Good evening, and welcome to Faraday Future Intelligent Electric Inc. second quarter 2023 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this call is being recorded. It is now my pleasure to introduce your host, Jonathan Maroko, with CFO. Thank you. You may begin. Thank you. Welcome everyone to Faraday Future's second quarter 2023 earnings call. We issued a shareholder letter reporting our results and filed our quarterly report on Form 10-Q for the second quarter of 2023 this afternoon, 21st August, 2023. Joining the call today from Faraday Future is our Global Chief Executive Officer, XF Chen, Global Senior Vice President of Product Execution, Matthias Aydt, and myself, Jonathan Maroko, Interim Chief Financial Officer. You can find a copy of the Q2 2023 shareholder letter now, and a replay of this call later today on the investor relations section of our website at investors.ff.com. Please note that on this call, we will be making forward-looking statements based on current expectations and management assumptions. These statements reflect our views only as of 21st August 2023, and should not be relied upon as representative of our views as of any subsequent date. Except as required by law, we undertake no obligation to revise, update, or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including the section titled Risk Factors in our latest annual report on our amended Form 10-K and our quarterly earnings report for the second quarter of 2023 on Form 10-Q. In addition, during today's call, our management team will give our prepared remarks and answers to investors' questions in English. A translator will provide simultaneous Chinese translation, which can be accessed through ff.com. All translations are provided for convenience only. In the case of any discrepancy, management statements in English will prevail. With that, I will turn the call over to XF Chen, Global CEO of Faraday Future. Thank you, Jonathan, and good day, everyone, and thank you for joining our conference call. To start the call, let me give you a brief update about our progress with our production and delivery. Following this, Matthias will provide an overview of our technology, and Jonathan will provide a review of our financials, covering topics such as fundraising and the measures we implemented to strengthen Faraday Future. For those who have not had a chance to meet Jonathan, he recently joined the organization as an Interim CFO, and we look forward to leveraging his experience and his valuable experience. I'd like to start today's call by saying that I couldn't be prouder of the FF team. Our combined efforts have propelled the company to accomplish significant milestones over the second quarter and beyond. On April14th, 2023, our first FF 91 2.0 Futurist Alliance vehicle came off the line at our FF manufacturing facility. This moment reflected the culmination of years of unwavering research and development, underscored by the tenacity and the dedication of our entire team. A few months later, on 12th August we celebrated the delivery of the first FF 91 2.0 Futurist Alliance to our first industry expert developer co-creator. Along with the start of festival delivery of our vehicle, we kicked off our developer co-creation festival at Pebble Beach this past week and launched our developer co-creation officer recruitment project. Here, I want to highlight two of our co-creation officer programs. FPO, Futurist Product Officer, is an open platform where FF interacts with user product expertise. Through being invited to engage deeply in the entire process, what features product definition, design, development, and testing. FPOs help identify user experience gaps in apps, offers improvement recommendations, provide valuable insights for better product experience, and contributes to the product power upgrade. This in-depth product definition process is aimed to jointly create products that best embody automated AI technology. An FTO, Futurist Technology Officer, those who participate in the development of in-vehicle software, AI algorithms, applications, and service through the SDK technology open platform and Application Release Platform released by FF. FTO can also work with FF engineers through the open source community to provide valuable R&D support to FF and jointly drive technology transformations in the automotive industry. For more details on our developer cooperation project, please see our ff.com website. Since launching our cooperation campaign, collaborations with industry elites have delivered valuable insights in areas like brand marketing and user acquisition. By intertwining innovation with our partnership, we are propelling the company and our industry forward. As we forge ahead and move from a project-based company to an operationally focused company, we are intensifying our efforts to strengthen our operational capabilities. In line with this vision, we are enriching our team by welcoming seasoned professionals from the industry. Rich