Latest news with #WeeklyUpdate
Yahoo
12-05-2025
- Business
- Yahoo
Faraday Future Founder and Co-CEO, YT Jia, Shares Weekly Investor Update
LOS ANGELES, May 12, 2025--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ("Faraday Future", "FF" or the "Company"), a California-based global shared intelligent electric mobility ecosystem company, today shared a weekly business update from YT Jia, Founder and Co-CEO of FF. "Promises made, promises kept. Here comes our second FF Co-CEO Investor Weekly Update. After we released the first Weekly Update, many of you expressed interest in our management tools. I'm actually using these tools to help our team develop more structured and logical thinking. I'll share more thoughts on that in a future update. 1. Now, here are the key highlights from this week: On S5 Finance and Capital: This week, we submitted our Q1 earnings report a few days ahead of schedule. From delayed filings last year, to being on time, and now ahead of time, this shows in part how much progress our finance and compliance systems have made. It's a concrete example of our "Stockholders First" approach in action. It was also my first time joining an earnings call as a speaker. To share our progress with investors, outline our outlook, and get some real English practice along the way. And let's quickly go over a few key takeaways from the financial report. Firstly, in terms of financial performance, our operating efficiency and cost control capabilities have improved significantly. Cash inflows from financing exceeded operating outflows. While our first quarter operating loss was $43.8 million, after excluding depreciation and amortization of $17.5 million, amortization of operating lease right-of-use assets and intangible assets of $0.6 million, and stock-based compensation of $0.3 million, our adjusted operating loss for the quarter was about $25 million, or roughly $8.5 million per month. On top of that, we've continued advancing both our strategy and core business fundamentals. Secondly, we plan to hold our first product launch of the FX Super One around the end of June. The U.S. market today has very few compelling options for premium business and family vehicles. We want to redefine this segment in America. Alongside the launch event, we will officially open online B2C refundable paid pre-order collection. Our goal is to reach a combined total of around 10,000 paid pre-orders from B2B and B2C channels 48 hours after the launch, including those already collected. Thirdly, in Q3, we plan to launch another potential hit product for FX, the disruptor of RAV4 in AIEV era. Fourthly, we continue to scale FX's B2B sales. We invite FF Par candidates to join our online co-creation direct sales ecosystem, actively welcoming large B2B partners, including car rental companies and MCN organizations to become part of our business network. In Phase I of our go-to-market strategy, we plan to enter seven high-priority U.S. states: California, New York, Florida, Texas, Washington, New Jersey, and Nevada. These states represent some of the strongest demand and highest concentrations of EV users. We see them as critical footholds for swift breakthroughs in volume deliveries. Turning to S2 and S3: Product & Technology: We just released the first rear design rendering of the FX Super One. What do you think? A lot of people love FF's design language, and we're confident the FX won't let you down either. Recently, our second and third lines of FX prototype mules have continued public road testing. We've taken them through Downtown LA, Manhattan Beach, and Palos Verdes — and everywhere they went, they drew attention and sparked conversations. Many people tagged me on social media. Some even mistook the FX for a Tesla, which just shows how rare it still is to see a true AIEV born and made in the U.S. Now let's move on to S7: Capability and System Build-Up, and Operations: Specifically on S7.1: We've invited one of our Board members, the former VP of Finance from the world's largest automaker, to come on-site with us, helping us to build a stronger and more advanced financial management system. 2. Along with progress, we also need to talk about the issues we identified. Although we filed our Q1 report ahead of schedule, it was still later than the standard I'm pushing our team to meet. This highlights the need to further improve our internal financial systems. Timely financial reporting is also crucial for enabling our executive stock purchases. Earlier this year, because our 10-K was not filed until after the first quarter trading window would have closed, it prevented executives from increasing their shareholding. We now must wait until the trading window reopens and we do not possess material nonpublic information. As I've previously promised, I'll use 100% of my after-tax Co-CEO bonus to purchase FF shares on the open market, to stand with our stockholders, subject to legal and regulatory restrictions. 