Q4 2023 Faraday Future Intelligent Electric Inc Earnings Call
Speaker Change: [music].
Operator: Ladies and gentlemen, thank you for standing by. Welcome to Faraday Future Intelligent Electric, Inc.'s fourth quarter and full year 2023 earnings conference call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over to Jonathan Maroko, CFO. Thank you. You may begin. Welcome, everyone, to Faraday Future.
Ladies and gentlemen, thank you for standing by welcome to Faraday future Intelligent Electric Inc. Fourth quarter and full year 2023 earnings conference call. At this time all participants are in a listen only mode. If any went to require operator assistance during the conference. Please.
Star Zero on your telephone keypad.
Please note this conference is being recorded.
Speaker Change: Now I'd like to turn the conference over to Jonathan Morocco CFO. Thank you you may begin.
Jonathan Maroko: Welcome everyone to Faraday Future's fourth quarter and full year 2023 earnings call. My name is Jonathan Maroko, and I serve as Faraday Future's interim CFO. Joining me on the call today is our Global Chief Executive Officer, Matthias Aydt. We'll be sharing details from today's press release reporting our fourth quarter and full year 2023 results. That press release can be found in the Investor Relations section of our website at investors.ff.com. A replay of this call will also be posted there later today.
Jonathan Maroko: Welcome, everyone and Faraday futures fourth quarter and full year 2023 earnings call. My name is Jonathan Morocco, and <unk> Spirit, a futures interim CFO.
Speaker Change: Joining me on the call today, as our global Chief Executive Officer to your site.
Speaker Change: We'll be sharing details from today's press release reporting our fourth quarter and full year 2020 results.
Speaker Change: That press release can be found the Investor Relations section of our website at investors <unk>.
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Speaker Change: A replay of this call will also be posted there later today.
Jonathan Maroko: Please note that on this 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 VUSA 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.
Speaker Change: Please note that on this call we will be making forward looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.
Speaker Change: These statements reflect our views only as of today.
Speaker Change: It should not be relied upon as representing the 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.
Jonathan Maroko: 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 material risks and other important factors that could affect our financial results, please refer to our filings with the SEC. With that, I'll turn the call over to Faraday Future's global CEO, Matthias Aydt.
Speaker Change: These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.
Speaker Change: 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.
Speaker Change: With that I'll turn the call over to Bear day Futures Global CEO Mathias site.
Jonathan: Thank you Jonathan and.
Matthias Aydt: Thank you everyone for joining our earnings call. I'm excited to share with you an update on our progress in Faraday Future, highlighting key milestones we achieved in 2023 and our strategic initiatives to continue moving forward. 2023 was a milestone year for Faraday Future. We transformed from the development phase to the production and revenue-generating phase. Establishing FF as a participant in the ultra-luxury and high-performance electric vehicle market. Production milestones were significant this year.
Matthias Aydt: Thank you everyone for joining our earnings call.
Matthias Aydt: I'm excited to share with you an update on our progress in further future highlighting key milestones we achieved in 2023 and our strategic initiatives to continue moving forward.
Matthias Aydt: 2023 was a milestone year for further future we transformed from the development phase to the production and revenue generating phase.
Matthias Aydt: Establishing a.
Matthias Aydt: As a participant maybe the ultra luxury and high performance electric vehicle market.
Matthias Aydt: Production milestones with significant this year.
Matthias Aydt: On March 29, we will commence production of our flagship, FF912.0, and by April 14, the production vehicle rolled off the line at our FFIE factory in California. The FF912.0 passed U.S. Federal Motor Vehicle Safety Standards crash test requirements on May 25, with the first phase of delivery beginning shortly thereafter. In our pursuit of innovation, we launched the Ultimate AI Tech Luxury FF912.0 Futurist Alliance and the AI Hypercar Plus on May 31, open for reservations in both the United States and China. To date, we have delivered 11 vehicles to all our valuable users.
Matthias Aydt: On March 29, we commenced production of our flagship <unk> 91 to zero by April 14, the first.
Matthias Aydt: Production vehicles rode off the line at all.
