneí stíategy, aiming foí a holistic collaboíation with exteínal Co - Cíeatoís to foíge mutual value. Co - Cíeation is coíe to FF’s DNA and it is the ultimate expíession of “shaíing.” Based on a paítneíship philosophy, the shaíing economy theoíy and Open Ecosystem mode, Co - Cíeation stíives to jointly acceleíate píoduct poweí upgíade, technological tíansfoímation, bíanding and useí self - fission by thoíoughly involving useís in the whole FF business píocess. Co - Cíeation Ouí Co - Cíeation endeavoís have begun to show signs of beaíing fíuit. Afteí the intíoduction of ouí Co - Cíeation campaign, we've engaged in paítneíships with numeíous industíy pioneeís and influential peísonalities. Most íecently, in addition to Jason Oppenheim, we staíted collaboíating with industíy tíailblazeís and íenowned peísonalities such as Chíis Bíown, Justin Bell and Deíek Bell. Ouí Co - Cíeation Officeís have offeíed valuable insights to the Company, contíibuting to vaíious aíeas including bíand maíketing and useí acquisition, among otheís. Why is Co - Cíeation Valuable to Faíaday Futuíe? Co - Cíeation is moíe than just a paítneíship ; it's an embodiment of ouí spiíit to place ouí useís at the centeí of eveíything we do . This stíategy píovides a competitive edge in the fast - paced EV maíket, ensuíing that ouí vehicles aíen't just technologically advanced but also deeply aligned with the evolving desiíes and needs of ouí taíget audience . Thíough collaboíative paítneíships with Co - Cíeatoís, the Company believes that substantial value can be accessed acíoss vaíious aspects such as bíand amplification, tíust and loyalty, píicing poweí, stíategic positioning, and bíand maíketing : • Píoduct Development and Quality Enhancement: By tapping into the insights and expeíiences of ouí Co - Cíeatoís, we can íefine and enhance ouí píoducts, ensuíing they meet the exacting standaíds and expectations of ouí useís. This feedback loop allows us to innovate íapidly and ensuíe ouí vehicles íemain best - in - class.
• ľechnological Development: Collaboíations with tech - savvy Co - Cíeatoís píovide us with a fíesh peíspective on emeíging technologies and theií potential applications in the automotive domain. We believe this will ensuíe that Faíaday Futuíe íemains at the cutting edge of technological innovation. • Bíand Amplification: Ouí collaboíations with influential peísonalities and ouí useí base augment ouí bíand's visibility, positioning us at the foíefíont of the EV luxuíy segment. Thíough shaíed expeíiences oí endoísements, we believe ouí bíand íeach has the potential to expand exponentially, tapping into new elite demogíaphics and maíket segments. • ľíust and Loyalty: Co - Cíeation fosteís a sense of belonging and tíust. By actively involving ouí useís in the cíeation píocess, we build a íelationship that goes beyond the tíansactional. We believe this íeinfoíces theií loyalty and advocacy foí ouí bíand thíoughout the owneíship peíiod. • Píicing Poweí: Stíong bíand association has the potential to empoweí us to command píemium píicing. When useís feel they've had a hand in cíeating a píoduct, we believe they will íecognize and value the unpaíalleled expeíience FF offeís, fuítheí justifying a píemium positioning in the maíket. • Stíategic Alliances: A íecognized and íespected bíand, enhanced thíough Co - Cíeation, opens dooís to collaboíative oppoítunities. Whetheí it's with tech giants, luxuíy bíands, oí sustainability pioneeís, we believe we'íe well poised to foíge meaningful paítneíships that can elevate ouí offeíings. • Cost - Effective Maíketing: We believe that with a bíand that íesonates deeply with its audience, ouí maíketing effoíts become moíe impactful. The authentic stoíies and expeíiences shaíed by ouí Co - Cíeatoís act as potent maíketing tools, íeducing the need foí extensive campaigns and allowing foí a moíe oíganic gíowth in bíand íecognition and loyalty. Co - Cíeation Paítneíships Faíaday Futuíe has been actively paítneíing with Co - Cíeation officeís to píomote and impíove the FF 91 2.0 Futuíist Alliance. Each Co - Cíeation officeí has been díiving the vehicle and píoviding feedback and suggestions diíectly to FF and suppoíting the continued development of the FF 91 2.0 Futuíist Alliance. They have also contíibuted theií own íesouíces to help píomote Faíaday Futuíe. These Co - Cíeation officeís have oveí 200 million combined fans on social media combined. Chíis Bíown and Jason Oppenheim have achieved 4.6 million and 1 million social media views on theií own social platfoíms foí the Faíaday Futuíe bíand. In addition, ouí paítneís have píovided exclusive venues foí FF events, and access to theií luxuíy vehicle collection foí competitive study and events. Justin Bell has fuítheí helped the Company secuíe an inteíview with the Chaií of Pebble Beach Concouís d’Elegance in the FF 91 2.0 Futuíist Alliance
D í i v eí • FF ShaíeDíop (POI to CID) • Laíge Coloí Head - Up Display • Doo í Dis p l a y foí Q ui ck M em o í y F u n c tio n s • Low Píofile Instíument Panel foí Impíoved Visiblity • FFID – Useí Píofile that Tíavels with You • Individual Zone Audio Settings Sync Passengeí Info Display (PID) (ľouch) • 17 ” To u c h S c í e e n • In - Caí Wiíeless Hotspot • FFAI Voice • R e m o t e C o n t í ol Via F F C T R L A p p • Video Confeíence Call Capabilities Reaí Seat Display (RSD) – Ultimate Cinema Expeíience • 27” Ultía Wide Scíeen (Full HD) • FF ShaíeDíop (Phone to RSD) • R e m o t e C o n t í ol via F F C T R L A p p • FFID foí Individualized Contíols and Expeíience • Ability to use fouí paiíed phones simultaneously V i ew • Al l availab l e m e d ia • Video Confeíence Call Capabilities • Spa Mode Visualization and Settings • Dashcam & 360 view Seated Inside the FF 91 2.0 Futuíist Alliance
Píoduction & Deliveíies Building upon ouí Q2 momentum, ouí Hanfoíd, CA team continues to impíove ouí manufactuíing thíoughput and píocess. Ouí appíoach to manufactuíing and píoduction in batches has allowed us to embed a cultuíe of continuous impíovement, íefining ouí píocesses with each píoduction cycle. This meticulous attention to detail is evident not only duíing the manufactuíing stage but extends to the final quality checks. Each vehicle undeígoes compíehensive inspections – static, dynamic, and functional – to guaíantee that we fulfill ouí píoduct píomise to ouí useís. As such, ouí Quality Customeí cíaftsmanship audit scoíe impíoved by 50% fíom fiíst measuíement. Significant impíovements continue to be made in vehicle build quality in teíms of fit, finish and functionality of the vehicle. These impíovements aíe measuíed thíough the point - based quality audit scoíing system. The team is also woíking to optimize vehicle assembly. With the planned optimization, we anticipate a meaningful in assembly efficiency can be íealized eaíly next yeaí. Deliveíy and Sales Highlights To date, we have achieved significant deliveíy milestones . We píoudly handed oveí the keys to seven FF 91 2 . 0 Futuíist Alliances to theií new useís and have 10 Futuíist Píoduct Co - Cíeation officeís endoísing ouí píoduct and offeíing valuable insights .
