When it comes to securing funding, few can match Jia Yueting's prowess. Just when it seemed that FF was on the brink of financial collapse, Jia Yueting pulled off another remarkable feat by securing new funding. On December 23, Jia Yueting, the founder of FF, announced on Weibo that following a successful $30 million funding round in September, FF Faraday Future had completed another $30 million funding round. While this amount may seem modest for vehicle manufacturing, it is crucial for FF's "bridge manufacturing model," characterized by "four lightness, four speed, and five empowerment," aimed at the FX series.

Jia Yueting emphasized that the funds would be allocated primarily to the following areas: Firstly, to ensure that the FX prototype vehicle meets FF's technology empowerment goals, including research and testing of core technologies such as battery technology, intelligent driving systems, and connected vehicle technology. Secondly, to integrate high-quality global supply chain resources to solidify FX production. Thirdly, to expand the FX production line at FF's California facility, ieFactory, to enhance production efficiency and quality. Lastly, to accelerate the marketization of the FX model and ensure the first vehicle rolls off the production line by the end of 2025.

According to FF, the first tranche of $7.5 million from this $30 million funding round was prepaid in the fourth quarter of this year, with the remaining $22.5 million representing new funding commitments. "These new funding commitments are in the form of unsecured convertible notes and warrants to subscribe for newly issued ordinary shares of the company. The conversion price of the convertible notes is $1.16 per share, and the exercise price of the warrants is $1.392 per share, both subject to adjustment as agreed." FF clarified that the ordinary shares corresponding to these convertible notes and warrants have not been registered and are currently subject to trading restrictions.

Notably, this is the second $30 million funding commitment received by FF in the past three months. In September this year, FF announced a $30 million funding commitment from investors in the Middle East, the United States, and Asia. This new funding commitment includes the previous $7.5 million funding and $22.5 million in new investment, structured as convertible notes and warrants to purchase additional ordinary shares of the company. On October 31, FF received the full net proceeds from this funding.

Regarding the second funding commitment, Matthias Aydt, FF's Global CEO, stated that this funding would lay a solid foundation for the next phase of development for FF and its FX brand.

FF has been quite active this year. On September 20, FF officially launched its second brand, "Faraday X" (FX), and announced two new models priced between $20,000 and $50,000. The initial phase of the FX brand will introduce two models: FX 5 and FX 6. FX 5, as the first model under the FX brand, is a large-space sports AIEV targeting the mainstream market, with an expected price range of $20,000 to $30,000. Conversely, FX 6 will be a luxurious family AI model with an expected price range of $30,000 to $50,000.

Jia Yueting also provided an in-depth analysis of the current state and future trends of the US AIEV (Autonomous Intelligent Electric Vehicle) market, identifying four historical blue ocean opportunities. He believes these opportunities offer vast development space and market potential for FF Faraday Future.

Firstly, Jia Yueting noted that the field of extended-range vehicles in the US market is virtually untapped, despite proving technologically and market-feasible in the Chinese market. FF Faraday Future plans to leverage its expertise in extended-range technology to introduce products tailored to the US market, filling this gap.

Secondly, US vehicles lack AI cockpits and amenities like "refrigerators, TVs, and large sofas," which have become crucial for new energy vehicles to outperform traditional gasoline cars in the Chinese market. Jia Yueting stated that FF Faraday Future would introduce advanced AI cockpit technology and luxurious amenities to the US market, offering consumers an unprecedented driving experience.

Thirdly, there is significant potential in the MPV market. In the US, consumer perception is still rooted in the era of Vans (minivans and passenger vans). Jia Yueting said that FF Faraday Future would rely on its R&D strength and MPV field experience to introduce AI MPV products tailored to the US market.

Lastly, there is a market gap for vehicles priced below $40,000 in the US, with few competitive products available. Traditional gasoline models like the RAV4 and Corolla dominate this price range. Jia Yueting stated that FF Faraday Future would target this market demand by introducing cost-effective new energy vehicles to meet the purchasing needs of a diverse consumer base.

FF's strategy involves strategic partnerships with Chinese automakers. Previously, FF revealed partnerships with four Chinese OEMs, signing two strategic framework agreements and two memoranda of understanding aimed at fostering the AIEV market in the United States and integrating global automotive components and supply chain resources into the US market.

To date, Faraday Future has delivered only around 15 FF 91 vehicles in total, some of which went to company executives like Jia Yueting. FF's operating loss for the third quarter of 2024 was $25.2 million, a 62% reduction from the operating loss of $66.4 million in the same period last year. As of September 30, 2024, FF's assets stood at $449 million, liabilities at $292.3 million, and book value at $156.7 million.