Matthias Aydt: E Factory, California.
Matthias Aydt: Yes, it's 912.0 passed U S Federal motor vehicle safety standards crushed tests requirements.
Matthias Aydt: On May 25, with the first phase of delivery beginning shortly thereafter.
Matthias Aydt: In our pursuit of innovation, we launched the ultimate take luxury fifth 90, 120, Futurist Alliance N T. A hypercard plus on may 31st.
Speaker Change: Opens for reservations in both the United States and China.
Speaker Change: To date, we have delivered 11 vehicles, all valuable use us as we move through the balance of the last year, we established a close loop operation from user acquisition and delivery to us of operations.
Matthias Aydt: As we move through the balance of the last year, we established a closed loop operation from user acquisition and delivery to user operations and began engaging industry leaders as FF91 owners and co-creation officers to help continuously improve the user experience. The feedback from these users has been invaluable in helping to refine our products and services and demonstrate our commitment to a user-focused approach. To complement our brand building efforts, we've also focused on enhancing our sales and service capabilities. We launched a leasing program with luxury lease partners, obtained a Bureau of Automotive Repair license, activated a home charging installation program, and rolled out a public charging program.
Speaker Change: Again engaging industry leaders as if it's 91 owners and co creation offices to help us continuously improve the user experience.
Speaker Change: The feedback from these users.
Speaker Change: It's been invaluable in helping to refine our products and services and demonstrate our commitment to our user focused approach.
Speaker Change: To complement our brand building efforts. We are also focused on enhancing our sales and service capabilities.
Speaker Change: We launched a leasing program with luxury lease partners obtained a bureau of automotive repair license activated home charging installation program and rolled out a public charging program.
Matthias Aydt: These initiatives are designed to provide a seamless and luxurious experience for our customers. Late in the year, we announced our potential entry into the Middle East market, a significant step in our expansion strategy. This included strategic cooperation agreements with Master Investment Group and Siraj Holding, LLC. The response has been phenomenal.
Speaker Change: These initiatives are designed to provide a seamless and luxurious experiences for our customers.
Speaker Change: Late in the year, we announced our potential entry into the middle East market, a significant step in our expansion strategy.
Speaker Change: This included strategic cooperation agreements with Master investment group and Suraj holding let's see.
Speaker Change: The response has been phenomenal.
Matthias Aydt: With the potential entry into the Middle East, FF would add a third leg to our geographic strategy that also includes the US and China, all markets known for their strong appetite for cutting-edge, high-end products. Shortly after announcing our entry into the Middle East, we announced a collaboration with the Abu Dhabi Investment Authority to bring our generative AI and advanced intelligence electric vehicle capabilities to the U.S. smart and autonomous vehicle industry cluster. In April of this year, we further solidified our commitment to the Middle East by establishing a sales entity in Dubai.
Speaker Change: With the potential entry into the middle East as ASP would add a third leg to our geographic strategy that also includes the U S and China all market is known for their strong appetite for cutting edge high end products.
Speaker Change: Shortly after announcing our middle East country, we announced a collaboration with the Abu Dhabi investment office.
Speaker Change: To bring our generating AI and advanced intelligence electric vehicle capabilities to the U S smart and the suddenness vehicles industry cluster in.
Speaker Change: In April of this year, we further solidify our commitment to the middle east by establishing a sales entity in Dubai.
Matthias Aydt: More recently, we announced the addition of Werner Wilhelm as our executive launch director. Werner brings significant experience and success in vehicle launches and executive management with multiple OEMs and will lead the FF team as we look to ramp up FF91 production this year. However, the challenge of funding to support our supply chain resulted in production volumes lower than anticipated.
More recently, we announced the addition of <unk> as our executive launch director.
Speaker Change: So that brings significant experience and success in vehicle launches and executive management with multiple Oems and relief DSS team as we look to ramp up assets nine one production this year.
Speaker Change: The challenge of funding to support our supply chain resulted in production volumes lower than anticipated.
Speaker Change: We are now working to shore up that supply chain to support production.
