Jia Yueting's open letter: Faraday Future's value has been seriously underestimated. He is very worried and takes six major measures to defend the interests of shareholders.

According to news from this site on October 16, Faraday Future (FF) Global CEO Matthias Aydt and FF Founder and Chief Product and Ecosystem Officer Jia Yueting issued an open letter stating that the company is taking six measures to protect the interests of shareholders.

The open letter stated that FF is working hard to restore market confidence and accelerate the realization of strategic goals, including taking the following actions: 1.FF has formally partnered with Shareholder Intelligence Services, LLC to initiate an investigation into potentially illegal short selling. 2. The company leaders plan to increase their shareholding, which reflects their confidence in the company's development. 3. The company continues to actively contact potential strategic investors. 4. The company is undergoing organizational upgrading to meet the opportunities and challenges of the company entering a new stage of development. 5. The company is continuing to take steps to reduce operating and supply chain costs to support its strategic goals, including capacity improvements. 6. The company plans to invite professional media to FF to visit, interview, and experience products and technologies in depth, so that the public can better understand the development status of FF and its true value.

Jia Yueting said in an open letter: "I am actually the most worried about the serious deviation between FF's true value and the capital market value, and I feel deeply that it has not brought due value returns to all shareholders and investors. Ashamed, I also want to fully promote the maximization of FF’s value.”

Jia Yueting also said, “Nine years ago, I traveled thousands of miles across the ocean to Los Angeles, California, and founded FF, ALL IN. , one can imagine how difficult it is for Chinese to start a business in the United States, especially in the "extremely intelligent technology and luxury" AI tram industry known as the crown jewel. It is even more difficult. I have experienced what you can imagine. All the worst things that we have experienced and imagined. The company and I have experienced and overcome too many difficulties and life-and-death challenges over the years. The setbacks we have encountered and the successes we have achieved are obvious to everyone." Jia Yueting revealed his feelings in the open letter: "Thank you to those who care about FF and have always supported me. In fact, many people have sent me private messages through various channels, and I have been reading them. I will also reflect and torture myself, absorb good suggestions and implement them. Many entrepreneurs have said that my entrepreneurial experience has always inspired them to never give up and persevere. In fact, I want to say that the many words of encouragement you sent me have also quietly infected and inspired me, making me and FF never look back. We strive to maximize the value of all shareholders and stakeholders."

On September 27, Faraday Future officially announced the FF Global Chief Executive Officer A letter from CEO Matthias Aydt to all shareholders. The letter mentioned that the company has invested approximately US$3 billion (approximately RMB 21.9 billion) over the past nine years to enable it to deliver its flagship model FF 91. However, it is worth noting that according to data released by FF, FF only delivered three FF 91 2.0 Futurist Alliance in the third quarter of this year.

The full text of the open letter is attached to this site:

Dear all shareholders and investors of FFIE, hello everyone.

Since August, as FF has entered the revenue delivery stage, the company has formed a complete closed-loop operation from user acquisition to delivery to user operation. More and more American industry leaders and people like Chris Brown and Derek Bell have Top celebrities such as Jason Oppenheim and Jason Oppenheim have become FF car owners and developer co-creators one after another. FF's operating fundamentals have undergone fundamental changes, and the new management team is also the strongest team in FF's history. In addition to being restricted by the financial situation, the company is in the best development stage since its establishment, which is a critical period for the business to take off.

Resolutely defend the interests of shareholders

Although the company has successfully achieved major milestones one after another, providing a solid foundation for business development, the stock price and market value have encountered the darkest moments, and the company's market value has fallen. We feel extremely sad and disappointed about this, and I believe that all shareholders who love the company, including public investors, are also extremely sad and disappointed.

The Company is developing a series of measures to identify and combat potential abusive and illegal short selling practices. On the other hand, we are making every effort to introduce institutional investors and strategic investors to solve the funding problem as soon as possible and vigorously promote production ramp-up. At the same time, we are making every effort to improve the company's supply chain management capabilities and overall cost control capabilities, as well as a series of measures to enhance the company's value. effort.

Six major measures to defend the interests of shareholders

The following are a series of actions we have taken to defend the interests of shareholders, restore market confidence as quickly as possible, and accelerate the realization of strategic goals:

1. FF has formally contracted Shareholder Intelligence Services LLC, a leading public company service provider, to obtain, aggregate, track and analyze shareholder transaction information to investigate potential illegal short selling. We will consider all available recovery measures, including litigation.

2. The increase in holdings by the company’s core management shows firm confidence in the company’s development.

3. The company continues to make every effort to actively introduce potential strategic investors.

4. FF is undergoing organizational upgrades to meet the opportunities and challenges of the company entering a new stage of development.

5. The company is continuing to reduce operating and supply chain costs and achieve all strategic goals, including rapidly increasing production capacity.

6. The company will invite a large number of professional media of all types to visit FF for interviews and experience the products and technology in depth, so that outsiders and investors can better understand the development status and true value of FF.

The partnership company will nominate a majority of directors to the board of directors at the end of 2022. FF has made 30 major progresses in the past 9 months.

Today’s FF has undergone qualitative changes compared to the FF before August this year. The company has solved the two most risky and uncertain issues since its establishment, and achieved the two most important milestones: (1) Completed all compliance certifications before delivery of new cars in the United States (2) Completed the construction of all the equipment required for vehicle delivery We have established a complete parts supply system and started delivering vehicles to users. We believe that FF has entered the best stage of development (subject to funding availability).

The following is a review of these 30 major improvements:

End of 2022

Governance layer: The board of directors is replaced by one that focuses on legal compliance and the best practices Excellent due diligence is the goal of top management.