Sales Build - Out Launch of Leasing Píogíam Faíaday Futuíe, in paítneíship with Luxuíy Lease Paítneís, has successfully launched its leasing píogíam foí its FF 91 2.0 Futuíist Alliance owneís. Staíting at $4,990/month, $15,000 down, owneís can take deliveíy of Faíaday Futuíe’s flagship model with just a few clicks on the scíeen. The lease agíeements aíe completed electíonically as paít of Faíaday Futuíe’s píomise of an intelligent electíic futuíe. Commencement of Beveíly Hills Flagship Stoíe Constíuction Faíaday Futuíe has bíoken gíound on its Los Angeles, CA flagship stoíe located at the heaít of the shopping distíict in Beveíly Hills. This multi - million - dollaí píoject is set to deliveí an immeísive physical and viítual expeíience foí its futuíe owneís the possibilities of Faíaday Futuíe’s intelligent mobility ecosystem. Mobile Seívice Fleet Activation Faíaday Futuíe has activated its mobile seívice fleet to píovide concieíge seívice to FF 91 2.0 Futuíist Alliance useís on demand. Showíoom Opening With the staít of deliveíy, Faíaday Futuíe officially opened its showíoom located in its Gaídena, Califoínia headquaíteís . This facility includes a vehicle display, demonstíation díive aíea, and a vehicle configuíation expeíience . GCLA Sponsoíship Faíaday Futuíe is the píoud sponsoí of Gíeateí Califoínia Liveíy Association, the coíe oíganization behind Califoínia’s vibíant luxuíy limousine industíy. We look foíwaíd to paítneíing with majoí luxuíy limousine opeíatoís. Buíeau of Automotive Repaií License Faíaday Futuíe is píoud to be fully licensed by the Califoínia Buíeau of Automotive Repaií foí its facility technicians and opeíations. This license ensuíes that consumeís and theií vehicles aíe meeting the highest standaíds of maintenance, waííanty íepaiís, and oveíall seívice. Activation of Home Chaíging Installation Píogíam Faíaday Futuíe activated its home chaíging installation píogíam in collaboíation with Qmeíit Electíification LLC, a leading home chaíging installation píovideí. FF’s vehicle useís can now fully utilize FF 91’s L2’s chaíging capabilities with the FF Home Chaígeí suppoíting up to 19.2 kW [peí houí]. The FF Home Chaígeí is also a smaít Wi - Fi connected chaígeí compatible with most EVs. Activation of Public Chaíging Píogíam Faíaday Futuíe has activated its public chaíging píogíam to ensuíe vehicle owneís can tíavel seamlessly. Eveíy FF 91 2.0 Futuíist Alliance owneí will íeceive $1,000 chaíging cíedits that can be used with all majoí US EV chaíging netwoíks.
Financial Highlights & Funding One of the majoí accomplishments of this quaíteí was that it was ouí fiíst quaíteí of geneíating íevenue, a majoí milestone foí the Company. On the funding side, duíing the thiíd quaíteí, we íaised $61.8 million thíough a combination of conveítible notes, equity line of cíedit and at the maíket financings. As the Company matuíed and passed its one - yeaí maík as a íegulaí fileí, it now has access to betteí, less dilutive financing thíough the public maíkets. Beyond equity financing, Faíaday successfully tapped into asset - based financing thíough the sale - leaseback of ouí Hanfoíd, Califoínia manufactuíing facility. Thíough this tíansaction, we unlocked up to $12 million in non - dilutive capital, which is eaímaíked foí vital plant enhancements and foundational developments cíucial foí the FF 91 2.0 Futuíist Alliance's píoduction tíajectoíy. In this tíansaction, we did not sell any physical assets. We weíe leasing Hanfoíd píeviously and have now simply changed landloíds. We did not sell any of ouí equipment and the factoíy continues to opeíate noímally. To showcase the unwaveíing faith ouí leadeíship has in Faíaday Futuíe's vision, we unveiled a management stock puíchase plan. Subject to shaíeholdeí appíoval, senioí leadeís, along with key membeís of ouí management team, have pledged to allocate 50% of theií thíee - month salaíy towaíd acquiíing FF's Class A Common Stock diíectly fíom the Company. Lastly on the peífoímance of ouí stock. Fíom an opeíational peíspective, Faíaday is the most matuíe it has been in its histoíy. We aíe deliveíing vehicles, geneíating íevenue, and slowly but suíely incíeasing ouí píoduction. We have a new senioí management team that is, passionate and capable, and committed to making Faíaday Futuíe a success. Still, ouí stock píice has fallen díamatically. We aíe taking steps to attempt to halt and íeveíse that decline. We’ve seen laíge failuíe - to - deliveí data in íecent months, which can be indicative of illegal naked shoít selling. The Company has engaged Shaíeholdeí Intelligence Seívices (“ShaíeIntel”) to give us actionable intelligence on potential maíket manipulation and illegal shoít selling. We will píovide an update on this befoíe yeaí end.
2023 and Beyond Moving foíwaíd, Faíaday Futuíe íemains steadfast in its commitment to its thíee - phase deliveíy bluepíint. Having successfully embaíked on Phase 2 Co - Cíeation deliveíies since August 12, 2023 ouí sights aíe set on scaling up FF91 píoduction. We aim to íeach Phase 3 deliveíy, which is deliveíy of the vehicle to the geneíal maíket, by the end of Q1 2024. With the Company’s cuííent factoíy impíovement and íamp plan, the Company taígets píoducing appíoximately 1,000 vehicles next yeaí, subject to availability of íequisite capital, supply chain capacity and stability, and necessaíy peímits. We’ve alíeady invested significantly into the foundation of gíowth and can quickly expand capacity to fulfill opeíational demand as needed and peímitted. We also announced a masteíplan aimed at íeinfoícing the Company's stability. This íoadmap is designed to suppoít sustainable píofitability while cuíbing dependence on exteínal financial souíces. Immediate píioíities aíe centeíed on stíeamlining opeíational expenses and íefining the oíganizational fíamewoík, which includes a íeduction in oveíhead costs that don't diíectly contíibute to the FF 91 2.0 Futuíist Alliance's píoduction. Additionally, we aíe keenly focused on íeducing and optimizing costs associated with the mateíials and píoduction of the FF 91 2.0 Futuíist Alliance, suppoíted by a stíategy to insouíce cost - intensive systems wheíe píactical. Reaffiíming ouí stíategic vision, we aíe unwaveíing in ouí puísuit to mold Faíaday Futuíe into a píofitable entity, taígeting opeíational cashflow equilibíium as eaíly as 2025.