Matthias Aydt: We are now working to shore up that supply chain to support production. Let me talk about co-creation. Instead of the traditional one-way sales and marketing approach from manufacturer to dealer to consumer, which is common in the automotive space and complicates the direct relationship, FS is focused on building a direct and reciprocal relationship with our users. On August 12, 2023, FF celebrated the delivery of the first FF91 2.0 Futurist Alliance.
Can you talk about co creation instead of the traditional one way sales and marketing approach from manufacturer to dealer to consumer which is common in the automotive space and complicates a direct relationship.
Matthias Aydt: The company has teamed up with notable personalities like Jason Oppenheim, Chris Brown, Sean Lee, and Justin Dahl to gain their feedback and input regarding FF91. The insights from our co-creation officers have provided valuable learning ranging from technical suggestions to brand strategy and user outreach. We started a quality campaign accompanying our ramp-up. In addition to our branding goals, FF's operational initiatives also continue to progress. The primary focus in 2024 is the ramping up of production.
Speaker Change: <unk> is focused on building a direct and rescue protocol relationship with our users.
On August 12, 2023, <unk> celebrated the delivery of the first is at 91 2.0 Futurist Alliance.
Speaker Change: The company has teamed up with notable personalities like chase and the Oppenheimer.
Speaker Change: Chris Brown Shao, Lee and just adult to gain their feedback and input regarding assets nine one the insights from our Cocreation emphasis has provided valuable learning ranging from technical suggests two brand strategy and user outreach. We've started the quality campaign accompanying I'll wrap up.
Speaker Change: In addition to our branding goes if that's operational initiatives.
Speaker Change: Also continued to progress the primary focus in 2024 is the ramping up of production 2023 factories successes included commissioning out a pretty bullish so and page up equipment and streamlining our vehicle assembly process to increase throughput capability.
Matthias Aydt: 2023's factory successes included commissioning our robotic body shop and paint shop equipment and streamlining our vehicle assembly process to increase throughput capability. To strengthen the voice of quality, we combine supplier quality, manufacturing quality, and after-sales quality organizations to improve communication and shorten the response loop. Quality assurance has been enhanced at every stage of the company to help embed a culture of continuous improvement. We are building a stronger quality culture focused on providing our users with improved satisfaction.
Speaker Change: To strengthen the voice with quality, we combine supplier quality and manufacturing quality and after sales quality organizations to improve communication and to show the response loop.
Speaker Change: Quality assurance has been enhanced in every phase of the company to help embed a culture of continuous improvement we.
Speaker Change: We are building a stronger quality culture focused on providing our users with improved satisfaction.
Matthias Aydt: This meticulous attention to detail is carried over to the final quality checks, as each vehicle undergoes comprehensive static, dynamic, and functional inspections to guarantee that we fulfill our quality promise to our users. As such, our final quality customer craftsmanship audit, referred to as CCA, improved by 50% compared to our first CCA score. Significant improvements continue to be made in vehicle build quality in terms of fit, finish, and vehicle functionality under the guiding eye of automotive manufacturing veteran Chao-Yang Ning, who continues to make incremental improvements in our manufacturing facility.
Speaker Change: This meticulous attention to detail is carried over to the final quality checks as each vehicle undergoes comprehensive static or dynamic and functional inspections to guarantee that we fulfill our quality promise to our users.
Speaker Change: As such our final quality customer Crocs men ship ordered.
Speaker Change: Her to CCA improved by 50% compared to our first C C ice class <unk>.
Speaker Change: Significant improvements continue to be made and vehicle built quality in terms of fit finish and vehicle functionality under this evening I of automotive manufacturing veteran shall Yang Ming who continues to make incremental improvements in our manufacturing facility.
Matthias Aydt: I am profoundly proud of the outstanding dedication demonstrated by our FF team; their relentless commitment and resilience have been pivotal in advancing our strategic goals amidst formidable challenges. Jonathan will now provide us with an overview of our finances. He will also cover our fundraising efforts and detail the measures we have implemented to reduce costs and strengthen Faraday Future's financial position. Now, without further ado, I would like to turn the call over to Jonathan.