Smith has stepped into the Vice President of Manufacturing role. Edward Dawick have taken the time as Head of Financial Operations, and Jonathan Maroko, who you just heard, has been appointed as our Interim Chief Financial Officer. Their combined expertise and extensive experience underscore our dedication to achieving operational excellence and financial prudence. Lastly, on 13th August, we completed the business registration for FF Auto Hubei Company Limited, marking a significant step forward in the progress of our China efforts. We believe that our successful collaboration will shape the next generation of shared intelligent transportation ecosystem and establish the most influential internet-based intelligent electric vehicle brand, both nationally and globally. We further expect that such a collaboration will support the development of a leading high-end internet-based intelligent electric vehicle industry city globally, becoming a representative base for new energy and intelligent vehicle industries. With that, I would like to turn the call over to Mike Wirth. Thank you, Xuefeng. With phase two of delivery commencing, the manufacturing team at Hanford is diligently focusing on delivering the highest quality FF 91 vehicles to our users. We have developed and implemented our customer craftsmanship audit procedure and standards, a strategic move that enhances our ability to evaluate the performance and quality of our vehicles effectively. I am pleased to report that the car is now in the hands of users and on the road. As we look to the future, our manufacturing team continues to optimize the facility, preparing for increased volumes throughout the rest of 2023. We are planning to triple our manufacturing team in the coming months with the addition of a second shift, a step that will support our anticipated increase in production volume. A commitment to excellence that has characterized our progress so far will remain a guiding principle as we move forward. I'd also like to take some time to highlight this revolutionary vehicle, the FF 91 2.0 Futurist Alliance, our innovative flagship model, and further elaborate on our state-of-the-art automotive AI capabilities. More than just a vehicle, we believe the FF 91 Futurist represents a new era in performance and user experience, charting the path for the automotive industry. The 2.0 phase of development at FF, we are heralding the future of the spire mobility industry, a future marked by 4 distinct trends: all AI, all hyper, all ability, and most important, co-creation. We believe these trends are not abstract concepts, they are tangible realities in our offerings. The all-ability AI hypercar, FF 91 2.0 Futurist Alliance, stands out with superior configurations and performance. Equipped with the three motors generating 1,050 horsepower and 1,977 newton meters of torque, it leads the class with a 142KWh battery pack and an EPA-certified range of 381 miles. The vehicle showcases a pioneering moat body structure and moat pack structure, together forming the largest in-class side impact crumble zone around the battery design. This design enhances occupant and battery protection without compromising the spaciousness of the vehicle. Underpinning the FF 91 2.0 is our FF aiHyper 6x4 Architecture 2.0. Powered by FF AI, this architecture is designed to permit the car to understand user habits, continually learn and evolve to provide a user-centric experience. The Third AI Space augments the interior space, ensuring unparalleled comfort and pleasure. The integration of FF 6 technology platforms with our four technology systems, symbolized by 6x4, lays the groundwork for our commitment to pioneering innovation and excellence in the automotive sphere. Since unveiling our Generative AI Product Stack in early May, we have been diligent in enhancing its fine functionality. The development of a watch and chat product prototype exemplifies this, catering to specific multimedia scenarios. It leverages a large language model, supplying real-time information on an ultra-wide passenger screen for an engaging experience. The integration of different AI models ensure flexibility, intelligence, and adaptability to user diverse needs. Moreover, we introduced FF aiDriving at our launch event. The system offers ultimate safety and a suite of features like automatic emergency braking, adaptive cruise control, and smart parking. We took the vehicle on the road recently, driving down from Silicon Valley to downtown L.A. on a single charge. FF stands at the forefront of automotive AI integration, utilizing advanced models like ChatGPT, GPT, and GPT-4. Since launching the FF 91 in 2017, we have continually refined our IAI capabilities, ensuring that our offerings remain at the pinnacle of the industry. The FF 91 2.0 Futurist Alliance is a significant evolution, symbolizing a fresh perspective from the vehicle we introduced six years ago. We believe we are not merely following the industry's path, we are