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Recently, Faraday ushered in a new personnel change in the future after announcing the mass production of the first model, the F911.

On May 4th, Faraday announced in a post on its official Weibo that Rich Schmidt was appointed as the new vice president of manufacturing. According to official sources, Rich will replace Mathias Hofmann, head of manufacturing operations, and Mathias will continue to serve as FF's senior vice president of global supply chain. Rich Schmidt works for the manufacturing team responsible for FF and the company's FF ieFactory California in Hanford, California, as well as overseeing continuous development, parts and mold management and recruitment related to FF91 production.

Relevant data show that Rich has rich experience in the automotive industry, has been engaged in automobile manufacturing, has worked in a number of automobile companies. He first worked at Toyota for 16 years, and then in the manufacturing and engineering departments of Nissan, Hyundai, Volkswagen and Tesla. Rich later founded its own consulting firm, providing consulting services to JD Powers, Kia, Honda, Plastic Omnium, Gibson Guitar and many other valuable partners for many years. As for joining FF,Rich Schmidt, "I am very happy to join the FF team and contribute my expertise in the automotive manufacturing organization to this unique and growing brand," he said.

On the arrival of Rich Schmidt, Chen Xuefeng, CEO of FF Global CEO, said: "with the gradual expansion of FF ieFactory California production scale, we are very pleased to welcome Rich to our growing team. Rich has brought rich experience to FF. He will help supervise the manufacture and delivery of FF's flagship electric car, FF 91, and will help ensure that FF provides the best products for every valued user."

It is worth noting that in the middle of last month, Faraday's first future model, the FF 91, finally achieved mass production, which took more than six years. According to relevant information: Faraday will be established in 2014, and the FF91, as the first model of Faraday in the future, will be positioned as a luxury electric vehicle worth more than 100000 US dollars. The new car was unveiled as a concept model in 2017, but it was not officially offline until February last year due to the shortage of funds. FF91 production car. As for FF91, Jia Yueting, the future founder of Ferrari, has said that FF91 has subverted traditional super-luxury brands such as S Maybach, Ferrari and Bentley. In a speech at the mass production ceremony of FF 91 Futurist last month, Jia Yueting, founder of FF, said that after nine years of suffocating dreams, this moment of subversion has finally come. All the crazy persistence and determined efforts that were not understood finally got today's SOP (starting mass production).

As we all know, Faraday has been suffering from cash shortages and internal infighting at the top of the company since its inception. In 2021, after Faraday was shorted by J Capital Research, a US short seller, Faraday set up a special committee of independent directors to investigate. The survey found that there was no evidence to support the previous short report by J Capital Research, but admitted that only a few hundred people had paid for Faraday's future 14000 orders, a statement that misled investors. To that end, Faraday in the future, at the request of the board, demoted or suspended a number of responsible people, cut the base salary of Carsten Bradfield, the company's CEO, and Jia Yueting, the founder, and asked them to report to the newly appointed executive chairman, Susan Susan Swenson.

In April 2022, the Faraday future board of directors adjusted Jia Yueting's position. Jia Yueting will no longer hold the post of executive officer and retain his post of chief product officer, which also means that Jia Yueting has lost his direct management power. On September 26th last year, Faraday announced that it had reached a final settlement with the company's major shareholder FF Top on financing and board restructuring. The lawsuit against the company and its board of directors will be withdrawn, and the current executive chairman Sue Swenson and director Brian Krolicki will resign, and Jia Yueting will regain control of Faraday's future. The data show that FF Top is a wholly owned subsidiary of FF Global Partners LLC, led and founded by Jia Yueting.

After Jia Yueting regained the power of management, there were frequent personnel changes in Faraday's future core positions. On November 29th last year, Faraday appointed FF China CEO Chen Xuefeng as FF Global CEO, effective immediately. FF said Chen Xuefeng's top priority is to make every effort to achieve mass production delivery of FF 91 and fulfill its commitments to shareholders, investors, global partners, users and employees. On January 28th this year, Mr. Mo Cuitian, Executive Vice President of FFIE Global user Ecology was appointed as the Executive Director of FFIE Board. With the reorganization of the core posts and personnel, it may represent the end of the mess of corporate governance structure that FF has always had.

However, the personnel are well laid out, but the most important thing is the question of funds. According to earlier official sources, Faraday's future cash balance was only about $30 million as of April 11. officials say the subsequent delivery of its first model will depend on having "sufficient" funds, timely receipt of spare parts from suppliers, and completing the necessary crash tests. It is not difficult to see that for FF, although it is the first model to achieve mass production, but this is only the first step. If you want to succeed, in addition to the problem of capital, it also depends on the market effect after the launch. In addition, Faraday's future brand and product recognition is not high, follow-up products to get rapid promotion is not easy.

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