Speaker Change: Profoundly crowd austere outstanding dedication demonstrated by our S. S team their relentless commitment and resilience has been pivotal in advancing our strategic goals the mixed formidable charges.
Speaker Change: Jonathan will now provide us with an overview of our financials.
Jonathan: He will also cover our fundraising efforts and detail the measures we have implemented to reduce costs and strengthen further future financial position now.
Jonathan Maroko: Thank you, Matthias. I'll first summarize our financial results for fiscal year 2023, then discuss our financing activities over this period, and close with an overview as to where the company is today financially. Faraday Future reported revenue of $0.8 million for fiscal year 2023 and cost of goods sold of $43 million, compared with zero revenue and zero cost of goods sold in fiscal year 2022. This reflects the fact that the company began delivering vehicles in 3Q23.
China: Now without further Ado I would like to turn the call over to China.
Matthias Aydt: Thank you Mathias.
Jonathan Maroko: Loss from operations came in at $286 million for fiscal year 2023, as compared to a loss from operations of $437 million for fiscal year 2022, and this was primarily driven by a significant reduction in operating expenses, which registered at $244 million in fiscal year 2023, compared to $437 million in fiscal year 2022. The overall decrease in operating expenses for the year was primarily due to lower research and development expenses as the company completed product development and moved to focus on manufacturing, production, and sales.
Jonathan: I'll first summarize our financial results for fiscal year 2023, then discuss our financing activities over this period and close with an overview as to where the company is today financially.
Jonathan Maroko: As a result, the net loss decreased to $432 million for fiscal year 2023, as compared to $602 million for fiscal year 2022. Turning to our balance sheet, total assets on December 31st, 2023 were $531 million, compared to $529 million as of December 31st, 2022. Total liabilities were $302 million versus $328 million on December 31st, 2022. Since inception, the company has incurred cumulative losses from operations and negative cash flows from operating activities, and the company's accumulated deficit was approximately $4.0 billion as of December 31, 2023. Net cash used in operating activities for 2023 was $278 million compared to $383 million in 2022. Capital expenditures were $31 million for FY2023 compared to $123 million for FY2022.
Any future reported revenues zero point $8 million for fiscal year, 2023, and cost of goods sold of $43 million compared with zero revenue zero cost of goods sold in fiscal year 2022.
Speaker Change: This reflects the fact, the company began delivering vehicles and <unk> 23.
Speaker Change: Loss from operations came in at $286 million for school year, 2023, as compared to a loss from operations of $437 million for fiscal year 2022.
Speaker Change: It was primarily driven by the significant reduction in operating expenses, which registered at $244 million in fiscal year 2023, compared to $437 million in fiscal year 2022.
Speaker Change: The overall decrease in operating expenses for the year was primarily due to lower research and development expenses as the company completed product development and move to focus on manufacturing production and sales.
Speaker Change: As a result net loss decreased to $432 million for fiscal year 2023, as compared to $602 million for fiscal year 2022.
Speaker Change: Turning to our balance sheet total assets on December 31st 2023, $531 million compared to $529 million as of December 31st 2022.
Speaker Change: Total liabilities were $302 million versus $328 million on December 31, 2022.
Speaker Change: Inception, the company has incurred cumulative losses from operations and negative cash flows from operating activities in the company's accumulated deficit was approximately $4.01 billion.
Speaker Change: As of December 31, 2023.
Speaker Change: Net cash used in operating activities for 2023 was $278 million compared to $383 million in 2022.
Speaker Change: Capital expenditures were $31 million for fiscal year, 2023, compared to $123 million for fiscal year 2022.
Jonathan Maroko: Net cash provided by financing activities for fiscal year 2023 was $291 million compared to net cash used in financing activities of $7 million for the full year in 2022. The cash balance at December 31st, 2023 was $4 million, including restricted cash of $2 million. This compares with a cash balance of $17 million at December 31st, 2022. As of May 23rd, 2024, our cash position was approximately $5 million, which includes restricted cash of $2 million. In summary, fiscal year 2023, in addition to being our first year of revenue, saw a reduced operating loss.
