Afternoon, everyone. Welcome to the second day of the Sidotee Small Cap Conference. My name is Arfi Shah, and I'm an analyst here at Sidotee. With me today, I have Faraday Future Intelligent Electric Inc. It trades under the ticker FFIE. I'm happy to welcome Jerry Wang, the Global President at Faraday Future. We have about 30 minutes today, including the Q&A. If you have any questions, please submit them at the Q&A section at the bottom of your screen. With that, Jerry, I will let you take over. Awesome. Yeah, thank you so much, Arfi. Good afternoon, everyone. Thank you for your interest in Faraday Future. A quick self-introduction. My name is Jerry. I'm the President of Faraday Future, trading under the ticker FFIE. We are an intelligent electric vehicle company headquartered in California, and we're building amazing vehicles. I will quickly go through it. Founded in 2014 by our visionary founder, YT Jia, who is a very successful, serious technology entrepreneur who founded the best-selling smart TV and smartphone in China. At that time, the main player was only Tesla. He was thinking, "If I can make the phone smart, and if I can make the TV smart, why not try to make the car smart, but also build a product and technology that is better than Tesla?" With this vision, he founded Faraday Future in Los Angeles, starting in 2014. From that time to now, we have invested almost around $3.5 billion in capital into this company. The majority of it went into R&D, and a meaningful portion went into CapEx. We are headquartered in Los Angeles, and we have an intellectual property pool of more than 600 patent files globally, independently validated by Roland Berger. We have a manufacturing facility in Hanford, near Fresno, California, 1.1 million square feet, invested $300 million, and it has an annual production capability of more than 10,000 vehicles per year. We have a dual-brand strategy. The first brand, which is more high-end premium, is Faraday Future. It competes with Ferrari, Maybach, or Rolls-Royce, covering the price range of $100,000 up to $300,000. Our focus right now is to launch our second brand, Faraday X, which will be a large volume, mass-market brand. It will have a few products and cover the price range of $20,000 to $80,000, approximately on that estimate. This is the overall market pyramid. As we can see, the first brand covers $100,000 up to $300,000, which, in our view, is a pretty blue ocean market. Say that you are a Ferrari or a Rolls-Royce owner, and you want to buy similar high-level or premium vehicles. There are not so many good electric vehicles for you to choose. We hope Faraday X can be one of them. The second brand and the products under the second brand cover more like a mass-volume market opportunity, something between $20,000 to $80,000. This is a product portfolio. The first car we already launched, FF 91. I'll go through it in detail later on. We have a series of products under the second brand. The current one that we're working on is FX Super One, which is a first-class EAI MPV, similar to a full-size SUV. It competes with Cadillac Escalade and is selling at roughly only approximately half of the price. This is the performance of our first product, FF 91. In In general, the car is relatively large. It's slightly larger than a Rolls-Royce or Maybach, and it has a very strong performance: 0 to 60 in only 2.3 seconds, a mileage per charge of almost 400 miles, 1,050 horsepower, tri-motor powertrain architecture. The car runs on lots of famous tracks, including Willow Spring in Los Angeles. It breaks the track record for large SUVs, and the car runs faster than a Lamborghini Urus. It has the best user experience, very unique. It has a captain chair, zero gravity, very comfortable, premium seats. It has a 27-inch ultra-wide screen, Full HD, foldable at the back seat of the car. It can have all the live content experience, similar to your living room. For example, it can play live sports, live events, live concerts. You can watch Netflix. You can have the Zoom meeting. If I'm driving, sitting inside of the vehicle today, I can do this Zoom meeting inside of the car. It can run ChatGPT. You can talk to the car. It's basically your living room plus your office experience. All this amazing feature is powered by our self-developed AI technology. On the hardware computing platform, we're using the latest Qualcomm chips. We have two Qualcomm chips, 8155, and we have one NVIDIA Orin chip to power our autonomous driving functionality. It's built on Android, but we fully developed by ourselves for the operation system. We have three 5G modems to keep the best internet connectivity experience. This is a sneak peek of the back seat of the vehicle. Something standing out is this large screen. We have generative AI to power this screen. The desktop that you can see, each people have different desktops. For example, the car will know who I am. I'm a big sports fan. At the time that I'm sitting at the passenger row, the desktop will show