charting its course. Our vision continues to drive innovation, redefine the automotive experience, and set new standards that others aspire to meet. Now, I will turn the call back to Jonathan, who will go over the financials. Thank you, Matthias. I would like to begin by providing a financial overview, followed by a discussion of our funding effort and cost-cutting strategy. First, I would like to summarize our financial results for the 2Q 2023. Faraday Future reported an operating loss of $56.0 million for the three months ended June 30, 2023, as compared to an operating loss of $137.5 million for the three months ended 30thJune 2022. The reduction in the operating loss was primarily due to a decrease in engineering, design, and testing services, as the company substantially completed R&D activities related to the FF 91 vehicle in 2022, and was focused on capitalizable activities attributable to the start of production, which was achieved on 29th March, 2023. This was coupled with decreases in personnel, compensation, and professional services as part of the company's cost-cutting efforts. Net loss was $124.9 million for the three months ended 30th June 2023, as compared to a net loss of $141.7 million for the three months ended June 30th, 2022. The change in net loss was primarily due to lowered operating expenses, partially offset by higher non-cash mark-to-market measurements and settlements of secured convertible notes recorded in the second quarter of this year. Turning to our balance sheet, total assets on 30th June, 2023, were $567.5 million, compared to $529.3 million on 31st December, 2022. Total liabilities were $289.8 million versus $328.3 million on 31st December 2022. Since inception, the company has incurred cumulative losses from operations and negative cash flows from operating activities, and the company's accumulated deficit was approximately $3.8 billion as of 30thJune 2023. Net cash used in operating activities for the six months ended June 30, 2023, was $160.7 million compared to $235.1 million for the six months ended 30th June 2022. Capital expenditures were $25.9 million for the six months ended 30th June 2023, compared to $90.2 million for the six months ended June 30, 2022. Net cash provided from financing activities for the six months ended 30th June, 2023, was $181.8 million, compared to net cash used in financing activities of $85.8 million for the six months ended 30th June 2022. Cash balance at 30th June 2023, was $19.4 million, including restricted cash of $1.5 million. Now, let me provide you with a funding update. During the second quarter, as previously highlighted, we secured a commitment of $100 million in gross financing through unsecured convertible notes, contingent on specific terms. Notably, FF Global Partners, a consortium of approximately 20 present and past senior executives, pledged $80 million out of this committed amount through an independent investment fund. Our management team's dedication was further exemplified when they funded $22 million of gross commitments ahead of schedule, forgoing certain closing prerequisites to bolster Faraday Future's growth. Moreover, on June twenty-sixth, we fast-tracked a sum of $15 million from secured notes and secured $90 million of funding commitment from our existing investors, subject to certain closing conditions. As of today, we have $171.3 million of gross committed funding not yet funded, equity line of credit or ELOC of $350 million. Both the gross committed funding and access to the ELOC are subject to certain conditions. Concurrently, the company is also in financing discussions with potential long-term strategic investors and exploring asset-based debt financing. I'd like to take a step back and talk big picture about Faraday Future and our prospects. It's been a remarkable nine year journey to reach where we are today with no shortage of obstacles. We finally delivered a vehicle. I have immense gratitude for the hard work of both current and former members of the FF team. The delivery of our first vehicle is a huge step in the development of our company and certainly one of the key milestones in building a successful, profitable business. We appreciate our investors' understanding and support during this journey. Our focus this year is the rollout of our first vehicle and the continued improvement in the efficiency of our operations. In terms of profitability and operational efficiency, we believe there is substantial room to reduce our costs, both on a per-vehicle cost and at a company-wide level. As I noted, our accumulated deficit is $3.8 billion. I think it's important to understand the perspective that this figure is also representative of the amount of capital that has gone into progressing the business to where it is today. It's capital that has gone into our product and our technology, and it has enabled us to deliver our flagship FF 91 vehicle. It is a notable data point when thinking about the costs to recreate a