AutoBeta(AutoBeta.net)11/12 Report--

On November 11th, electric car startup Faraday Future (hereinafter referred to as "FF") announced that the new FF brand Faraday X (hereinafter referred to as "FX") has appointed Ma Xi as the global CEO, which will be responsible for implementing the FX strategy, promoting the FX brand and reporting directly to FF global CEO Matthias Aydt and Jia Yueting, founder and chief user ecology officer.

According to official data, Ma has joined FF for nearly 10 years and is a member of the founding team of FF. He plays a key role in all stages of FF's development, including successfully leading the company through the challenges and financial difficulties faced by FF. In addition, Ma Fu is also one of the earliest and core promoters of the FX project, and he has made great contributions to the development and promotion of FX strategy.

As for the appointment, FF said that the appointment of Ma Yun to lead the FX brand will help the FF and FX brands to empower each other and better implement the "four light and four fast" model. In addition, Matthias Aydt, global chief executive of FF, said: "the appointment of Ma Yun as chief executive of FX has laid a solid foundation for the organizational structure of FX. This appointment will encourage him to continue to make greater contributions. I look forward to accelerating the improvement of the organizational structure of FX under his leadership."

Faraday X (hereinafter referred to as "FX") is the second brand launched by FF and was released on September 20th. The FX brand is aimed at the US mass market and aims to build a popular smart electric vehicle (AI EV) with a price range of $20, 000 to $50, 000. Jia Yueting said earlier that FX's mission is to create and popularize the "double performance, half price" extreme body-to-price ratio AI EV in the US market, and strive to become Toyota in the AI EV era.

According to the plan, the FX brand will take the lead in launching two new cars, FX5 and FX6, with extended range AIEV and pure electric AIEV power systems. Of these, the FX5 price range is expected to be $20, 000-$30, 000; the FX6 price range is $30, 000-$50, 000, and production of the two models will begin as soon as the end of 2025, but only if FF has the necessary financing support. At present, FX has fully launched the recruitment of core positions, including production planning director, quality planning director, vehicle engineering director and vehicle R & D leader. The project has started the first phase of vehicle development, and related work is under way.

On October 31, FF announced that it had received all net financing related to the $30 million (214 million yuan) financing commitment announced in September. FF admitted that the financing would help the delivery of FF91 and the gradual recovery of the supply chain, as well as provide financial support for the promotion of the new brand Faraday X (hereinafter referred to as "FX") project. However, judging from the financial data, FF is still losing money.

FF reported operating expenses of $3.8 million in the third quarter of 2024, a significant improvement from $50.9 million in the same period, an operating loss of $25.2 million and an operating loss of $66.4 million in the same period. FF had assets of $449 million and liabilities of $292.3 million with a book value of $156.7 million as of September 30, 2024.

In addition to identifying the global CEO of the FX brand, FF also said that FF and FX have established partnerships with four Chinese mainframe manufacturers, signed two strategic framework agreements and two memorandums of understanding, and have made significant progress in the near future.

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