a golf game, NBA game, and I can click through it and find the best content that I'm interested in. We are working with top celebrities, and most of them are the vehicle owners. Those top celebrities include Mariah Carey, Chris Brown, Jason Oppenheimer, Justin Bell, and so on and so forth. All of them love this product a lot. It's very unique, and it's pretty tech-savvy and environmentally friendly. We have lots of attention and lots of partnership promotion from those great, great, great people. This is our manufacturing facility based in Hanford, California. We spent over $300 million. It has wheels for stamping, but it has a full body shop. It has a full paint shop. It has a full assembly station that can support up to 10,000 vehicles for FF 91 and up to 30,000 to 40,000 vehicles for the second product, which is FX Super One. We have a quite experienced team. I briefly introduced our founder as Co-CEO. We have another Co-CEO. This gentleman's name is Matthias Aydt. He has a 40-year automotive experience, previously working in Porsche, Magna, and Quorus. The rest of the team, we're working together for more or less around 10 years. We know each other really well and work together very well. That's about a high-level introduction of this first brand. I will tap into the second brand. It kind of makes sense, similar to Tesla's strategy. Tesla launched their premium product first, Roadster, Model S, and Model X. Those are not sufficient to have them break even to be a profit company. Tesla really launched, and the value increased significantly when they launched Model 3 and Model Y, tapping into those high-volume, mass-volume markets for automotive. Right? Similar strategy, we launched FF 91 under the brand of FF. This is not sufficient to bring the company into profitability. We're penetrating down and tapping into mass-volume markets and launching our second brand, FX. We are doing it very smartly. Instead of doing everything by ourselves, that's not the approach. We're partnering with the best OEM in Asia, and specifically in China, to bring their product to the United States. There's a question, why they're not able to do it by themselves? Why it's, you know, we can do it, but not them? Right? First, those products are selling really, really well in China. As we can see from the right-hand side, 17 out of 20 best-selling electric vehicles from the first half of this year are local products under local brands, which we're generally familiar with. It's Xiaomi, BYD, Xiaopeng, Geely, Li Auto, Nio, Zeekr, those amazing products and amazing brands. None of them are available in the U.S. On the left-hand side, we can see Tesla is dominating like 90% of the electric vehicle market in the U.S. All the rest, our previous generation players, are not enjoying much of a market share if compared to Tesla. A very straightforward idea would be, why not someone bring those good products, one or two of them, and bring them from China to the U.S. and sell in the United States and even capture 1% of the market share? It's talking about 150,000 vehicles sold per year, which is very meaningful. That's exactly what we are doing. To answer the question, why they cannot do it by themselves, what are the advantages Faraday Future Intelligent Electric Inc. has? At least for three things. The first one is the tariff. If they do it by themselves, they bring the complete vehicle from China to the U.S. They are paying 200% complete vehicle tariff, which destroys any of the business case. Why can Faraday Future Intelligent Electric Inc. do it? We have a manufacturing facility in California. Instead of paying complete vehicle tariff, I partner with them and buy parts from them. I'm paying parts tariff, automotive parts tariff, instead of complete vehicle, which is 25% versus 200%. Very feasible from the financial side. Second, even if they have some manufacturing partners, don't forget, the current government is banning China vehicle software to perform in the United States, starting from 2027. It's called the ICTS Act. By having that, basically, even if you acquire a facility and you're doing assembly in here, you're not able to utilize your own software starting from 2027. As we know, building a team and developing your own software from scratch in the United States will take them years and take them, you know, hundreds of millions of dollars invested, if not billions of dollars. It's very difficult. That's the second advantage. Faraday Future Intelligent Electric Inc., we have full operating system software developed by ourselves as a California company. The third is that it's about branding, sales, and after sales. They don't have an established brand. Very few people know what is a GAC or a LEAP. People are generally familiar with Faraday Future Intelligent Electric Inc. as a premium vehicle, and we're launching our second brand, Faraday X. Also, if not more importantly, we have our distribution network. We have our sales network. We have our after-sales and service