leading-edge business like ours. I'm sure there is, and will be, a lot of attention paid to our vehicle production and vehicle delivery numbers. We believe our Hanford facility has an expected production capacity of approximately 10,000 vehicles per year. As such, the number of vehicles we produce and deliver this year, while obviously important, does not meaningfully determine the long-term value of our business. What drives our long-term value is our ability to achieve product-market fit, to make sure we have and can create the demand to meet our ability to supply the market. We believe our sales and marketing team is now able to realize their strengths and can focus on reaching potential customers. At the same time, we will continue to work on improving our per-vehicle production costs and slowly ramp up production this year in conjunction with those cost cuts. In this stage of our business, we are being very strategic and selective in deciding who we deliver vehicles to. We continue to believe that we operate in a unique market segment, a hybrid of technology, luxury, and performance, in which we believe we outperform any other automaker. Given our dual home market strategy, our ability to access the China market, the largest global automotive market, is unique among ultra-high-end vehicle manufacturers such as Rolls-Royce, Ferrari, Bentley, and Maybach. I'd encourage analysts and investors to look at the annual vehicle delivery figures for publicly traded ultra-high-end vehicle manufacturers. You'll see that huge production and delivery figures are not requirements to establishing meaningful market capitalizations, but what is required for us is improved margin, increased awareness of our vehicles, and the creation of brand strength. We are focused on that. Lastly, I want to quickly touch on our status of implementing internal controls over financial reporting. Over the past year, the company has been working diligently to improve its business and system processes and implement internal controls over financial reporting. As we sit today, we believe we have a better system and processes in place than we did a year ago. Today, concurrent with this earnings release, we've issued restated financial statements for Q3 2022, full year 2022, and Q1 2023. The errors were first identified as a result of the company's implementation of actions to remediate material weaknesses in the company's internal control over financial reporting. The restatement was primarily due to non-cash and non-operating classified items relating to its accounting for the conversion of the notes payable and exercising of its liability-classified warrants under its debt arrangements. The company has corrected the identified material and immaterial misstatements in those affected periods. The company remains committed to improving its internal controls and upholding the highest standards of financial reporting. Finally, we want to emphasize our goal to create a profitable business with operating cash flow breakeven in 2025. With this goal in mind, I will now turn the floor back over to XF. Thank you, Jonathan. Once more, I'm immensely proud of the unwavering dedication and the relentless effort displayed by the FF team to achieve this significant milestone in our general plan. We move forward, we eagerly anticipate reaching phase three in our general plan. I extend my gratitude for your time and interest, I am excited to keep you informed about our latest developments in the future. Operator, we are ready to take questions. Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment while we pull our first question. Our first question comes from Stephen Dingaro with Stifel. Please proceed. Thanks, and good evening, everybody. Thanks for taking my questions. The, the first for me is, you, you know, you talked about, Hanford a little bit, but can you talk about what types of volumes you expect, you know, maybe in the back half of this year and kind of what a reasonable expectation might be for 2024? Sure, Steven. This is Jonathan. I think it's a great question. I certainly understand the desire for guidance around production and delivery volumes. We've just launched a new vehicle. We're a new brand. We want to be very thoughtful about how we enter this new market. We wanna make sure the FF 91 is well received. We're being prudent with our production ramp and the delivery of vehicles to market. You know, we're an ultra high-end vehicle manufacturer, so the key for us is not massive volume at this stage, but rather strong brand recognition driven by an exceptional product. We also want to partner with the right users, give these users an unparalleled luxury experience. We'll do this while working with them to ensure the vehicle meets and exceeds, you know, their discerning standards. As we ramp up production, we'll continue to host curated events that introduce our vehicle and the experience of driving and riding in our vehicle to our target users. The focus for the