3. Next week, we'll stay focused on four tier-one task streams under our tier-one strategic goals and pillars from S0 to S7: Under S1 User Ecosystem: Our sales team continues to push forward on more pre-orders. Under S2, S3, and S4, Product Development, Supply Chain, and Product Execution & Delivery: All areas are progressing. One highlight: All FX models, including the Super One, will adopt Tesla's NACS (North American Charging Standard). Next week, we'll share updates on this rollout and explain the key user benefits of NACS. Meanwhile, our EE system and IAI system are compliant with the current ICTS regulations, and we will begin working on the integration and adaptation for a future potential iteration of the Super One. Our goal is to bring the same AI technologies used in our $300K vehicles into the First Class AI-MPV as soon as possible. And finally, S7: Capability and System Build-Up, and Operations: Mr. Yan Haibo, our new Vice President of Supply Chain for FX Middle East and China, will soon step into his role. With his extensive global experience in supply chain management at leading auto companies, we're confident he'll help accelerate the execution of our FX strategy and ensure timely product delivery. 4. Coming to our Q&A session: YT, many people are asking about the status of our factory. Can you give us an update? Yes, we have a 1.1 million square foot factory in Hanford, California. It's one of the larger EV plants in the U.S. Here in California, it seconds only to Tesla's Fremont facility. Right now, we're preparing a flexible production line with a planned capacity of over 30,000 units. This line will support mixed production of both FF and FX models. To be honest, the full potential of the Hanford plant hasn't been realized yet. The main reason is funding. As many of you know, our financial resources have been tight, and we've had to prioritize the most critical projects. That said, preparations for mass production of the first FX product are moving quickly. Once key agreements are signed and components arrive in volume, we plan for the factory to shift into full production mode. During the ramp-up phase, I'll be back at the plant with the team to oversee everything on-site. 5. Over the past few weeks, many colleagues have told me they can feel a real shift in the company. People are more energized, more focused, and more committed. That kind of team spirit is incredibly inspiring, and it keeps me going, too. Thank you to everyone who still believes in us and continues to move forward with us. And since today is Mother's Day, I'd like to take a moment to wish all mothers around the world a very happy holiday. I'll see you next week." ABOUT FARADAY FUTURE Faraday Future is the pioneer of the Ultimate AI Tech Luxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by the pursuit of intelligent and AI-driven mobility. FORWARD LOOKING STATEMENTS This press release includes "forward looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding production capacity expansion, the FX brand, the Super One MPV, future FX models, future FX reservations, expansion into new states and markets, and production and sales goals, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company's ability to expand its production facility, which will be time-consuming and costly; market demand for MPVs and MPV rentals; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to design and develop EREV technology; the Company's ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AI, and US geographic expansion; the Company's ability to secure necessary agreements to license third-party range extender technology and/or license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; and the Company's ability to secure necessary permits at its Hanford, CA production facility; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its "at-the-market" program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC. View source version on Contacts Investors (English): ir@ Investors (Chinese): cn-ir@ Media: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-04-2025
- Health
- Yahoo
Medicaid cuts feared locally: 5 things to know
