Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) Q2 2023 Earnings Call Transcript

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The more volume — numbers already been placed — or order already been placed for the [ long ] part. And in parallel, we are under discussion what the approach and what kind of derivative of vehicle will be produced. So later on, we will — I think we will have some more accuracy numbers with a very strong philosophy behind. And then operation — for that question — And then back to the service after — normally, after OEM deliver vehicle or the customer, industry we’re thinking about what kind of service we can provide to their customer to make sure their experience 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 preliminary vehicle pickup for FF’s mobile service, compensate and the worry-free support is moment away. Utilizing the FF 91 intelligent vehicle remote diagnostic and over-the-air software updates. We ensure our user’s peace of mind through their FF journey. They can schedule their service through the FF [APP], which will include other functions such as service alerts and direct reach to FF service support team. Some of the key assumption or key service, like one is FF roadside assistance. For 5 years, after purchasing FF 91, users will have a piece of mind that they are covered by FF roadside assistance, 24/7 and 365 days a year. User can contact roadside assistance directly through the FF [APP] or calling the FF roadside assistance number.

The second one is the FF Portable Charger with high voltage capability with both Level 1 and Level 2 AC charging capability. The FF Portable Charger achieves up to 9.6 kilowatt of the output. And also, we talk about the FF Home Chargers for fully utilized FF 91’s charging capability. We will offer a branded FF home charger supported up to 19.2 kilowatt. And FF Home Charger is a smart Wi-Fi connected charger comfortable with most EVs, is — can be installed indoor or outdoor. And also, we simplified the installation process by partnering with Qmerit for charging installation service. The last one is for the public charging. Users can enjoy the commitment of charging on the go. FF is offering $1,000 FF charging credit with a [indiscernible] FF 91 edition.

With up to 188 kilowatts of [indiscernible] power capability, our FF 91 is compatible with wide network of public charging stations throughout the U.S. and Canada. I wish I answered the question.

Mike Ward: 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 implying with that and what you hope to get out of it?

XF Chen: Yes. This Developer Co-Creation is FF’s innovative brand marketing and user operating methods, which is different from the silicon OEM marketing and the product improvement measures. The Co-Creation engage high-quality users earlier in the process and at the same time, obtain this users vision and their expertise for the products, technologies, brand, 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 orders have been invited to join FF Developer Co-Creation mission, and third, as an FF Developer Co-Creation Officer. With the industry expertise, these users will create value while benefiting from FF innovation — innovative offerings.

This alignment for the interest — this kind of aligns with our interest. No doubt that it embodies FF core philosophy and the business model of value of co-creating and the benefits for the co-sharing. So although — so where it takes some more time to kick off these partnerships. But we strongly believe it will work for the [indiscernible] and the value propositions.

Mike Ward: So these people will be customer/partners is the way it’s set up structurally?

XF Chen: Yes. Myself, I work for the — a lot of — sorry, myself, I work for other traditional OEMs in the past 20 years. Normally, once we launch a car, we hold a very big launch event, spend a lot of money and just for PR purpose and we introduced MSRP, the pricing, the service, the technologies of the product, and then just a push to the market, right? So — and then it goes into the routine production and sales, service, that kind of group. However, when you move to the EV, you say some of the outstanding strong products like FF 91 Alliance, we offered more than 150 horsepower and with a very strong AI integration systems. So there will be a lot of uniqueness of this kind of auto luxury product. So we do need to have this kind of Co-Creation process with our customers and our partners.

I cannot say train them, I just want to show to them what — how we drive this car, how we use this car, how we operate this car and how we feel this car, right? There’s a lot of operation and a lot of feeling are quite different to the normal traditional brand or traditional products. And a lot of — to be honest, a lot of expertise, they also have a very strong infusion what should be jumped 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 to upgrade to this kind of integration between OEM with our partner users who is using a vehicle, design the vehicle, developing the vehicle, upgrade the vehicle. So actually that’s the real value of this kind of Co-Creation.

Operator: 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.

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