network covering California, and we're expanding to New York, Florida, to the major states in the U.S. Those vehicles can leverage the existing established sales, after-sales, brands, service, channels, networks that we have been establishing for the past 10 years. Those are the unique advantages that we are bringing in as our partner. We already signed two partnership agreements with a very large China OEM. Each of them manufactures millions of vehicles per year. Basically, we're not only enjoying a proven, mature product, but also we can leverage their supply chain, their manufacturer, their cost control, quality control. Basically, we're enjoying all this benefit as a partner working together. What unique value are we bringing? We're bringing product and technology, manufacturer and home mitigation, user ecosystem. Basically, we know how to sell and do maintenance of the vehicle in the United States. We're bringing them global profitability, as well as we are empowering brand awareness for those vehicles. Moving forward, those are blue ocean markets in the United States. I will not go into too deep. We already launched the car a few months ago, the second product. We already received more than 10,000 paid reservations. This is the design of the vehicle. As you can see, it's similar to a full-size SUV. It has two versions. One is with traditional grid in front of the car, and the other is having a screen. We call it AI-powered face. We do lots of operation, but also redesign on the front and rear look of the vehicle. This creates significant user value. You can do it on daily transportation, airport, executive pickup, take you to some important events. It is super friendly for family usages as a four-seater, six-seater, and seven-seater version. You take your family to a camping or something. It's very, very user-friendly. A little bit more on the interior of the vehicle. It has a captain chair for the second row. If you select the third row, available as well. Super comfortable chair and massage chair. It's a great experience. The third row can fold down, and it converts to a queen-size bed and lots of luggage space. You can carry up to seven people, so you can take your full family into some family events. Talking about some milestones, right? We're now having already received 10,000 reservations. We plan to launch the car in the UAE, Middle East, first around November this year because of relatively low compliance, home mitigation requirements for the local UAE market. It's a relatively small market, so it's like a test launch. By the end of the year, we're going to start manufacturing this vehicle in the United States. We're doing some crypto treasury, but the amount is very small. It's only $30 million. We have generated some really good returns so far. A little bit more on the financials. Although the market cap has increased five times or so, around five times over the past 12 months, we're still a very small company. The market cap is only $250 million as of now. Compared to any other well-known names on this chart, we're like nobody. This brings in limited downside exposure, but a very meaningful upside potential. If you compare us with Lucid, they're manufacturing less than 10,000 or approximately 10,000 vehicles last year, and they burn $3 billion cash. Their market cap is something around $6 to $7 billion. I don't know why, but this means that we have a very meaningful upside potential as long as we execute our second brand and second vehicle well. This is the efficiency of this business, right? By this partnership, we are not reinventing the wheel. The product has already been built and already tested. It has a very good quality, so we do not need to spend significant R&D expense. It has the manufacturing facility already in place. It has equipment. It has tooling. We have an established brand, sales, and after sales, and service. Everything is already in place. It's a very asset-light and very efficient way of bringing a proven, mature, solid product, or a few of them, to the United States and have a very quick launch from there. That's why last year, my burn is very low. I only burned less than $80 million, significantly less than anyone showing in this chart. For this year, the burn will be slightly higher, but not significantly higher compared to last year. Because of, you know, we're good management, but more because of how efficient our business model is. I'll share this slide to end my presentation. We have lots of trading volume and lots of good attention from the market. On a daily basis, the stock is trading like $10 to $20 million US dollars per trading day. At its peak, which is sometime last year, it traded like $3 billion in one single trading day. We have more than 100,000 retail shareholders paying lots of attention to the current stock on a daily basis. We're great to have lots of traders paying attention and following us. Now we wanted to have some more exposure to institutions and gradually build from there. I