Weekly Report 014 | FF to Announce Major Breakthrough in Bridge Strategy at Pebble Beach, Jia Yueting Marks 100 Days as Co-CEO

This is the 14th Weekly Report and the 3rd Monthly Report.

This week, the global economy has reached a significant turning point for rejuvenation and upgrading. Following the U.S. Congress passing the first federal Crypto legislation, the Genius Act, the SEC has now released 'Project Crypto.' This marks the acceleration of the integration of blockchain's underlying architecture into the American financial system. Not only does this mean that the U.S. is building the next generation of Web3 infrastructure and accelerating the comprehensive integration of the Web2 and Web3 worlds, but it also heralds a major shift in the global technology and financial landscape, as well as the onset of the next wave of innovation cycles.

Today marks my 100th day as CO-CEO. Before reporting on the achievements of the '100 Days of Renewal,' I would like to announce a more significant strategic launch—on the 16th of this month, we will release and officially initiate the second chapter of the Bridge Strategy at Pebble Beach. This is not only a milestone in the major upgrade of the Bridge Strategy but will also usher in the second growth curve for FF.

Additionally, in the upcoming Q2 Earnings Call, we will for the first time since our listing, announce the company's performance outlook for the next five years. This not only reflects the company's firm confidence in its future development but also marks that FF's governance level and operational capabilities have entered a new phase.

In the past one hundred days, we have launched an unprecedented 'Ten Major Transformation Initiatives,' which have enabled the company to achieve a comprehensive renewal from S1 to S7, with both the operational and capital fundamentals significantly improving. This has laid a solid foundation and confidence for the next phase of strategic upgrades.

The three major goals in business, finance, and capital that I proposed at the beginning of my term have been largely exceeded in the third-quarter KPIs. The main achievements are as follows:

First, a comprehensive reshaping of the organizational culture has taken place, with a return to a strong fighting spirit. The 'Lion and Wolf Culture' and an atmosphere of relentless execution have been initially established. This spirit was well demonstrated in the launches of the 629 and 717 products.

Second, we successfully launched the FX Super One, the world's first First Class EAI-MPV, against the backdrop of the most beautiful skyline in Los Angeles. This launch has once again led the industry, creating a buzz and achieving a dual accumulation of user and brand assets. Over ten thousand orders were placed during the event, fully validating the feasibility and leading edge of our 'Co-creation Ecosystem and Online Direct Sales System', which includes user acquisition, co-creation, and operation.

This week, we also launched a global co-creation campaign called 'A Thousand Cars, A Thousand Faces, Defined by You'. We invite you to upload your creative designs, product co-creation, and technological co-creation for the Super EAI F.A.C.E. super intelligent face, to create a unique Vehicle EAI Avatar just for you. We welcome everyone to participate enthusiastically!

Third, the California Hanford factory has officially entered the pilot production phase for the FX Super One this week, planning and validating production processes and standards, and training engineers and workers. The next step will be to conduct comprehensive vehicle engineering tests, including safety-related tests and validations. The Ras Al Khaimah factory in the UAE is also under accelerated construction, with the expectation of delivering vehicles in the Middle East region by the end of the year.

Fourth, the FF and FX China-US automotive industry bridge strategy has officially transitioned from its initial stage to full realization, receiving support from top Chinese manufacturers and American political figures. We held closed-door meetings with over ten members of Congress and received public endorsement from Donald Trump Jr., indicating a continuously improving policy environment.

Fifth, there has been a significant improvement in cash flow, a substantial reduction in basic operational costs, and a marked enhancement in financial processes and system management. These improvements will be reflected in our upcoming second-quarter earnings reports.

Sixth, the fundamental aspects of our capital have undergone a qualitative change, with a significant boost in market confidence. Our market cap has increased nearly threefold, and we have been included in the Russell 3000 Index. We continue to receive heavy investment from capital giants such as Blackrock and Vanguard.

The 'illegal short-selling crackdown' has achieved initial success, thwarting multiple existing and potential illegal short-sellers, and continuing to uphold the 'shareholders first' principle.

Additionally, the company has partnered with HabitTrade, taking the first step in building an 'EAI mobility + Web3 + blockchain technology + cryptocurrency + stablecoin' application ecosystem.

One hundred days is just the beginning, not the end. But it is these 100 days that have made us more firmly believe: as long as the direction is correct, our belief remains unshaken, and we give it our all, we will certainly rebuild trust and restore value.

I would like to extend a special thanks to every investor, user, supplier, and partner who has given unwavering support to FF, FX, and me during this turnaround journey. Your trust is the beacon that guides us through the storm and the darkness.

In each of the next 100-day periods, we will work at a faster pace, achieve more tangible results, and engage in deeper collaboration to fulfill our promises to users, shareholders, and hardworking individuals.