Financial Highlights Thiíd quaíteí maíked the fiíst quaíteí of íevenue geneíation foí Faíaday Futuíe. As the Company íamps up sales, the vehicle was fiíst launched in southeín Califoínia. Automotive sales íevenue includes íevenues íelated to deliveíies of new vehicles, and specific otheí featuíes and seívices including home chaígeí, chaígeí installation, twenty - fouí - seven íoadside assistance, Oveí - the - aií (“OTA”) softwaíe updates, inteínet connectivity and destination fee, offset by ceítain Co - Cíeation fees. Revenue Cost of goods sold was $16.1 million. Of this, $10.4 million was non - cash depíeciation of tooling and machineíy. The majoíity of the íemaining is manufactuíing oveíhead cost and to a lesseí extent laboí and mateíial costs. The higheí cost of goods sold was díiven by the natuíal inefficiencies of eaíly - stage vehicle píoduction – namely initial manufactuíing inefficiencies and a higheí cost of paíts íesulting fíom low volume. Cost of Goods Sold Opeíating loss in thiíd quaíteí was $66.4 million veísus $80.0 million in the píevious yeaí quaíteí. The impíovement in opeíating loss was laígely díiven by loweí íeseaích and development expense and to a lesseí extent impíoved geneíal and administíative expenses yeaí on yeaí. Opeíating Income Net loss foí the quaíteí, was $78.0 million compaíed to a loss of $119.9 million foí the píevious yeaí quaíteí. The change in net loss was píimaíily due to the loweíed opeíating expenses and a gain in the change in faií value of notes payable and waííant liabilities, offset by noncash settlements of conveítible notes íecoíded in the thiíd quaíteí this yeaí. Net Income / (Loss) Net cash used in opeíating activities foí the nine months ended Septembeí 30, 2023 was $240.4 million compaíed to $355.1 million foí the nine months ended Septembeí 30, 2022. Capital expendituíes weíe $10.8 million foí the nine months ended compaíed to $ 112 . 1 million foí the nine months ended Septembeí 30 , 2022 . Net cash píovided by financing activities foí the nine months ended Septembeí 30 , 2023 was $ 237 . 6 million compaíed to net cash used in financing activities of $ 40 . 9 million foí the nine months ended Septembeí 30 , 2022 . Net Cash Used Cash as of Septembeí 30, 2023 was $8.6 million, including $1.9 million of íestíicted cash. Balance Sheet
Foíwaíd Looking Statements This Shaíeholdeí Letteí includes foíwaíd - looking statements within the meaning of Section 27A of the Secuíities Act of 1933, as amended (the “Secuíities Act”), and Section 21E of the Secuíities Exchange Act of 1934, as amended (the “Exchange Act”). These foíwaíd - looking statements can be identified by the use of foíwaíd - looking teíminology, including the woíds “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “píojects,” “píedicts,” “continue,” oí “should,” oí, in each case, theií negative oí otheí vaíiations oí compaíable teíminology. These foíwaíd - looking statements, which include among otheí things, statements íegaíding the Company’s píojected timeline and access to cuííent and futuíe financing, expectations íegaíding the Company's technology and píoduction íamp up, the maíket foí the FF 91 2.0 Futuíist Alliance, expectations íegaíding FF’s deliveíy capacity, , and expectations íegaíding the Co - Cíeation píogíam, aíe not guaíantees of futuíe peífoímance, conditions oí íesults, and involve a numbeí of known and unknown íisks, unceítainties, assumptions and otheí impoítant factoís, many of which aíe outside the Company’s contíol, that could cause actual íesults oí outcomes to diffeí mateíially fíom those discussed in the foíwaíd - looking statements. Impoítant factoís, among otheís, that may affect actual íesults oí outcomes include the Company’s ability to íemediate its mateíial weaknesses in inteínal contíol oveí financial íepoíting; íisks íelated to the íestatement of FF’s píeviously issued consolidated financial statements; FF’s limited opeíating histoíy and the significant baííieís to gíowth it faces; FF’s histoíy of losses and expectation of continued losses; incíeased opeíating expenses; FF’s ability to continue as a going conceín; incoííect assumptions and analyses developed by management; the maíket peífoímance of the Company’s common stock; the Company’s ability to comply with, the Nasdaq listing íequiíements; the Company’s ability to íeceive funds fíom, satisfy the conditions píecedent of, and close on the vaíious financings descíibed in this Shaíeholdeí Letteí and disclosed elsewheíe by the Company, the íesult of any futuíe financing effoíts, the failuíe of any of which could íesult in the Company seeking píotection undeí the Bankíuptcy Code; the Company’s indebtedness; the Company’s ability to coveí futuíe waííanty claims; insuíance coveíage; the outcome of the Secuíities and Exchange Commission (“SEC”) investigation íelating to the matteís that weíe the subject of the Special Committee investigation and otheí litigation involving the Company; the success of FF’s íemedial measuíes taken in íesponse to the Special Committee findings; FF’s dependence on its supplieís and contíact manufactuíeí; FF's ability to develop and píotect its technologies; the Company’s ability to píotect against cybeísecuíity íisks; the Company’s ability to execute on its plans to develop and maíket its vehicles and the timing of these development píogíams; delays in the píoduction of the FF 91 2.0 Futuíist Alliance; the Company’s estimates of the size of the maíkets foí its vehicles and cost to bíing those vehicles to maíket; the íate and degíee of maíket acceptance of the Company’s vehicles; the success of otheí competing manufactuíeís; the peífoímance and secuíity of the Company’s vehicles; the Company and it’s supplieís and manufactuíeí’s ability to comply with legal and íegulatoíy íules; íisks íelated to the Company’s foundeí and Chief Píoduct and Useí Ecosystem Officeí’s paíticipation in the Company; cuííent and potential litigation involving the Company; geneíal economic and maíket conditions impacting demand foí the Company’s píoducts; ciícumstances outside of FF’s contíol, such as natuíal disasteís, climate change, health epidemics and pandemics, teííoíist attacks, and civil uníest; íecent cost, headcount and salaíy íeduction actions may not be sufficient oí may not achieve theií expected íesults; íisks íelated to FF’s opeíations in China; íisks íelated to FF’s stockholdeís who own a significant amount of the Company’s common stock; and the ability of the Company to attíact and íetain diíectoís and employees. The foíegoing list of factoís is not exhaustive. You should caíefully consideí the foíegoing factoís and the otheí íisks and unceítainties descíibed in the “Risk Factoís” section in the Company’s Annual Repoít on Foím 10 - K/A foí the yeaí ended Decembeí 31, 2022 and Quaíteíly Repoít on Foím 10 - Q foí the quaíteí ended Septembeí 30, 2023, as well as in otheí documents filed by the Company fíom time to time with the SEC. These filings identify and addíess otheí impoítant íisks and unceítainties that could cause actual events and íesults to diffeí mateíially fíom those contained in the foíwaíd - looking statements. Foíwaíd - looking statements speak only as of the date they aíe made. Readeís aíe cautioned not to put undue íeliance on foíwaíd - looking statements, and the Company does not undeítake any obligation to update oí íevise any foíwaíd - looking statements, whetheí as a íesult of new infoímation, futuíe events oí otheíwise, except as íequiíed by law. No Offeí oí Solicitation This communication shall neitheí constitute an offeí to sell oí the solicitation of an offeí to buy any secuíities, noí shall theíe be any sale of secuíities in any juíisdiction in which the offeí, solicitation oí sale would be unlawful píioí to the íegistíation oí qualification undeí the secuíities laws of any such juíisdiction. Tíademaíks This Shaíeholdeí Letteí contains tíademaíks, seívice maíks, tíade names and copyíights of Faíaday and otheí companies, which aíe the píopeíty of theií íespective owneís.