remainder of 2023 is less so on huge volume and more so on brand building and creating a community of enthusiastic ambassadors to amplify our brand. We believe that this will set the stage for a ramp in volume in 2024. thanks, thanks for the color. two more from me. Just one, one as a follow-up to that. Is, is there any guidance or any targets you have, given what you're doing on the cost side, as far as what volumes you think you'd need to get to cash flow breakeven or EBITDA breakeven? Sure. We're working through that internally. We have a sense of it internally, but we're not yet ready to disclose that publicly. I understand the question. I think it's a, you know, valid question. Thanks. Just one more for me. As you did mention your, the getting the financials, restated numbers filed for the last, three quarters. Can you give us a little more color on kind of the internal controls and improvements that have been implemented? Sure. Yeah. I'll, I'll reiterate a bit what I, what I mentioned earlier. You know, the team's been working very hard over the past year to improve and implement internal controls. The system we have in place now, and processes we have in place now are certainly better than they were a year ago. We've improved internal controls in both the preventative and detective categories. As you saw today, we issued restated financials for 3Q 2022, fiscal year 2022, and 1Q 2023, and in doing so, we corrected all material and immaterial misstatements in those periods that we identified. You know, bigger picture, medium term, our goal is to remediate a portion or all of the material weaknesses when we release our annual report in early 2024. Great. Thanks for the color. Of course. Yeah, thanks for the question, Steven. Our next question comes from Mike Wirth, The Benchmark Company. Please proceed. Thanks very much. Good evening, everyone. Jonathan, maybe just to follow up on that, when we're looking at production unit deliveries for 2023, when you say some, are we, are we talking 50? Are we talking 100? Do you have any guidance at all you can provide us? You mentioned in the release that you expect to be generating some cash from vehicle sales. Sure. Yeah, we're, we're still hesitant to put a specific number on that at this point. I think maybe next quarter or certainly in, in the 4Q, we'll probably give more detailed guidance around deliveries and, and production. Okay. Then it's safe to assume in three Q, we're talking just a few, maybe 10, and then maybe we can step it up a little bit as you get to four Q, and then 2024 is another story. Is that the right way to think about it? I think that's the right way to think about it. 2024 is really going to be when we see the ramp in, in production, is what we believe internally. Right. Again, like I mentioned, a lot. Okay still is on the, the brand building side and making sure that the users who have purchased the vehicle- Right ... enjoy the vehicle. Yeah, in, in this, there is going to be, you know, cash received from, from selling these vehicles. Right. Along with that, I don't know if anyone there can talk about what you're doing on the side of customer sports, service, service, how, how those programs are working, how, how do you intend to push that forward to enhance your user experience? Yeah, now, before I answer your this aftermarket questions, I think for the volume, yeah, I, I appreciate everybody is keep a very close eyes on, on how much, what our rapid plan and how much volume we plan to deliver this year, 2023, and then 2024, and when we can break even. I think all of these, all of these questions are under reviews by the company. As John Lawson just mentioned, in this short stage, for 2023, our major objective is to think about how to build our brand as a actual luxury brand. That's a very important position for a new brand. In parallel, you know, we successfully passed the SOP, and we successfully deliver the vehicle, which means we are, we are compliance with regulation requirement. In parallel, on the operation side, we release the order to the, our supplier base continually. The, the more volume numbers already been placed, or order already been placed for the long-lead long-lead parts. In parallel, we are, we are, we are under discussing what's the approach and what kind of derivative, derivative of vehicle will be produced. Later on, we will, I think we will have some more accuracy numbers and with a very strong philosophy behind. Appreciate for the, for that question. e. You know, normally after OEM deliver the vehicle, all the customer industry, we're thinking about what kind of service we can provide to the customer to make sure their experience is being protected and be better. So we have built a suite of after-service for the vehicle. For example, with FF concierge service, users will never have to bring their FF 91 to a service location. With a preliminary vehicle pickup or FF mobile service, convenient and worry-free support is momentarily. Utilizing