On July 31st, FF founder and partner Jia Yueting posted a video on Weibo stating that Faraday Future (FFIE, stock price of $0.316, market value of $140 million) mainly targets products from the United States and other countries, so there is no direct confrontation with Chinese car companies.
Jia Yueting said, "Since the establishment of FF, we have been two brands, one is FF and the other is LeSee. FF is targeting the top market. I should not doubt my experience in the tower base market or even the tower waist market. We can see from the success of LeEco that from 2013 to 2016, LeEco almost swept the relevant market in China
Regarding how to compete with traditional manufacturers, Jia Yueting responded that in order to compete, one must first improve their own cost control capabilities, but this is far from enough.
Jia Yueting's Weibo video screenshot
Jia Yueting also said, "BYD is not our competitor because our second market mainly focuses on the United States and other countries. How to compete with General Motors, how to compete with Ford, how to compete with BMW, Mercedes Benz, and Volkswagen, especially Volkswagen's launch of low-end products. Everyone knows that the automotive industry is not a strong network effect industry, and the concentration of automotive brands will continue to increase, but not too few. At least the United States can tolerate five brands, and I believe FF will become one-fifth
On July 18th, Jia Yueting revealed that the 13th FF 91 model was planned to be delivered around July 31st. Jia Yueting also mentioned that FF formulated a dual brand strategy at the beginning of its establishment, and originally planned to launch a second brand after the FF brand was successful. However, with the changing market landscape, FF has decided to accelerate the development of mass market models (i.e. low-end high-volume models).
On June 13th, FF announced the completion of the delivery of a new car to a senior individual investor user. This is the 12th FF 91 2.0 Futurist Alliance delivered by FF since its mass production delivery in 2023, and also the first delivery completed by FF after a four month hiatus in delivery work. Due to a shortage of funds, we were unable to purchase parts and have not delivered a new car for four months, "Jia Yueting admitted." The restart of SOD2 this time may be a very small matter for many mature companies, but it is a very important milestone for FF at the current stage, and may even be a turning point.
According to Matthias Aydt, global CEO of FF, as long as the required component funds can be raised before completing the strategic investor financing, FF will strive to deliver one new car per month.
On July 31st, FF released its financial report showing operating expenses of $22.9 million in the first quarter of this year, compared to $95.8 million in the same period last year; Operating loss of $43.6 million, compared to a loss of $95.8 million in the same period last year; Net expenditure was $14.7 million, compared to $103 million in the same period last year.
On the market, as of the close of the US stock market on July 30th, Faraday Future's stock price fell by 7.06%. Prior to the stock market on July 31st, Faraday Future's stock price rose by 26.27%.