Net cash provided by financing activities for fiscal year, 2023 was $291 million compared to net cash used in financing activities of $7 million for the full year in 2022.
Speaker Change: Cash balance at December 31, 2023 was $4 million, including restricted cash of $2 million.
This compares with a cash balance of $17 million at December 31, 2022.
Speaker Change: As of May 23rd 2024, our cash position was approximately $5 million.
Speaker Change: Which includes restricted cash of $2 million.
Speaker Change: In summary.
Speaker Change: Fiscal year 2023 in addition to being our first year of revenue saw a reduced operating loss reduction.
Jonathan Maroko: Reduction in cash use and operating activities and an increase in assets and decrease in liabilities as compared with fiscal year 2022. These results paint a picture of major cost reductions through cost discipline, which have continued into fiscal year 2024. The next step is to increase our production and deliveries while continuing to have a very disciplined mindset regarding all expenditures. To recap on the financing activities for 2023, we successfully raised approximately $300 million of gross financing through the accommodation of convertible notes, equity lines of credit, and at-the-market financing.
Speaker Change: The reduction in cash used in operating activities and an increase in assets and decrease in liabilities as compared with fiscal year 2022.
Speaker Change: These results paint a picture of major cost reductions and cost discipline, which has continued into fiscal year 2024.
Speaker Change: The next step is to increase our production deliveries are continuing to have a very disciplined mindset regarding all expenditures.
To recap on the financing activities for 2023, we successfully raised approximately $300 million of gross financing through a combination of convertible notes equity lines of credit and aftermarket financings.
Jonathan Maroko: In addition to equity and equity-linked capital, we successfully tapped into asset-based financing through the exercise of an option that resulted in the sale and lease-back of our Hanford, California facility, unlocking up to $12 million of non-dilutive capital. We did not sell any physical assets in this transaction, as we were already leasing the facility and simply changed landlords. Operations at the factory were unaffected.
Speaker Change: In addition to equity and equity linked capital, we successfully tapped into asset based financing through the exercise of an option that resulted in the sale and leaseback of our Hanford, California facility unlocking up to $12 million non dilutive capital.
Speaker Change: We did not sell any physical assets in this transaction as we were already leasing facility and simply change landlords.
Speaker Change: Operations at the factory were unaffected.
Jonathan Maroko: Beyond 2023, we bring in additional capital through convertible notes and other unsecured debt financing. We are currently exploring other debt and equity financing opportunities and other non-dilutive financing options. Throughout our challenging cash flow period, the company has demonstrated the capacity to cut costs and manage cash flow as additional investors are attracted. Cost reductions implemented across the board have been painful but necessary.
Speaker Change: Beyond 2023, we brought in additional capital to convertible notes and other unsecured debt financing.
Speaker Change: We are currently exploring other debt and equity financing opportunities and other non dilutive financing options.
Speaker Change: Throughout our challenging cash flow period. The company has demonstrated the capacity to cut costs and manage cash flow as additional investors are attracted.
Speaker Change: Cost reductions implemented across the board have been painful but necessary.
Speaker Change: We are right size, our operational footprint and workforce based on the current operational requirements and funding situation.
Jonathan Maroko: We have right-sized our operational footprint and workforce based on the current operational requirements and funding situation. Now, let me give you a financial overview of Faraday Future in the last few months. Since our last earnings call in November 2023, the company has been very focused on reducing costs and becoming as lean and efficient as possible. It has been an incredible challenge, both for us and for our shareholders. We thank our shareholders, both new and old, for their unwavering support.
Speaker Change: Now, let me give you a financial overview with Saturday feature in recent months.
Speaker Change: Since our last earnings call in November 2023, the company has been very focused on reducing costs and become as lean and efficient as possible.
Speaker Change: It has been an incredible challenge both for us.
Speaker Change: And for our shareholders, we thank our shareholders, both new and old for their unwavering support.
