Leidi.com Rakuten May 6
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE), a global shared smart electric mobility ecosystem company headquartered in California, USA, recently announced that the company has received the second 180-day extension approval from Nasdaq.
With this extension, the company has gained an additional 180 days (or until October 30, 2023) to meet Nasdaq's minimum bid price requirement of $1 for ten consecutive trading days.
As of now, FF shares are trading at $0.21, with a market capitalization of $157 million.
In April 2023, FF announced the completion of the production of the first mass-produced car, the FF 91 Futurist, and rolled it off the company's FF ieFactory production line in Hanford, California.
However, FF has not really been mass-produced. The financial report shows that FF will have a net loss of US$552 million in 2022, compared with a net loss of US$516 million in the same period last year.
As of December 31, 2022, FF held $16.97 million in cash, $1.55 million in restricted cash, $418 million in assets and equipment, and $510 million in total assets; the total assets in the same period last year were $9.07 billion U.S. dollars, of which, the cash in the same period last year was as high as 505 million U.S. dollars.
In other words, FF is facing a state of depletion of cash at the end of 2022. For FF, without enough funds, it is difficult for a smart woman to cook without rice.
Former Tesla vice president of manufacturing appointed
FF recently appointed Rich Schmidt as the company's vice president of manufacturing.
Rich Schmidt, FF's new vice president of manufacturing
Rich will be responsible for leading FF's production manufacturing team as well as the company's FF ieFactory California in Hanford, California. He will oversee ongoing development, parts and tooling management and recruitment related to the production of the FF 91.
Rich succeeds Mathias Hofmann, Senior Vice President, Global Supply Chain, FF, who has also been Head of Manufacturing Operations for the past eight months. FF said that it appreciates and recognizes Mathias' hard work and many contributions during his concurrent post as head of manufacturing operations. Mathias will continue in his role as Senior Vice President of FF Global Supply Chain.
“I am excited to join the FF team and contribute my expertise in automotive manufacturing organizations to this unique and growing brand,” said Rich Schmidt, FF Vice President of Manufacturing. “I look forward to learning more about the FF team and leading the The company realizes our future growth opportunities and the production of this great new product - FF 91."
Rich began his career at the Toyota Motor Assembly Plant in Georgetown, Kentucky, USA, where he worked for 16 years. During his career at Toyota, he primarily worked in manufacturing and engineering. After Rich left Toyota, he led the start-up and stabilization production function stabilization efforts for several major OEMs in North America.
Rich has worked in manufacturing and engineering at companies including Nissan, Hyundai, Volkswagen, and Tesla. Rich left Tesla to start his own consulting firm, providing years of consulting work for JD Powers, Kia Motors, Honda Motor, Plastic Omnium, Gibson Guitar and many other valuable partners. In addition, Rich has held various manufacturing leadership roles at Lordstown Motors and Canoo.
"As we continue to expand our production scale at FF ieFactory California, we are pleased to welcome Rich to our growing team," said Xuefeng Chen, CEO of FF Global CEO, "Rich brings a wealth of experience to FF, He will help oversee the manufacturing and delivery rollout of FF’s flagship electric vehicle, the FF 91, and will help ensure that FF delivers the best possible product to every valued customer.”
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