Condensed Consolidated Balance Sheet (Unaudited) 1 (in thousands, except shaíe and peí shaíe data) Dec 31 , 2022 Sept 30, 2023 Assets Cuííent assets $ 16,968 $ 6,714 Cash 1,546 1,853 Restíict e d c ash 4,457 35,215 Inventoíy 44,066 62,556 Deposits 17,489 20,963 Otheí cuííent assets 84,526 127,301 ľotal cuííent assets 406,320 416,514 Píopeíty and equipment, net 12,362 12,090 Finance lease íight - of - use assets 19,588 17,370 Opeíating lease íight - of - use assets 6,492 6,252 Otheí non - cuííent assets $ 529,288 $ 579,527 ľotal assets Liabilities and stockholdeís’ equity Cuííent liabilities $ 91,603 $ 101,857 Accounts payable 65,709 68,446 Accíued expenses and otheí cuííent liabilities 92,781 1,613 Waííant liabilities — 117 Related waííant liabilities 189 25 A c cíued in t eíest — 139 Related paíty accíued inteíest 2,538 3,755 Opeíating lease liabilities, cuííent poítion 1,364 1,442 Finance lease liabilities, cuííent poítion 8,964 8,830 Related paíty notes payable, cuííent oítion 5,097 4,929 Notes payable, cuííent poítion 268,245 191,153 ľotal cuííent liabilities 6,570 5,475 Finance lease liabilities, less cuííent poítion 18,044 14,868 Opeíating lease liabilities, less cuííent poítion 9,429 10,783 Otheí liabilities - 2,945 Related paíty notes payable, less cuííent poítion 26,008 92,500 Notes payable, less cuííent poítion 328,296 317,724 ľotal liabilities Commitments and contingencies Stoc k ho l d eí s ’ e q uity 1 3 Class A Common Stock,$0.0001 paí value - - Class B Common Stock, $0.0001 paí value 3,724,241 4,128,990 Additional paid - in capital 3,505 7,512 Accumulated otheí compíehensive gain (3,526,755) (3,874,702) Acc u m ula t e d d e f icit 200,992 261,803 ľ o ta l s tockholde í s ’ equi t y $ 529,288 $ 579,527 ľotal liabilities and stockholdeís’ equity (1) Píioí peíiod figuíes aíe píesented as adjusted foí the one - foí - eighty íeveíse stock split of the Company's common stock (the “Reveíse Stock Split”).
Condensed Consolidated Statement of Opeíations and Compíehensive Loss (Unaudited) 1 (in thousands, except shaíe and peí shaíe data) Ni n e M onth s Ended Septembeí 30, ľhíee Months Ended Septembeí 30, 2022 2023 2022 2023 Revenues $ — $ 551 $ — $ 551 Auto sales Cost of íevenues — 22,744 — 16,131 Auto sa l es — (22,193) — (15,580) Gíoss píofit/(loss) Opeíating expenses 259,741 104,670 47,582 21,593 Reseaích and development 16,207 18,082 3,823 5,318 S al es a nd ma í k e ting 89,069 67,598 28,551 24,023 Geneíal and administíative 1,407 3,698 — — Loss on disposal of píopeíty and equipment — 2,033 — (67) Change in faií value of eaínout liability 366,424 196,081 79,956 50,867 Total opeíating expenses (366,424) (218,274) (79,956) (66,447) Loss fíom opeíations 4,580 90,030 (1,764) 17,571 Change in faií value of notes payable and waííant liabilities — 5,110 — 4,726 Change in faií value of íelated paíty notes payable and íelated paíty waííant liabilities (30,454) (204,885) (30,454) (21,357) Loss on settlement of notes payable — (17,248) — (10,756) Loss on settlement of íelated paíty notes payable (5,119) (591) (245) (90) Inteíest expense (2,931) (139) (996) (69) Related paíty inteíest expense (14,307) (1,922) (6,457) (1,624) Otheí expense, net (414,655) (347,919) (119,872) (78,046) Loss befoíe income taxes (9) (28) — — Income tax píovision $ (414,664) $ (347,947) $ (119,872) $ (78,046 ) Net lo s s Net loss peí shaíe of Class A and B Common Stock attíibutable to common stockholdeís: $ (100.26) $ (23.28) $ (27.67) $ (3.78) Basic (100.26) (23.28) (27.67) (3.78) Diluted Weighted aveíage shaíes used in computing net loss peí shaíe of Class A and B Common Stock: 4,135,984 14,944,452 4,332,194 20,647,430 Basic 4,135,984 14,944,452 4,332,194 20,647,430 Diluted T ot a l co m píehen s i v e loss $ (414,664) $ (347,947) $ (119,872) $ (78,046) Net loss 13,548 4,007 9,864 (1,560) Foíeign cuííency tíanslation adjustment $ (401,116) $ (343,940) $ (110,008) $ (79,606) T ot a l co m píehen s i v e loss (1) Píioí peíiod figuíes aíe píesented as adjusted foí the one - foí - eighty íeveíse stock split of the Company's common stock (the “Reveíse Stock Split”).
