Faraday Future‘s Founder and Chief Product & User Ecosystem Officer, YT Jia, shared on Thursday that the company has completed the production of the 12th FF91 2.0 vehicle.
On X, YT Jia shared the news adding that the vehicle will be delivered to a retail investor, the first one acquiring a car from the electric vehicle startup.
“FF completes production and testing of 12th FF 91 2.0, set to deliver to first retail investor user. As a heartfelt thank you to him and other retail investors like him, I’ve specially recorded two videos to introduce him to his new car,” Jia wrote in his post.
Last week, Faraday’s founder released a video criticizing what he described as “biased interpretations” from certain media outlets and “attacks by malicious short-selling institutions” affecting the company’s market performance.
Earlier in the week, Faraday Future had disclosed it had preliminary discussions with several global OEMs and suppliers to explore how the company could facilitate coordination between the US and Chinese automotive industries.
On May 17, Faraday Future’s stock price soared to $3.89, although earnings results reported last week caused the shares to plummet by 91 percent to $0.35 per share.
In response to a 62 percent drop in stock price on Wednesday, CEO Matthias Aydt posted a video addressing investor concerns about dilution and bankruptcy risks. Following the video, the stock surged by 27 percent. The company stated it aims to provide a strategic update within the next month or two.
Aydt explained that shares were issued gradually over several months to existing institutional investors, mainly through convertible bonds, to avoid bankruptcy and delisting amid severe financial challenges.
He highlighted collective sacrifices, including salary reductions and cost-cutting measures, positioning the company for potential recovery. Aydt reassured investors that the company and its original institutional investors have not engaged in transactions with the nearly 400 million shares issued, emphasizing a commitment to protecting retail investors’ interests..
Last week, the company disclosed it had “preliminary discussions with several global OEMs and suppliers” on how the company can “help build a bridge between US and Chinese automotive industries through industrial coordination and collaboration”.
The company is expecting to provide additional details on the “US-China Automotive Industry Bridge Strategy” which reflects an adjusted corporate strategy by returning to the earlier two-brand setup to distinguish market segments.
Faraday admitted that the move will enable the integration of FF’s high value “Ultimate AI TechLuxury” solutions and features of its I.A.I technology into vehicles in a more affordable mass market product segments.
The California-based startup published on Tuesday its fourth quarter and full year financial results disclosing that it is withdrawing its production target guidance for 2024.