Jonathan Maroko: We continue to outsource work wherever reasonable and possible and have sourced suppliers to help lower our cost structure. We are working to build a great business. Payment challenges with our landlords are being addressed as we continue to right-size personnel and facilities. We believe the company is in a more stable position today than it was in the prior few months. And we would have done all of this without accessing the ATM at all in 2024.
Speaker Change: We continue to in source work wherever reasonable impossible and have resources suppliers to help lower our cost structure, we are working to build a great business.
Speaker Change: Payment challenges with our landlords are being addressed as you continue to rightsize personnel and facilities.
Speaker Change: Believe the company is in a more stable position today than it was no. Prior few months, we've done all of this without accessing the ATM at all in 2024.
Jonathan Maroko: One thing I would like to add in terms of shares outstanding and authorized shares, effectively, all of the shares authorized at our last shareholders' meeting have already been issued, and there will be no meaningful further issuance of shares unless we receive shareholder approval to increase our total authorized share count. Recently, we've seen a dramatic revaluation of our stock by the market. In our view, we believe the stock was previously undervalued, and we welcome this correction.
Speaker Change: One thing I would like to add in terms of shares outstanding authorized shares effectively all of the shares authorized in our last shareholders meeting have already been issue and there will be no meaningful further issuance of shares unless we receive shareholder approval to increase our total authorized share count.
Speaker Change: Recently, we've seen a dramatic revaluation of our stock by the market.
Our view, we believe the stock was previously undervalued and we welcome the suggestion.
Jonathan Maroko: The revaluation has drawn the attention of many investors as we continue to pursue additional significant strategic investors in the Middle East and throughout the world. Equipment and IP-backed financing are also being investigated, and we look forward to potentially reducing our reliance on dilutive funding. We continue to believe our biggest barrier to vehicle sales and profitability is the capital required to produce vehicles at scale. If our funding picture improves, we believe our production, delivery, and revenue picture can all follow and be updated to reflect that positive movement.
Speaker Change: The revaluation.
Speaker Change: <unk> has drawn the attention of many investors as we continue to pursue additional significant strategic investors in the middle east and throughout the world.
Speaker Change: Equipment and IP backed financing are also being investigated and we look forward to potentially reducing our reliance on dilutive funding.
Speaker Change: Okay.
Speaker Change: We continue to believe our biggest barrier to vehicle sales and profitability is the capital required to produce vehicles at scale.
If our funding picture improves we believe our production delivery and revenue picture can all follow and be updated to reflect that positive movement.
Jonathan Maroko: Given our lean cost structure, each new dollar invested in Faraday Future will be targeted toward maximum efficiency and used more productively than ever before. Now, it's just a matter of raising additional capital and executing. With that, I will hand it back to Matthias.
Given our lean cost structure, each new dollar invested verity future will be targeted toward maximum efficiency use more productively than ever before.
Speaker Change: Now, it's just a matter of raising additional capital and executing.
Speaker Change: With that I'll hand, it back to Mathias.
Matthias Aydt: Thank you, Jonathan. Let me give you a look ahead. Our main focus remains on stabilizing and strengthening our operation. The key is achieving profitability and independence in the shortest possible time. To be able to achieve higher market penetration in the future, we are exploring multiple avenues and scenarios. We are considering adjusting the company's strategy by going back to the earlier two-brand setup to distinguish market segments.
Matthias Aydt: Thank you Chairman, let me give you a look ahead.
Matthias Aydt: Our main focus remains on stabilizing and strengthening our operation.
Matthias Aydt: Key is achieving profitability and independence in the shortest possible time.
Matthias Aydt: To be able to achieve a higher market penetration in future.
Speaker Change: Exploring multiple avenues in scenarios.
Speaker Change: We are considering adjusting the company's strategy by going back to the earlier two brand setup to distinguish market segments. This will enable the integration of our high value Ultimate AI type luxury solutions and features of our AI technology into vehicles in a more affordable.
Matthias Aydt: This will enable the integration of our high-value Ultimate AI tech luxury solutions and features of our IAI technology into vehicles in a more affordable mass-market product segment. As part of FS' dual home market strategy, we will leverage FS' unique bridge value to integrate the strength of the U.S. automotive industry with those of Chinese car companies and supply chains. We plan to share the details of the US-China Automotive Industry Bridge Strategy, the Phase 1 strategy of the FS Automotive Industry Bridge Strategy, in about a month or so.