the FF 91 intelligent vehicle remote diagnostic and Over-the-Air software updates, we ensure our users' peace of mind through their FF journey. They can schedule their service through the FF app, which will include other functions, such as the service alert and directly reach the FF service support team. Some of the key assumption or key service, like, one is a FF roadside assistance. For five years after purchasing a FF 91, user will have peace of mind that they are covered by FF roadside assistance, 24/7, and 365 days a year. A user can contact our roadside assistance directly through the FF app or calling the FF roadside assistance number. The second one is a FF portable charger, with dual voltage capability, with both level one and level two AC charging capability. The FF portable charger achieves up to 9.6 kW of the output. And also we talk about the FF home charger. To fully utilize the FF 91's charging capability, we will offer a branded FF home charger, supported up to 19.2 kW. An FF home charger is a smart, Wi-Fi-connected charger, compatible with most EVs, can be installed in indoor or outdoor. And also we simplifies the installation process by partnering with Cumulus for charging installation service. The last one is for the public charging. User can enjoy the convenience of charging on the go. FF is offering a $1,000 FF charging credit with the purchasing of the FF 91 enhanced edition. With up to 188 kilowatts of peak DC power capability, our FF 91 is compatible with a vast network of public charging stations throughout the U.S. and Canada. Which can help you help the question. Thank you. Just one last one for me. You have a couple of charts on the slide deck talking about co-creation. Could you talk a little bit about that? Because that seems to be unique out in the marketplace, the structure and maybe the strategy you guys are employing with that and what you hope to get out of it. Yeah, this developer co-creation is FF innovative brand marketing and user operation methods, which is different from the traditional OEM marketing and product improvement methods. The co-creation engage high-quality users earlier in the process and at the same time obtain these users' enthusiasm and their expertise for the product, technologies, brands, service through their user feedback. This helps the company build a very positive image and improve products and technologies, among others. The first group of the car owners have been invited to join FF developer co-creation mission, and they serve as a FF developer co-creation officer. With their industry expertise, these users will create value while benefiting from FF innovation, innovative offerings. This alignment for the interest, this kind of alignment for interest, no doubt that embodies FF's core philosophy and the business model of value, co-creation, and the benefits for the co-sharing. While it takes some more time to kick off these partnerships, we strongly believe it will be very well worth, and for the width and the value proposed reaches. Yeah. These people will be customer/partners, is the way it's set up structurally? Yeah. Yeah, you know, I myself, I worked for the a lot of... Sorry. Myself, I worked for other traditional OEM in the past 20 years. Normally, once we launch a car, we hold a very big launch event, spend a lot of money, and it's just to a PR purpose and introduce the MSRP, the pricing, the service, the technologies of the product, and then just push to the, to the, to the market, right? And then- Right. Go through the routine, goes, goes, goes into the routine production, and sales, service, that kind of loop, right? However, once we move to the EV, you see, some of the outstanding, outstanding strong products like FF 91 Alliance, you know, we offered more than 150 horsepower and with a very strong IAI, AI integration systems. There, there will be a lot of uniqueness of this kind of auto auto luxury product. We do need to have this kind of co-creation process with with our customer and our partners. I, I cannot say train them. I just want to show to them what, how, how we, how we drive this car, how we use this car, how we operate this car, and how we sell this car, right? There's a lot of operation and a lot of feeling quite different to the normal, normal traditional brand or traditional product. And a lot of, be honest, a lot of expertise. They also have a very strong enthusiasm, want to be jump into this kind of process. I mean, to drive the car, find the issues, provide their suggestions, and to see the OEM can take their valuable suggestion and do a upgrade. This kind of integration between OEM with our partner users through the using the vehicle, design the vehicle, develop the vehicle, upgrade the vehicle. I think that's the real value of this kind of co-creation. Thank you. Thank you very much. Thank you. There are no further questions at this time. This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation, and have a great day.