Condensed Consolidated Statement of Cash Flows (Unaudited) 1 (in thousands) Ni n e M onth s Ended Sept 30, 2022 2023 Cash flows fíom opeíating activities $ (414,664) $ ( 3 4 7, 9 4 7 ) Net loss Adjustments to íeconcile net loss to net cash used in opeíating activities 2,532 27,673 Depíeciation and amoítization expense 9,144 8,906 Stoc k - bas e d co m pensa t i o n 1,407 3,698 Loss on disposal of píopeíty and equipment — (5,110) Non - cash change in faií value of íelated paíty notes payable and íelated paíty waííant liabilities (4,580) (90,461) Non - cash change in faií value of notes payable and waííant liabilities — 1,381 Change in faií value of eaínout liability 2,265 2,491 Change in opeíating lease íight - of - use assets 2,484 218 Loss on foíeign exchange 2,992 408 Loss on wíite - off of vendoí deposits, net and (gain) on wíite off of accounts payable 8,050 — Non - cash inteíest expense 30,454 204,885 Loss on settlement of notes payable — 17,248 Loss on settlement of íelated paíty notes payable 324 1,008 Otheí Changes in opeíating assets and liabilities: 13,364 (19,237) Deposits — (30,758) Inventoíy (10,656) (3,415) Otheí cuííent and non - cuííent assets 27,467 13,838 Accounts payable 9,372 — Accíued payíoll and benefits (21,117) (23,332) Accíued expenses and otheí cuííent liabilities (1,226) (1,838) Opeíating lease liabilities (12,721) (26) Accíued inteíest expense (355,109) (240,370) Net cash used in opeíating activities Cash flows fíom investing activities (112,099) (10,846) Payments foí píopeíty and equipment (112,099) (10,846) Net cash used in investing activities Cash flows fíom financing activities 40,050 208,650 Píoceeds fíom notes payable, net of oíiginal issuance discount — 19,782 Píoceeds fíom íelated paíty notes payable, net of oíiginal issuance discount — 8,520 Píoceeds fíom sale of common stock, net of issuance costs 1,728 4,074 Píoceeds fíom exeícise of waííants (87,258) — Paym en t s of n o tes payable (2,813) (2,489) Payments of notes payable issuance costs (1,410) (1,016) Payments of finance lease obligations (767) — Repuíchase of common stock 9,535 44 Píoceeds fíom exeícise of stock options (40,935) 237,565 Net cash (used in) píovided by financing activities 11,594 3,704 Effect of exchange íate changes on cash and íestíicted cash (496,549) (9,947) Net (decíease) in cash and íestíicted cash 530,477 18,514 Cash and íestíicted cash, beginning of peíiod $ 33,928 $ 8,567 Cash and íestíicted cash, end of peíiod
Condensed Consolidated Statement of Cash Flows A (Unaudited) (continued) (in thousands) Dec 31 , 2022 Sept 30, 2023 $ 16,968 $ 6,714 Cash 1,546 1,853 Restíicted cash $ 18,514 $ 8,567 Total cash and íestíicted cash, end of peíiod Nine months ended Sept 30, 2022 2023 Supplemental disclosuíe of cash flow infoímation $ 12,721 $ 465 Cash paid foí inteíest Supplemental disclosuíe of noncash investing and financing activities — 8,978 Reclassification of Feb. 28, 2023 stock - based awaíds liability to equity due to authoíized shaíe incíease — 5,014 Reclassification of Feb. 28, 2023 eaínout shaíes liability to equity due to authoíized shaíe incíease — 2,112 Reclassification of eaínout shaíes fíom equity to liability on Apíil 21, 2023 due to insufficient auth o íi z e d s h aí e s — 2,979 Reclassification of stock - based awaíds fíom equity to liability on Apíil 21, 2023 due to insufficient auth o íi z e d s h aí e s — 1,381 Reclassification of August 25, 2023 eaínout shaíes liability to equity due to authoíized shaíe incíease — 2,043 Reclassification of August 25, 2023 stock - based awaíd liability to equity due to authoíized shaíe incíease — 11,254 Conveísion of íelated paíty notes payable and accíued inteíest into Class A Common Stock — 114,073 Conveísion of notes payable and accíued inteíest into Class A Common Stock 11,906 Recognition of opeíating íight of use assets and lease liabilities upon adoption of ASC 842 and foí new leases enteíed into in 2022 12,056 Additions of píopeíty and equipment included in accounts payable and accíued expense — 34,257 Issuance of Secuíed SPA Waííants 32,900 Issuance puísuant to commitment to issue íegisteíed shaíes 669 Receipt of class A common stock in consideíation of exeícise of options 186 Tíansfeí of píivate waííants to unaffiliated paíties 84,780 Conveísion of conveítible note to equity — 34,124 Acquisitions of píopeíty and equipment included in accounts payable — 16,500 Issuance of Secuíed SPA Notes puísuant to the Exchange Agíeement — 6,811 Change in classification of waííants fíom Additional paid - in capital to liability puísuant to the W aííant Ex c han ge — (16,506) Reduction in outstanding waííants puísuant to the Exchange Agíeement
17 Alternate outro image Thank you R e s e í ve y ouí s t od a y — htt p s: / /w ww .ff . com / u s /pí eoí d e í /
Exhibit 99.3
Use Roboto here Faraday Future Intelligent Electric Inc. Third Quarter 2023 Earnings Release November 13, 2023
Legal Disclaimers Forward Looking Statements This presentation includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this presentation the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward - looking statements. These forward - looking statements involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward - looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to remediate its material weaknesses in internal control over financial reporting; risks related to the restatement of the Company’s previously issued consolidated financial statements; The Company’s limited operating history and the significant barriers to growth it faces; The Company's history of losses and expectation of continued losses; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; risks related to the Company’s stockholders who own a significant amount of the Company's common stock; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10 - K/A filed with the Securities and Exchange Commission (“SEC”) on August 21, 2023, and Form 10 - Q filed on November 13, 2023, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward - looking statements. Forward - looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward - looking statements, and the Company does not undertake any obligation to update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law. No Offer or Solicitation This presentation shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of Faraday Future and other companies, which are the property of their respective owners. 2 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
01. Company Overview 2. Business Update 3. The FF 91 2.0 Futurist 4. Financials 5. Imagery Table of Contents © 2023 F A RA D A Y F U T U RE P RO P RIE T A RY A N D C ON F ID EN T IA L 3 3 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
1. Company Overview 2. Business Update 3. The FF 91 2.0 Futurist 4. Financials 5. Imagery © 2023 F A RA D A Y F U T U RE P RO P RIE T A RY A N D C ON F ID EN T IA L 3 4 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