Speaker Change: Mass market product segment.
Speaker Change: As part of if.
Speaker Change: You will hope market strategy, we will leverage its unique British bellevue to integrate the strength of the U S automotive industry windows of Chinese car companies and supply chains.
Speaker Change: We plan to share details of the U S. China automotive industry bridge strategy to face what strategy off the S. S automotive industry groups. So she in about a month or so the synergy aims to create.
Matthias Aydt: This synergy aims to create original incremental value for the U.S. and Chinese automotive industry, FF's strategic partners, OEMs, supply chains, and FF itself. The company has had preliminary discussions with several global OEMs and suppliers about how FF can help build a bridge between the US and Chinese automotive industries through industrial coordination and collaboration. For FF, the US-China Automotive Industry Bridge is envisioned to be a light asset, fast-paced, high-value model. FF could provide four major technology systems from the FFAI Hyper 6x4 architecture 2.0 and five of the six major technology platforms. These AI technology platforms and complete vehicle software systems, which serve as the intelligence, soul, and neural network of the car.
Speaker Change: Original incremental value for the U S and Chinese automotive industries, as our strategic partners OEM supply chains.
Speaker Change: So the company has had preliminary discussions with several global Oems and suppliers about how <unk> can help build a bridge between U S and Chinese automotive industry through industrial coordination and collaboration.
Speaker Change: For S S. The U S China automotive industry.
Speaker Change: Jason to be a light asset.
Speaker Change: Fast paced high value model.
Speaker Change: That could provide for a major technology systems.
Speaker Change: From the FSA I iPhone six powerful architecture, 2.0, and five of the six major technology platforms.
Speaker Change: These AI technology platforms, and complete vehicle software systems, which sells SD intelligence, so a neural network off the call.
Matthias Aydt: Besides expertise and capabilities in product and technology, others such as regulatory processes, a full state-of-the-art manufacturing plant, the FFIE factory in Hanford, and user ecosystem establishment could be possible contributions to this strategy. Looking forward, I'm filled with excitement for the path that lies ahead. We remain steadfast in our pursuit of growth through efficiency and are dedicated to elevating stockholder value. The journey ahead promises significant opportunities, and with our talented team at the helm, I'm confident in our ability to achieve and exceed our objectives.
Besides expertise and capabilities in product and technology, others, such as regulation processes, a full state of the art manufacturing plant the S F.
Speaker Change: I a factory in Hartford, and user ecosystem establishment could be all possible contribution to this strategy.
Speaker Change: Looking forward I'm filled with excitement for the path that lies ahead, we remain steadfast in our pursuit of growth.
Speaker Change: Efficiency.
Speaker Change: Dedicated to elevating stockholder value. The journey ahead promises significant opportunities and with our talented team at the helm I'm confident in our ability to achieve and exceed our objectives. We continue to believe the S. S. Nine one is unlike anything on the road.
Matthias Aydt: We continue to believe the FF9-1 is unlike anything on the road today, and we look forward to the potential for ramping up production in 2024 to help the rest of the world come to the same realization. We will inform you on a regular basis about the development and progress of the topics discussed. FF appreciates the trust shown by investors and would like to thank them for their loyal and ongoing support. Thank you for your time and interest in Faraday Future, and I look forward to providing you with further updates as significant events unfold. Thank you, everyone.
Speaker Change: We look forward to the potential for ramping up production in 2020 for to help the rest of the world come to the same realization, we will inform on a regular basis, the development and progress of the topics ship.
Speaker Change: S. S appreciates the trust showed by investors and we'd like to thank them for their loyalty and ongoing support.
Speaker Change: Thank you for your time and interest and Faraday future and I look forward to providing you with further updates as significant events unfold.
Speaker Change: Thank you everyone.
Operator: Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.
Speaker Change: Thank you. This will conclude today's conference you may disconnect. Your lines at this time and thank you for your participation.