Strategy: Comprehensively focus on the company's core strategy as the pioneer of the "extremely intelligent technology and luxury" market.

Business: Comprehensive end-to-end reorganization of the FF 91 2.0 Futurist Alliance delivery system.

January 2023

China-U.S. Dual Genes and Double Home Fields: Announced the signing of a non-binding cooperation framework agreement with the Huanggang Government of China to promote the company’s dual home field strategy.

February 2023

Capital and Finance: Received $135 million in financing commitments.

March 2023

Production: FF ieFactory California implements SOP.

April 2023

Production: FF 91 2.0 Futurist Alliance’s first mass production vehicle rolled off the production line.

May 2023

Technology & Products: Made new breakthroughs in the field of emerging GPT AI technology and released the world's first vehicle-mounted generative artificial intelligence products and technology.

Officially launched and released based on the new four modernization trends of "All-AI, All-Hyper, All-Ability, and Co-Creation" industrial transformation, successfully created the revolutionary "FF aiHyper 6x4 architecture 2.0" technical architecture The "All-Ability aiHypercar" of "extremely intelligent technology and luxury", FF 91 2.0 Futurist Alliance, integrates the three core features of Hyper performance, safety and comfort.

Capital: Signed the final agreement for unsecured convertible bonds with financing of US$100 million (capital injection is subject to certain delivery conditions, approximately US$30 million of financing has been received, exempting delivery conditions, demonstrating investment people’s confidence and support in the company), Faraday Future announced a US$100 million financing with executive partners as cornerstone investors.

June 2023

User Ecology: The first batch of 3 car owners and developer co-creators participated in the "FF Track Co-Creation Day"

PRODUCTS&TECHNOLOGY: FF 91 2.0 Futurist Alliance debuted at Willow Springs and broke the fastest lap record for an electric vehicle weighing 6,000 pounds or more in 1 minute and 35 seconds.

Capital: Financing US$105 million, including US$90 million in new commitments and early payment of US$15 million in old commitments; part of the US$105 million has been received, and the remainder needs to meet certain requirements Delivery conditions.

July 2023

Delivery Compliance: Completed U.S. crash testing and all safety-related regulatory certification requirements.

Complete all U.S. new car sales delivery compliance work.

Complete internal approval to initiate the second phase of co-creation delivery.

The company has formed a closed-loop operation and entered a new stage of development.

August 2023

Supply chain: Complete the supply of all parts for the first batch of delivery.

User Ecology: Complete the construction of a revolutionary user acquisition and user operation 1.0 system.

Delivery FF 91 2.0 Futurist Alliance to the first top user and developer co-creator in FF history.

Five-time Le Mans champion Derek Bell, Justin Bell and other top race champions became developer co-creators and subsequent car owners.

The first "FF Developer Co-Creation Festival" was held at the Pebble Beach Auto Show.

Capital: Secured $16.5 million in additional funding through unsecured notes to support the Company’s Phase 2 delivery and sales and service preparations for the FF 91 2.0 Futurist Alliance; implemented a reverse stock split and filed a registration statement , opening up the company's financing channels to support the mass production ramp of FF 91 2.0 Futurist Alliance and the development of its sales and service network.

Management: The strongest management in the 9 years since the company was founded took over.

September 2023

User Ecology: FF delivers new cars to top users including American real estate brokerage tycoon Jason Oppenheim.

Product: FF 91 2.0 Futurist Alliance sets new lap records for SUV and crossover vehicles at Button Willow Speedway.

Technology: Hold the "FF 919 Developer AI Co-Creation Festival" to promote FF aiRacing technology progress

Capital: FF regains NASDAQ compliance.

Launched core management stock purchase plan.

October 2023

User Ecology: New cars will be delivered to four new top users and developer co-creators, including global music superstar Chris Brown .

We firmly believe that in addition to funds, FF has basically all the foundations for an explosion of value. We've beaten Darkest Hour many times, and FF currently has 30 achievements. With our unique genes and the support of all shareholders, we firmly believe that we are about to burst into amazing energy.

However, what makes us feel very frustrated and sad is that FF, as the only pioneer and leader in the "extremely intelligent technology and luxury" market, has created and delivered the most transformative product in the world. "All-Ability aiHypercar" has made so many major progress as mentioned above. However, the stock price, market capitalization and the company's true value have shown complete divergence. This is unacceptable to all shareholders who love FF, and I have received many requests for the company to respond. I personally have received unfair accusations and even threats. Despite this, we are still moving forward and are dedicated to making FF a great company.

I am actually the most worried about the serious deviation between FF's true value and the capital market value. I feel deeply ashamed that it has not brought due value returns to all shareholders and investors. I also hope to do my best. Promote the maximization of FF value.

Nine years ago, I traveled thousands of miles across the ocean to Los Angeles, California, and founded FF. I gave up everything I had. You can imagine how difficult it is for Chinese to start a business in the United States. , especially starting a business in the AI ​​tram industry, which is known as the crown jewel of "Ji Zhi Technology's Top Luxury", is extremely difficult. I have experienced all the worst things you can imagine and can't imagine. . The company and I have experienced and overcome many difficulties and life-and-death challenges over the years. The setbacks we have encountered and the successes we have achieved are obvious to everyone. Thank you to those who care about FF and have supported me. In fact, many people have sent me private messages through various channels. I have been reading them. I will also reflect on and torture myself, absorb good suggestions and implement them. Many entrepreneurs have said that my entrepreneurial experience has always inspired them to never give up and persevere. In fact, I would like to say that the many words of encouragement you sent me are also silently infecting and motivating me, allowing FF and I to fight without hesitation to maximize the value of all shareholders and stakeholders.

Thank you again for being there along the way.

Jia Yueting

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