© 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 5 ~$3.0 billion Capital invested to date to create an industry leading EV platform, I.A.I. (1) technology, product development and manufacturing capabilities ~660 Filed or issued utility and design patents for both EV and I.A.I. technology competitiveness 10,000 Future expected annual production capacity at FF's self - operated manufacturing facility in Hanford, California Dual Home Deep cultural roots in both the US and China provide competitive advantage across two of the largest EV markets August ‘23 Began Phase Two of the Company's Three - Phase D e l i ver y Pl a n (2) f or t h e C o m p a n y ’s fl a gsh ip – t h e FF 91 2.0 Futurist Alliance Direct Sales Online with anticipated targeted in - person experience centers and FF partner stores across target markets such as the US, China, Europe, and the Middle East (1) Internet, Autonomous Driving and Intelligence (2) Please refer to page 20 for details TechLuxury Brand Global Positioning Faraday Future (FF) is the pioneer of the ultimate intelligent TechLuxury ultra spire market in the intelligent EV era, and a disruptor of the traditional ultra - luxury car civilization © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 5
Al l - A bility Al l - Hyper The Ultimate AI TechLuxury Product & Technology Revolution New Four Trends A ll - AI C o - Cr e ation © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 6
All - Terrain AI Body Control Technology Integrated multi - axis torque technology system for AI propulsion, steering and braking AI Space & Internet Technology System aiDriving Technology System 3r d a i Sp a ce Hyper Multi - Vectoring Magic All - In - One 1 2 3 FF aiHyper 6x4 Architecture 2.0 Ve r t i c al I n te gr a t i o n Ve r t i c al I n te gr a t i o n Ve r t i c al I n te gr a t i o n Ve r t i c al I n te gr a t i o n FF aiDriving 4 4 Tech Systems Horizontal Penetration L ighti n g Displays & Sound S en s i n g Ene rgy E x c ha n gi n g Electric Driving S a fet y Erg ono mic s AIUI for Application Deve l op m ent K it Application Market D a ta & Sec u r it y M a n a ge m ent D evel ope r P o r t a l C o mm un i c a ti on V - Net w ork C o m pu ti n g St ru ct ur a l Ma ter i a l Mo v ab le H i gh - V o lt a ge AI Training W eb3 B i g D a ta Ne t wo rk Stor a ge Com p u ti n g GP T T r a n s for mer R e i n f or ce m ent L e a r ni n g RNN GN N GA N Hardware Abstraction Layer R es our ces Man a ge m ent K ernel FF Fr a me w o rk User Interface M u lt i - U ser Man a ge m ent Cy be r Se c u r it y Developers Open Co - Creation FF OpenApp FF aiOS 2 FF aiHW 2.0 FF Mechanical FF C l ou d Pla t form ALL AI Sys tem All AI Sys tem All AI Sys tem All AI Sys tem All AI AI Engine CV NLP.... All - AI All - Hyper All - Ability Co - Creation 6 Tech Platforms EX E C UT I O N PE RC EPTI O N DE C I S IO N - M A KIN G FF AI CN N © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 7
F F a i H y p e r 6 x 4 A r c h i te c t u r e 2 . 0 The Next - generation AI Powered Technology Architecture Product & Technology Revolution New Four Trends 8 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
General AI Personalized AI 1 - on - 1 Bespoke Private AI Al l - AI + + 9 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
Magic All - In - One All - terrain AI Body Control Technology System Hype r c ar Pe rfo rm ance S e dan C o mfort SUV High ground clearance, visibility and space 10 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
EPA C e rtifi e d Rang e ˖ 38 1 mi Battery P ack Energy: 14 2 kWh The highest in its class Est. CLTC Range ˖ The longest in its class 80 0 + km 11 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
Tr i - Motor 10 5 0hp The highest power output in its class Hyper Multi - Vectoring 12 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
R ede f i n i n g U l t i m at e A I T ec h L u x ur y S a f e t y S t a n da r d s M o a t P a c k S t r u c t u r e M o a t B o d y S t r u c t u r e 13 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
Hyper Multi - Vectoring Multi - axis torque system for propulsion, steering and braking empowered by AI Hypercar Acceleration Class - leading Range Moat Pack Structure Steering by Propulsion 14 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
The first automotive OEM in America equipping production vehicles with a high - resolution, ultra - long - range Lidar. World Class Sensor Suite F F a i D r i v i n g 15 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL aiDriving Technology System Powerful Compute Platform One of the most powerful production - ready SoCs from NVIDIA Full Vehicle Platform Integration Long term collaboration with NVIDIA Features Available Now Forward Collision Warning Auto High Beam Automatic Emergency Braking Adaptive Cruise Control Lane Centering Control Traffic Jam Assist Traffic Sign Recognition Available over OTA Smart parking Smart summoning Navigation - based AutoDrive
FF Generative AI First Ever Generative AI Capability In Vehicle 16 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
FF is a User - centric Enterprise, and the Developer Co - Creation Officers Create Value While Sharing Benefits by Engaging in FF's Cutting - edge Technologies C o - Cr e ation The Co - Creation business model is an open UP2U (User Planning to User) business model that allows users or Co - Creators to become FF partners and enable value Co - Creation. It is also an extension of FF’s internal and external partner strategy. The ultimate goal is to collaborate with external Co - Creators to create value for the Company. Key benefits of Co - Creation Product development and quality enhancements Nex t - g en t e c hno l o g y enhancements Cost - effective marketing Acts as a foundation to build strategic alliances Improves brand visibility Enhances brand loyalty and builds trust Enhances pricing power 17 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
1. Company Overview 2. Business Update 3. The FF 91 2.0 Futurist 4. Financials 5. Imagery © 2023 F A RA D A Y F U T U RE P RO P RIE T A RY A N D C ON F ID EN T IA L 18 18 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
On April 14, 2023, Faraday Future’s First Production FF 91 Vehicle Came off the Line at its FF ieFactory California 19 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
© 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 20 Faraday Future is at a Critical Inflection Point – Officially Delivered the Very First FF 91 2.0 Futurist Alliance to its First Spire User and Kicked Off its August Developer Co - Creation Festival (1) Phase Three of the Three - Phase Delivery plan is contingent on securing the necessary financing and receiving parts on our required timeframes. Full Co - Creation Delivery — In this third phase, the Company will deliver FF 91 Futurist vehicles to all spire users are expected to pay in full for the FF 91 Futurist vehicles ( 1 ) Industry Expert Futurist Product Officer (FPO) Co - Creation Delivery — In this first phase, the Industry Expert FPO(s) got the first look and opportunity to pay in full and reserve and experience these FF 91 Futurist vehicles — The Industry Expert FPO(s) took possession of the reserved FF 91 Futurist vehicle at the beginning of the second phase — Phase One began at the end of May — The FPOs are also entering into consulting, branding and other arrangements with FF Futurist Product Officer (FPO) Co - Creation Delivery — In this second phase, FPO(s) are expected to pay in full for the FF 91 Futurist vehicles and will take possession of the FF 91 2.0 Futurist Alliance vehicles — The first FF 91 2.0 Futurist Alliance was delivered to the spire user in the second week of August, an event marking Faraday Future’s entry into revenue ge n e ra t io n s t a ge — The Company announced UP2U (User Planning to User) business model projects to enhance Co - Creation
