According to Faraday Future’s official Weibo, on September 22, 2023, Beijing time (September 21, California, USA),Faraday Future announced two big news: First, the FF company’s board of directors has appointed a man who has worked at FF for many years.Matthias Aydt is the global CEO of FF, effective September 29, 2023. At the same time, the current FF global CEO Mr. Chen Xuefeng (XF) will be based in China starting from September 29, 2023, and will continue to serve as the CEO of FF China and concurrently as the executive vice president of global industrialization of FF.


The second is the person who will soon serve as FF’s global CEO.Mr. Matthias Aydt, Founder and Chief Product and Ecosystem Officer of FFMr. Jia Yueting, current global CEO, will serve as executive vice president of global industrialization and CEO of ChinaMr. Chen Xuefeng, Acting Chief Financial Officer Mr. Jonathan Maroko and Chief Accounting Officer Ms. Han Yun, as well as other company executives and members of management have voluntarily signed aPayroll deductions and stock purchase agreements.

As required by Nasdaq, subject to shareholder approval of the agreement,These company executives and members of management committed to spending 50% of their salaries within three months to purchase the company's Class A common stock.The shares will be locked for at least 180 days from the date of issuance.


As of the closing of US stocks on September 22, local time, Faraday Future was trading at US$3.92, an increase of 7.1%, with a market value of US$72.914 million.


FF announces the appointment of Matthias Aydt as global CEO

FaradayFutureIntelligentElectricInc. (hereinafter referred to as "Faraday Future", "FF" or the "Company") announces that the Company's Board of DirectorsMatthias Aydt, who has worked at FF for many years, has been appointed as FF global CEO, effective from September 29, 2023. At the same time, the current FF global CEO Mr. Chen Xuefeng (XF) will be based in China starting from September 29, 2023, and will continue to serve as the CEO of FF China and concurrently as the executive vice president of global industrialization of FF.


FF Global CEO Matthias Aydt (Photo source: Faraday Future official Weibo)

Matthias Aydt will focus on driving production and delivery of the FF912.0 Futurist Alliance. Mr. Chen Xuefeng will focus on the launch of FF912.0 Futurist Alliance in China and the next stage of the company’s development including the implementation of the dual home stadium strategy in China and the United States. In addition, Mr. Chen Xuefeng will also focus on the promotion of the company's China business, including Chinese joint ventures, entering the Chinese market, integrating the Chinese supply chain, and continuing to reduce costs.

Mr. Matthias Aydt has been working at FF for more than seven years. He is currently the head of FF product execution and has also served as the head of FF product definition, mobile ecosystem and business development. Before joining FF, Mr. Matthias Aydt worked for many years in automobile companies, OEMs and suppliers, responsible for leading project management and vehicle engineering teams. Mr. Matthias Aydt has over 40 years of experience in manufacturing, technology and operations, including developing multinational organizational structures, establishing cross-functional work environments, design and development processes, project management processes, and concurrent engineering processes. Mr. Matthias Aydt has registered more than 15 patents and has made great contributions to the company, employees, users and investors in realizing the vision of sustainable mobility in the future.

"FF is currently focusing on increasing the production of FF91 and starting to generate revenue, improving product and technical capabilities, and developing next-generation products including artificial intelligence products," Mr. Matthias said. "I am very excited about taking on the role of global CEO of FF and look forward to my experience in product technology, research and development of high-end automotive brands will bring a lot of value and leadership to FF."FF announces management stock purchase plan

who will serve as FF’s global CEOMr. Matthias Aydt, Founder and Chief Product and Ecosystem Officer of FFMr. Jia Yueting, current global CEO, will serve as executive vice president of global industrialization and CEO of ChinaMr. Chen Xuefeng, Acting Chief Financial Officer Mr. Jonathan Maroko and Chief Accounting Officer Ms. Han Yun, as well as other company executives and members of management have voluntarily signed aPayroll deductions and stock purchase agreements. As required by Nasdaq, subject to shareholder approval of the agreement,These company executives and members of management committed to spending 50% of their salaries within three months to purchase the company's Class A common stock to further demonstrate their confidence and support for the company's business.The shares will be locked for at least 180 days from the date of issuance. All participants will receive shares of Class A common stock from the company.

Mr. Matthias Aydt, who will serve as FF's global CEO, said, "Judging from the company's stock price performance, the management believes that FF's value is seriously undervalued by the market, so we hope to show shareholders the commitment and belief of the company's management personnel in the company by signing these agreements. The company believes that this action demonstrates the company's commitment and ownership mentality, which is the company's core competitive advantage. Our core executive team has shown a strong sense of ownership. Under the guidance of this spirit, we believe that the company can overcome the current challenges and make great progress in the business."

Faraday Future’s stock price performance in recent times has been unsatisfactory, with its stock price falling from $26.71 to $3.92 on August 3.The drop was as high as 85% in more than a month.


According to public information, on August 21, local time, Faraday Future’s financial report announced a net loss of US$125 million in the second quarter, a net loss of US$142 million in the same period last year. As of the end of the second quarter, total cash was US$17.89 million.Total current assets are $106 million. FF reiterated its goal to achieve business profitability and operating cash flow breakeven by 2025.