think that we can build significant value, very reasonable upside opportunity, and limited downside exposure. Yeah, that's it from my side. Thank you. Thank you so much for the presentation, Jerry. I would like to request everybody, if you have any questions, please submit them at the Q&A section at the bottom of your screen. With that, I will start with a few of my questions. Can you tell us, like, how is the wearable platform architecture helping you reduce cost and accelerate time to market, since it's the same thing that was in the FF 91 and it's going to be the same thing in the FX Super One? Can you just talk to us a little bit about your architecture platform? Of course. Yeah, so basically, that's a patent developed by ourselves, technology and patent developed by ourselves as well. If you think the powertrain, the chassis of an electric vehicle, right? At the major stages, at the core and relatively low, it has a battery pack. The battery pack can be flexible, and it has motors in front, and it has motors at back. The weight ratio is kind of balanced naturally, right? You can design your chassis very flexible. Basically, if you have a larger car, you just expand the wheelbase. You put slightly more battery in. It's an established platform. If you want to build a smaller vehicle with a shorter wheelbase, you take one or two strings of a battery string out, or you purchase a slightly smaller battery size. Then your platform will be, you know, you have a relatively smaller platform, right? The reason that the traditional gasoline vehicle cannot do it is that it's more about the weight balance, right? You cannot have so much weight in front or having so much weight at back. It just has one giant motor that has a combustion engine that has a lot of weight. It's very hard to rebalance the weight, you know, when you're changing the wheelbase. It's relatively easy for the electric vehicle. That's our proprietary technology and design. It just shortens the development time and lowers the development cost when we're launching new vehicles if we choose to use this technology. Right. How do you see the dual-brand strategy evolve with the EV landscape becoming more competitive and the EV mandates in a lot of states and countries starting to come into picture now? Yeah, you're right. That's a great question. Actually, I think the dual brand makes a lot of sense because, you know, I'm giving you an example that is not doing well, you know, which is Tesla. Tesla is a great company. There's a $1 trillion market cap, right? As you can see, the volume of the car, all of their product is quite beautiful, right? Model S, Model X, beautiful car, very premium, great FSD functionality. I think that we're doing better on the internet connectivity, digital ecosystem experience. They are great products. Model 3, Model Y, best-selling electric vehicle, no doubt, right? If you're seeing those volumes, right, Model S and Model X volumes are shrinking and shrinking. They're almost selling no Model S and Model X if you compare with Model 3 and Model Y. Why is that? Because they're under the same brand, right? Model 3, Model Y, relatively affordable, $40,000, $50,000. Model S and Model X are selling around $100,000. I doubt if, like, you know, if we're talking about, you know, the major population, I doubt people, most of the people who can afford a $100,000 vehicle would enjoy some vehicle that is more selling on the $40,000 end, but under the same brand. This gives some brand damage and some, at least, reduced potential volume for the higher, you know, positioned vehicle. We're learning from them. For the FF 91, it's more $100,000 all the way up to $300,000. We're tapping into the mass volume market between $20,000 to $80,000. That's why we wanted to establish our second brand. People will still recognize, oh, that second brand is more like a Porsche, Volkswagen strategy. Volkswagen, Porsche, all under Volkswagen Group. Porsche is responsible for premium vehicles. Volkswagen is responsible for more affordable vehicles. I saw a question asking about the price range. Yes, so let me be clear. Under the second brand, there will be three to four different products covering the different price range. We have not publicly announced the price range for the FX Super One yet. I'm not able to comment too much. It's, roughly speaking, half price of the Cadillac Escalade. I think it's a better car compared to Escalade. There will be future more affordable prices covering the lower end of that price segment. Yes. There's one more question from the audience asking, what is the status of the FX Super One and when can we see that go on the floor? Yeah, it's not our focus right now. We're still a relatively small company. We have only 300 people. The focus is building, maintaining FF 91, and focusing on FX Super One and ramp it up step by step from there. I think, you know, probably sometime next year, probably early or mid next year, we're going to share more information about FX4 or