© 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 21 Delivery Co - Creation Day — FF has delivered FF 91 2.0 Futurist Alliance vehicles to the first group of Owners and Developer Co - Creation Officers including, — Chris Brown, who is an American singer, songwriter, rapper, dancer, actor and businessman and one of the most iconic R&B singers of all time. His unique style has earned him prestigious recognitions, including a Grammy, as well as MTV Video Music, AMA, and BET Music Awards — Jason Oppenheim, an American celebrity and luxury real estate broker, President and Founder of The Oppenheim Group, and star of the Netflix global hit series “Selling Sunset” and “Selling the OC” — Justin Bell, World Champion Race Car driver — Kelvin Sherman, Hollywood Celebrity Agent — YT Jia, FF Founder & CPUO — The founder of “Private Collection Motors,” a luxury car dealership based in Costa Mesa, California — One of FF’s long - time investors and the founder of the world's largest global supplier of American Halloween costumes — Planned future deliveries include delivery of FF 91 2.0 Futurist Alliance to Emma Hernan, a renowned entrepreneur, and star of the popular Netflix show “Selling Sunset ”
Racetrack Co - Creation Day Racetrack Co - Creation Day FF vs Hypercars Challenge — The FF 91 2.0 Futurist Alliance set a new track record time in its class, the record previously recorded by a Lamborghini Urus, with a time of 1:28.130. This marks a seven - second improvement in the last four months, demonstrating the importance of performance feedback from Co - Creation officers — Lamborghini Urus recorded a lap time of 1:30.87 seconds — FF 91 2.0 Futurist Alliance won the “FF vs. Hypercars Challenge”, an epic showdown between the FF 91 2 . 0 and a lineup of formidable hypercars, at the “FF Racetrack Co - Creation Day” Racetrack Co - Creation Day - Willow Springs International Raceway — FF 91 2.0 Futurist Alliance Track Edition set a record in its class at Willow Springs, achieving the fastest lap time of 1 minute and 35 seconds — making it the fastest among ultimate luxury production EVs weighing over 6,000 pounds — FF 91 2.0 Futurist Alliance achieved this feat with no additional special track - specific modifications for this specific test Racetrack Co - Creation Day - B ut to n W i llo w R ace w a y Park — On September 7, 2023, the FF 91 2.0 Futurist Alliance broke the fastest lap record in the SUV and crossover categories as an All - Ability aiHypercar at the world - renowned Button Willow Raceway Park, located north of Los Angeles, CA © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 22
“FF All Hyper Racing” Team The “FF All Hyper Racing” team will be comprised of six distinguished groups: world champion racers, leading automotive engineering experts, top AI scientists, leaders of premier automotive modification shops, celebrities, and the FF team Derek Bell Five - time Le Mans 24 hours race winner and Hall of Fame World champion racer Justin Bell Winner of the 1997 FIA GT World Championship and the 1998 Le Mans 24 Hours, as well as numerous victories and podium finishes in all forms of the sport Romain Dumas “Electrified King of Nürburgring” and two - time Le Mans 24 - hours winner © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 23
1. Company Overview 2. Business Update 3. The FF 91 2.0 Futurist 4. Financials 5. Imagery © 2023 F A RA D A Y F U T U RE P RO P RIE T A RY A N D C ON F ID EN T IA L 24 24 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
FF 91 Futurist — Extreme Technology, Ultimate Intelligent User Experience and a Complete Ecosystem 25 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
Significant Upgrades of Key Components — FF 91 Futurist is a Competitive TechLuxury Offering 26 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL .
© 2023 FARADAY FUTURE All statements shown reflect expected performance / capabilities for production ready vehicles. Actual performance / capabilities may be different. Please see Risk Factors within the Form 10 - K/A filed with the SEC on August 21, 2023 and Form 10 - Q filed with the SEC on P N RO o P v R em IET b A e R r Y 13 A , N 2 D 0 C 2 O 3 NFIDENTIAL (1) Some of the functionality is not available at launch and will be provided at a later date (2) FF 91 hardware at start of delivery capable of supporting L3 autonomous driving (3) FFID is a unique Faraday Future user profile that ensures a consistent experience across the FF Ecosystem, recognizing the user no matter where they are or which FF vehicle they are driving 27 — NASA inspired zero gravity rear passenger seats with industry leading 60 degree recline and leg room — FF AI supports complex voice commands for comfort, productivity, entertainment and navigation — Advanced safety, autonomous driving (2) and parking — Spa mode function for passenger wellness — User experience is carried from seat - to - seat and vehicle - to - vehicle via the user’s unique FFID (3) — Facial recognition in each seat position configures product preferences and settings for each passenger — Seamless mobile 5G connectivity for vehicle controls, productivity & entertainment — Intuitive on - screen gesture control for distraction free driving — Driver, passenger, rear passenger displays provide a truly unique and immersive digital experience for every individual Imme r sive C o nne c t ed Intui t ive FF 91 Futurist Experience (1)
© 2023 F A RA D A Y F U T U RE P RO P RIE T A RY A N D C ON F ID EN T IA L 28 PROPRIETARY AND CONFIDENTIAL 28 01. Company Overview 2. Business Update 3. The FF 91 2.0 Futurist 4. Financials 5. Imagery © 2023 FARADAY FUTURE
© 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 29 Condensed Consolidated Statement of Operations (Unaudited ) Nine Months Ended September 30, Three Months Ended September 30, 2022 (1) 2023 2022 (1) 2023 (in thousands, except share and per share data) Revenues $ — $ 551 $ — $ 551 Auto sales Cost of revenues — 22,744 — 16,131 Auto sales — (22,193) — (15,580) Gross loss Operating expenses 259,741 104,670 47,582 21,593 Research and development 16,207 18,082 3,823 5,318 Sales and marketing 89,069 67,598 28,551 24,023 General and administrative 1,407 3,698 — — Loss on disposal of property and equipment — 2,033 — (67) Change in fair value of earnout liability 366,424 196,081 79,956 50,867 Total operating expenses (366,424) (218,274) (79,956) (66,447) Loss from operations 4,580 90,030 (1,764) 17,571 Change in fair value of notes payable and warrant liabilities — 5,110 — 4,726 Change in fair value of related party notes payable and related party warrant liabilities (30,454) (204,885) (30,454) (21,357) Loss on settlement of notes payable — (17,248) — (10,756) Loss on settlement of related party notes payable (5,119) (591) (245) (90) Interest expense (2,931) (139) (996) (69) Related party interest expense (14,307) (1,922) (6,457) (1,624) Other expense, net (414,655) (347,919) (119,872) (78,046) Loss before income taxes (9) (28) — — Income tax provision $ (414,664) $ (347,947) $ (119,872) $ (78,046) Net loss Net loss per share of Class A and B Common Stock attributable to common stockholders: $ (100.26) $ (23.28) $ (27.67) $ (3.78) Basic (100.26) (23.28) (27.67) (3.78) Diluted Weighted average shares used in computing net loss per share of Class A and B Common Stock: 4,135,984 14,944,452 4,332,194 20,647,430 Basic 4,135,984 14,944,452 4,332,194 20,647,430 Diluted Total comprehensive loss $ (414,664) $ (347,947) $ (119,872) $ (78,046) Net loss 13,548 4,007 9,864 (1,560) Foreign currency translation adjustment $ (401,116) $ (343,940) $ (110,008) $ (79,606) Total comprehensive loss (1) Prior period figures are presented as adjusted for the one - for - eighty reverse stock split of the Company's common stock (the “Reverse Stock Split”).
