FARADAY FUTURE INTELLIGENT ELECTRIC INC. Q3 FY2024 earnings call

• Organizational transformation: Shift from project-driven to operation-driven organization with cost optimization, quality improvements, and operational efficiency. Strengthened leadership team with key appointments like Koti Meka as CFO, Aaron Ma as Acting Head of EV R&D, and Tim Mok as Head of FF U.A.E. • Corporate initiatives: Secured $30 million in new financing commitments, regained Nasdaq listing requirements compliance, completed reverse stock split, restructured convertible notes. • Operational progress: Delivered two FF91 2.0 vehicles, implemented manufacturing improvements reducing interior costs by half, enhanced product quality with CCA audit score improvement of 25%, and made software improvements. • FX brand launch: Announced FX brand, planned two models (FX5 and FX6) in specific price ranges, entered preliminary agreements with four OEMs. • Middle East expansion: Established presence in the region, co-investment agreement with Master Investment Group, sales entity in Dubai, and 108,000 square foot facility in Ras Al Khaimah.

In the third quarter of 2024, operating expenses declined 92.6% to $3.8 million compared to $50.9 million in the prior year's quarter. This reduction included a nonrecurring gain of $14.9 million from the settlement of previously accrued research and development costs. Even adjusting for that gain, operating expenses would have still declined 63.2% from the prior year period. Loss from operations improved to $25.2 million compared to a loss of $66.4 million in the prior year quarter. As of September 30, 2024, total assets were $449 million, total liabilities $292.3 million, book value $156.7 million, and cash on hand was $7.3 million. During the first nine months of 2024, financing activities provided net proceeds of $55.7 million.

• Focus on stabilizing and strengthening operations, attracting strategic investors, maintaining and growing FF 91 2.0 production, and developing the FX brand into 2025. • Goal to achieve profitability and become self-funding in the shortest possible time. • FX vehicle development with first vehicle potentially rolling off the line by end of 2025 subject to securing necessary funding. • Dual brand strategy to leverage FF brand with Chinese OEMs for economies of scale.

• Forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from expectations. • Need to refer to SEC filings for discussion of material risks and other important factors affecting financial results.