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Following Faraday's announcement of an agreement with China's Huanggang Municipal Government in the future, another personnel transfer was carried out. According to the official Weibo post of FF, Mr. Mo Cuitian, Executive Vice President of FFIE Global user Ecology has been appointed as Executive Director of FFIE's Board of Directors, effective January 25th, 2023. The Board also appointed Mr. Mo Cuitian as a member of the Finance and Investment Committee of the Board.

At the same time, it was also indicated that the FFIE Board Election Committee established in accordance with the relevant points of the agreement between FFIE, FF Top Holding LLC and FF Global Partners LLC approved the nomination of Mr. Mok Cuitian as the designated candidate for FF Top as a member of the Board of Directors of FFIE 2023 Annual General meeting, which shall take effect upon approval of the Annual General meeting. The company is choosing a date for the 2023 annual shareholders' meeting, which will be announced soon.

Relevant data show that Mo Cuitian, a senior leader with more than 15 years of executive experience in the global consumer electronics, high-tech Internet and intelligent electric vehicle industries, is the core manager involved in the early establishment of FF. Earlier, he served as vice president of Letv holding Group CMO, Asia Pacific CEO and Meizu Technology Co., Ltd.

According to the official statement, Mr. Mo Cuitian replaces Mr. Ye Qing on the company's board of directors. This appointment is an important step in accordance with the latest shareholders' agreement signed by FFIE and FF Top recently and in accordance with the procedures set out in the revised relevant agreement between FFIE, FF Top and FFGP to submit to the annual general meeting for approval of the nomination of new directors. Under the revised shareholders' agreement, FF Top currently has the right to nominate four designated persons as candidates for directors of the board of directors, subject to the nomination procedures set out in the relevant agreements. Mr. Mo is the first candidate for director approved by the Election Committee. According to the relevant agreement, the Board of Directors and the nomination and Corporate Governance Committee will recommend that shareholders and agents vote in favour of the nominated candidates for directors approved by the Board of Directors Election Committee at the 2023 annual general meeting.

It is understood that the newly signed shareholder agreement between FFIE and FF Top proposes that FF Top will have the super voting right at 1:10 and the right to nominate four of the seven directors of the board of directors. Subject to shareholder approval, FF   Top will have the super voting right at 1:20 when FF's market capitalization reaches $3 billion.

Regarding the personnel transfer, FF Jia Yueting also retweeted the Weibo message, saying: make every effort to build a unique intelligent travel ecosystem for spire users. Some industry insiders said: Mo Cuitian was appointed as an executive director of the board of directors, which also represents the end of the chaos of FFIE's corporate governance structure, and is a sign that FF is back on track.

It is worth noting that in addition to the personnel change announced by the FF, the FF 91 Futurist electric car will be put into mass production by the end of March 2023 and delivered by the end of April. However, FF said that the premise of mass production sales is that the funds are available in a timely manner and that shareholders approve an increase in the number of authorized shares. According to the plan disclosed by FF in its debut, the first FF model was supposed to be delivered in July 2022, but the delivery time was delayed again and again because of financial difficulties. Of course, mass production delivery is inseparable from the support of funds, but since Jia Yueting founded FF, it seems that the word "lack of money" has closely followed Jia Yueting. In order to solve the capital problem, Jia Yueting also found a lot of financing methods, but failed to solve the fundamental problem. This time, Jia Yueting once again ushered in new helpers. On January 18, Faraday Future announced the signing of a strategic cooperation agreement with Huanggang City, the Huanggang municipal government will actively assist FF in the industrial layout of Huanggang City, and FF China headquarters will also be moved to Huanggang City.

It remains to be seen whether signing the Huanggang city government can help Faraday achieve domestic production delivery in the future. After all, for FF, the funding gap is still very large. Relevant data show that Faraday's cumulative future net loss in the first three quarters of 2022 is $398 million, and as of September 30, 2022, Faraday's future cumulative loss has reached $3.3 billion (about 23.6 billion yuan). Faraday's future total assets are about $541 million and total liabilities are about $253 million.

Even if Faraday will be delivered in April this year, as major car companies have launched new electric vehicles one after another, there is no shortage of excellent new energy vehicles on the market. FF 91Futurist will also face fierce competition at this time, making it difficult to gain an advantage. In addition, Faraday's future brand image has been severely damaged by the delayed mass delivery of the first model, and consumers may have concerns about buying the FF 91Futurist. Of course, the most important thing is the price of the FF 91Futurist. Earlier, the media reported that the price of the model may be as high as millions, and how many consumers will pay for it? High-priced models are bound to occupy a small share of the market, so it is very difficult for FF 91Futurist to achieve mass delivery, but it is still very difficult to sell in the market.

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