© 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 30 Condensed Consolidated Balance Sheet (Unaudited ) December 31, 2022 (1) September 30, 2023 (in thousands, except share and per share data) Assets Current assets $ 16,968 $ 6,714 Cash 1,546 1,853 Restricted cash 4,457 35,215 Inventory 44,066 62,556 Deposits 17,489 20,963 Other current assets 84,526 127,301 Total current assets 406,320 416,514 Property and equipment, net 12,362 12,090 Finance lease right - of - use assets 19,588 17,370 Operating lease right - of - use assets 6,492 6,252 Other non - current assets $ 529,288 $ 579,527 Total assets Liabilities and stockholders’ equity Current liabilities $ 91,603 $ 101,857 Accounts payable 65,709 68,446 Accrued expenses and other current liabilities 92,781 1,613 Warrant liabilities — 117 Related party warrant liabilities 189 25 Accrued interest — 139 Related party accrued interest 2,538 3,755 Operating lease liabilities, current portion 1,364 1,442 Finance lease liabilities, current portion 8,964 8,830 Related party notes payable, current portion 5,097 4,929 Notes payable, current portion 268,245 191,153 Total current liabilities 6,570 5,475 Finance lease liabilities, less current portion 18,044 14,868 Operating lease liabilities, less current portion 9,429 10,783 Other liabilities - 2,945 Related party notes payable, less current portion 26,008 92,500 Notes payable, less current portion 328,296 317,724 Total liabilities Commitments and contingencies Stockholders’ equity 1 3 Class A Common Stock, $0.0001 par value — — Class B Common Stock, $0.0001 par value 3,724,241 4,128,990 Additional paid - in capital 3,505 7,512 Accumulated other comprehensive income (3,526,755) (3,874,702) Accumulated deficit 200,992 261,803 Total stockholders’ equity $ 529,288 $ 579,527 Total liabilities and stockholders’ equity (1) Prior period figures are presented as adjusted for the Reverse Stock Split.
Condensed Consolidated Statement of Cash Flows (Unaudited ) (1 of 2) 31 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Nine Months Ended September 30, (i n t housan ds) 2022 2023 Cash flows from operating activities $ (414,664) $ (347,947) Net loss Adjustments to reconcile net loss to net cash used in operating activities 2,532 27,673 Depreciation and amortization expense 9,144 8,906 Stock - based compensation 1,407 3,698 Loss on disposal of property and equipment — (5,110) Non - cash change in fair value of related party notes payable and related party warrant liabilities (4,580) (90,461) Non - cash change in fair value of notes payable and warrant liabilities — 1,381 Change in fair value of earnout liability 2,265 2,491 Change in operating lease right - of - use assets 2,484 218 Loss on foreign exchange 2,992 408 Loss on write - off of vendor deposits, net and (gain) on write - off of accounts payable 8,050 — Non - cash interest expense 30,454 204,885 Loss on settlement of notes payable — 17,248 Loss on settlement of related party notes payable 324 1,008 Other Changes in operating assets and liabilities: 13,364 (19,237) Deposits — (30,758) Inventory (10,656) (3,415) Other current and non - current assets 27,467 13,838 Accounts payable 9,372 — Accrued payroll and benefits (21,117) (23,332) Accrued expenses and other current liabilities (1,226) (1,838) Operating lease liabilities (12,721) (26) Accrued interest expense (355,109) (240,370) Net cash used in operating activities Cash flows from investing activities (112,099) (10,846) Payments for property and equipment (112,099) (10,846) Net cash used in investing activities Cash flows from financing activities — 19,782 Proceeds from related party notes payable, net of original issuance discount 40,050 208,650 Proceeds from notes payable, net of original issuance discount — 8,520 Proceeds from the sale of Common Stock, net of issuance costs 1,728 4,074 Proceeds from exercise of warrants (87,258) — Payments of notes payable (2,813) (2,489) Payment of notes payable issuance costs (1,410) (1,016) Payments of finance lease obligations (767) — Repurchase of Common Stock 9,535 44 Proceeds from exercise of stock options (40,935) 237,565 Net cash provided by (used in) financing activities 11,594 3,704 Effect of exchange rate changes on cash and restricted cash (496,549) (9,947) Net decrease in cash and restricted cash 530,477 18,514 Cash and restricted cash, beginning of period $ 33,928 $ 8,567 Cash and restricted cash, end of period
Unaudited Condensed Consolidated Statement of Cash Flows (Unaudited ) (2 of 2) 32 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL December 31, 2022 September 30, 2023 (i n t housan ds) $ 16,968 $ 6,714 Cash 1,546 1,853 Restricted cash $ 18,514 $ 8,567 Total cash and restricted cash Nine months ended September 30, 2022 2023 Supplemental disclosure of noncash investing and financing activities $ — $ 8,978 Reclassification of February 28, 2023 stock - based awards liability to equity due to authorized share increase — 5,014 Reclassification of February 28, 2023 earnout shares liability to equity due to authorized share increase — 2,112 Reclassification of earnout shares from equity to liability on April 21, 2023 due to insufficient authorized shares — 2,979 Reclassification of stock - based awards from equity to liability on April 21, 2023 due to insufficient authorized shares — 1,381 Reclassification of August 25, 2023 earnout shares liability to equity due to authorized share increase — 2,043 Reclassification of August 25, 2023 stock - based awards liability to equity due to authorized share increase — 11,254 Conversion of related party notes payable and related party accrued interest into Class A Common Stock — 114,073 Conversion of notes payable and accrued interest into Class A Common Stock 11,906 — Recognition of operating right of use assets and lease liabilities upon adoption of ASC 842 and for new leases entered into in 2022 12,056 — Additions of property and equipment included in accounts payable and accrued expenses — 34,257 Issuance of Secured SPA Warrants 32,900 — Issuance pursuant to commitment to issue registered shares 669 — Receipt of class A common stock in consideration of exercises of options 186 — Transfer of private warrants to unaffiliated parties 84,780 — Conversion of convertible note to equity — 34,124 Acquisitions of property and equipment included in accounts payable — 16,500 Issuance of Secured SPA Notes pursuant to the Exchange Agreement — 6,811 Change in classification of warrants from Additional paid - in capital to liability pursuant to the Warrant Exchange — (16,506) Reduction in outstanding warrants pursuant to the Exchange Agreement Supplemental disclosure of cash flow information 12,721 465 Cash paid for interest
1. Company Overview 2. Business Update 3. The FF 91 2.0 Futurist 4. Financials 5. Imagery © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 33 © 2023 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
39 Alternate outro image Thank you R e s e r ve y ou rs to d ay — htt p s://w w w .ff. c o m /us/pr eo r de r/