FX5. There are already several prototypes that were in early study phase. If you come and visit us in Los Angeles, you can test drive those cars. The cars are already in here. It's just that we haven't decided which car that we partner with. We haven't, you know, to be honest, paid much of a detailed work, doing much of detailed work associated with those programs. We're focusing on the FX Super One, very focused on FX Super One right now. Right, that makes sense. Just out of curiosity, how many FF 91 vehicles have you sold until now? Yeah, approximately 20 already. To be very frank, I'm losing money on each of the vehicles that I'm selling because of relatively low volume, right? I'm building 20, 30 cars. It's even relatively hard to source parts at reasonable pricing. Why am I still selling that vehicle? First, this vehicle is really, really unique. We love them. We love it. It's our baby. We spent billions of dollars and 10 years developing that. Second, those top celebrities love their cars as well. We're seeing it more like marketing, promotion, branding activities by introducing more FF to the top influencers. The focus will be ramping up FX. We're trying to hit a positive gross margin for FX vehicles as soon as possible, given how efficient China's supply chain and manufacturing is. Right. Just as a follow-up to your last answer, how do you plan to reach the wider audience? Since FF 91 was for the niche audience, you did not want to market very widely. Right now, with the FX, it is going to be the numbers game. What is the plan for marketing and reaching the wider audience for that? Yeah, that's a great question. If you follow our recent activity, as you can see, we're very active on the major states, right? We're in Los Angeles. We host lots of events in Los Angeles. We quickly gathered more than 10,000 paid reservations already for FX Super One. We brought vehicles to New York. We met, you know, one month ago in New York for some events. We brought both FF 91 and FX Super One there. We attend some events in Boston. We're hosting some more events in those major areas that we're trying to promote the vehicle. We have signed up, you know, multiple partners on the distribution. We're just building a little bit more demonstration vehicles for FX Super One. We're going to, you know, kind of encourage them to buy at least one vehicle from us each. They're going to display the vehicle in their store, having more people, you know, paying attention to it. Wherever we go with FX Super One, there will always be a crowd surrounding it. We were in New York, and there were lots of people surrounding those vehicles asking questions, paying lots of attention. It's very, very unique. People love this product. Right. What would you consider as a successful initial launch in the Middle East, since that's the new geography that you're targeting right now? How has the government support and the regulatory environment been towards the in the UAE? Yeah, that's a great question. The UAE regulatory environment is very friendly. As we know, the government loves technology, loves the United States, loves public companies, and loves advanced manufacturing, especially on the automotive and AI side. We're very kind of popular and very well welcomed there. I have a strategic investor from the UAE. It's the family office of Sheikh Abdullah Al-Qasimi, the ruling family of Ras Al Khaimah. With his help, I'm opening up. I already set up a manufacturing facility in Ras Al Khaimah, UAE, and it's in pilot run right now. We expect that around November, it will launch the vehicle. It starts to manufacture and deliver the vehicle. I wanted to be very clear. The UAE market is relatively small. We're not going to sell like tens of thousands of vehicles in that market only. On the other hand, this is like penetrating a new market. We're doing a smaller scale and trying to ramp up from there. We're trying to learn as we do and having a pilot product launch in a smaller but important UAE market first, learning by doing, and then making sure that we'll have a smooth product launch in the United States shortly after that. Right. I'd just like to end by asking if you can sum up the value proposition for investors who might be looking across the EV sector. Yes, of course. I would say that, you know, established brand and product, significant investment made already, quite solid, unique positioning in the United States automotive market, very smart and efficient way of conducting or growing the business, and very unique product and technology power. I think it's a great and, you know, fairly low valuation compared to any other similar company. I think it's an interesting company, at least, to take a look at. Right. Thank you so much. I'm very thankful. Thank you very much for the presentation and the questions. For everybody else in the audience, thank you for spending time with us today. Hope you have a good rest of your day. Thank you. Thank you very much, everyone. Take care. Bye-bye.