Apr. 14—Editor's note: Every Sunday Josh Sweigart, editor of investigations and solutions journalism, brings you the top stories from the Dayton Daily News and major stories over the past week you may have missed. Go here to sign up to receive the Weekly Update newsletter and our Morning Briefing delivered to your inbox every morning. Medicaid provides health care to 26% of Ohioans, according to the Health Policy Institute of Ohio. With looming prospects of program changes and federal cuts, reporter Samantha Wildow talked to area residents about how the program has impacted their lives. Here are 5 key takeaways from our reporting: 1. State changes: About 61,000 Ohioans could lose their health insurance coverage in 2026 if the U.S. Centers for Medicare and Medicaid approves Ohio's proposal for work requirements, according to estimates from the Ohio Department of Medicaid. 2. Medicaid expansion: The larger question is whether federal lawmakers and the Trump administration will curtail Medicaid expansion, which covers 770,000 Ohioans. The president and congressional leaders have said Medicaid will be protected, but experts say ambitious federal spending reduction goals are nearly impossible to meet without impacting Medicaid. — The U.S. House Committee on Energy and Commerce has to find a way to cut the deficit by at least $880 billion over the next decade, but, excluding Medicare, Medicaid accounts for 93% of the funds that committee manages, according to the Congressional Budget Office. 3. State budget: Even a modest reduction in federal Medicaid spending could trigger the end of Medicaid expansion in Ohio under a proposal in the draft state budget that would terminate Medicaid expansion in Ohio if federal funding falls under 90% for that program. That measure was in the state budget draft passed by the Ohio House Wednesday. 4. Area residents: "My life was saved by the citizens of Ohio, and my life was saved by an appropriately compassionate structure of governance," said Karen Jeffers-Tracy, of Fairborn, who went on Medicaid after she had a heart attack. 5. Work requirement: "If we want people to have to earn Medicaid by working, that's only going to work for healthy people," said Bailey Miller, of Middletown, who had to quit working and go on Medicaid on the long journey to diagnose and treat a rare disease.
Yahoo
25-03-2025
- Business
- Yahoo
How federal COVID aid is being spent locally: 7 key takeaways from our reporting
Mar. 25—Editor's note: Every Sunday Josh Sweigart, editor of investigations and solutions journalism, brings you the top stories from the Dayton Daily News and major stories over the past week you may have missed. Go here to sign up to receive the Weekly Update newsletter and our Morning Briefing delivered to your inbox every morning. The federal government poured billions of dollars into local governments during and after the COVID pandemic. We have been following and investigating how that money is being spent since the beginning. Here are seven key takeaways from our reporting: 1. Background: The Dayton Daily News project Billions in COVID aid: Where it's going, has won awards for keeping local governments accountable and informing taxpayers about where COVID relief funds are going. 2. The latest: The city of Dayton awarded more than half a million dollars in COVID relief funds to community projects and business startups or expansions that fell short of promised results, according to records obtained by the Dayton Daily News. Read the story from Cornelius Frolik here. 3. Largest expense: A $200,000 grant to Ace Healthy Products for a mobile vaccine clinic was the largest grant to a for-profit business from $7.6 million the city allocated in American Rescue Plan funds to support minority-owned businesses. The city canceled the award for lack of performance. 4. Chicken Head's: Chef Anthony Head told me in 2022 when he was awarded $178,100 from the city that his restaurant on North Main Street would open in months. Head has since opened and closed a restaurant in Kettering, with little visible progress on the Dayton site. The city now wants some of its money back. 5. Zooming out: The combined value of these grants — about $553,000 — account for a small share of the $138 million Dayton received in ARPA funds, which the city is using to fund a large number and wide variety of investments and projects. 6. County projects: Other recent Dayton Daily News reporting examined how Montgomery County is spending $103.3 million in ARPA funds, and how Miami County spent more than $20 million. 7. From the archives: Previous Dayton Daily News reporting looked into what obstacles Dayton faces in making the $138 million it received in ARPA funds truly transformative, and whether local governments were taking public opinion into account in deciding how the money should be spent. What do you think? Has all this money been "transformative," as local officials predicted?
Yahoo
18-03-2025
- Politics
- Yahoo
Sunshine Week: 9 key takeaways from our reporting on government transparency
Mar. 18—Editor's note: Every Sunday Josh Sweigart, editor of investigations and solutions journalism, brings you the top stories from the Dayton Daily News and major stories over the past week you may have missed. Go here to sign up to receive the Weekly Update newsletter and our Morning Briefing delivered to your inbox every morning. The week of March 16 is Sunshine Week, when this news organizations and others across the nation raise awareness of Sunshine Laws. Sunshine Laws are protections for citizens to ensure government agencies are transparent about what is going on inside their offices. Journalists use the laws to request documents, track agency decisions and report stories. Here are nine key takeaways from our reporting on public records laws: 1. The story: Reporter London Bishop and I reviewed the state of public records laws in Ohio to note how lawmakers and courts have chipped away at government transparency measures. Read the full story here. 2. Steps forward: Last October, an Ohio Supreme Court ruling opens up more public access to juvenile court records. Transparency advocates also note that member of the public now can challenge public record denials in the Ohio Court of Claims. 3. Steps back: A state law meant to protect crime victims is routinely used by police departments here and across Ohio to withhold from the public details of deadly officer-involved shootings. 4. Body cam: State lawmakers passed a measure — with no public notice or debate — to allow law enforcement agencies to charge up to hundreds of dollars for police body camera footage. Several local police departments say they plan to do so. 5. Coroner's records: Another place where transparency took one step forward and two steps back is access to county coroners' records. We used access to records like this in our investigation of the Takoda Collins tragedy, which led to changes in state law. 6. Unintended consequences: In April, a bill goes into effect that prohibits the public from accessing public employee timesheets. — The bill last year was amended to preserve journalists' access to the records after a Dayton Daily News report listing 11 examples of how public employee timesheet and payroll records have been used by this news outlet and others to investigate concerns such as public employees misreporting their time, working a second job while on the clock or taking excessive vacation time or overtime. 7. The quote: "There's been retrenchment," said Jack Greiner, an attorney and leading authority on Ohio Sunshine laws. "Ohio, for many years, has been very good about transparency and public records ... but some of these other developments have maybe unintended consequences." 8. Prior reporting: A Dayton Daily News investigation last Sunshine Week found nearly 30% of government agencies across our nine-county region were found out of compliance with Ohio public records and open meetings act laws in state audits in recent years. 9. Upcoming event: We are hosting a lunch-and-learn virtual panel discussion on Wednesday, March 19 as part of our Sunshine Week coverage. Our panelists (myself included) will talk through their experiences with records requests and answer questions you might have about the process.
Yahoo
04-03-2025
- Politics
- Yahoo
TPS ending for Springfield Haitians: 5 things to know
Mar. 4—Editor's note: Every Sunday Josh Sweigart, editor of investigations and solutions journalism, brings you the top stories from the Dayton Daily News and major stories over the past week you may have missed. Go here to sign up to receive the Weekly Update newsletter and our Morning Briefing delivered to your inbox every morning. The Trump administration recently announced it is ending Temporary Protected Status for Haitian immigrants. This has huge ramifications for our region, as the Springfield area is home to an estimated 12,000-plus Haitians, many of whom are on TPS. This story reported on the order ending TPS, why federal officials say its time for it to end, and the initial reaction from Haitian residents in Springfield. Here are five things to know from our coverage 1. Few options: Reporter Avery Kreemer talked to immigration experts about what options exist for those affected. Here is the story on what he found, including and explanation of TPS and other immigration programs available to Haitians. 2. Economic impact: The end of TPS for Haitian immigrants threatens to have ripple effects across the region's economy, leaving gaps in the workforce and reducing household incomes as Haitian workers lose work permits and are forced to leave. Here is an analysis on that from reporter Jessica Orozco. 3. Changing narrative: Jessica also recently covered how local Haitian advocacy groups are trying to support the population. Here is that story. 4. 'I got sucked in': Minnesota Gov. Tim Walz said on a podcast last week that one of his regrets from last year's presidential campaign was getting "sucked into" the false claim that Haitians were eating pets in Springfield. Here is video of Walz's comments. 5. Meeting minutes: Springfield residents expressed differing opinions on the announced early end of TPS for Haitian residents at the city's regular commission meeting last week. Read more about that here.
