On May 15th, Faraday Future announced the appointment of senior financial executive Edward (Ed) Darwick as its Chief Financial Operator, effective immediately. Ed will take on important responsibilities in FF’s financial operations and will be responsible for guiding the development, implementation, and improvement of systems and personnel configurations for the entire function and team.
According to Faraday Future, Ed will report to temporary CFO and Chief Accountant, Ms. Han Yun. Faraday Future’s introduction of Edward (Ed) Darwick:
“As a passionate and strategic corporate finance professional, Ed has about 20 years of experience in FP&A, product development, and financial control operations. He has worked for joint ventures, start-ups, and multinational corporations (including Ford and NIO) in the United States, China, and Japan, and has rich work experience. Ed understands the requirements for setting top-down goals and bottom-up budgeting by focusing on accurate data and repeatable forecasting processes.
Ed holds an MBA from the University of Rochester and a Bachelor of English Studies from Fairfield University. Prior to pursuing his MBA, he worked in the luxury retail industry, which helped cultivate his attention and understanding of the importance of creating brand identity to establish connections with users and internal cultural consistency.”
“The continuous entry of key talents, especially financial leaders like Ed, is crucial for FF’s continued expansion of production, delivery of products in the next stage, cost-effectiveness, and profit targets,” said Faraday Future’s global CEO, Chen Xuefeng. “With FF’s strong influence in the global electric vehicle market, Ed’s global financial experience will be of great benefit to the company.”
FF recently announced its Q1 2023 financial results on May 11, 2023.
Highlights of FF’s Q1 2023 results include:
・ Net profit of $6.5 million, mainly from the fair value gain of convertible bonds and warrants and a significant reduction in operating losses.
・ Operating loss of $83 million, a significant decrease compared to the Q1 2022 operating loss of $149 million.
・ FF reaffirms that FF 91 will start deliveries based on a three-stage delivery plan starting from the end of May, subject to timely receipt of financing and components.
・ The latest progress on compliance certification work is provided. The most difficult collision subject test has been conducted and has successfully passed all the tests, including front, side, and rear collision tests.
・ As of now, the company has produced 40 FF 91 vehicles for engineering, testing, marketing, and user purposes.
・ FF’s AI capabilities and future mobility vision have been expanded.
・ Further details on the company’s sales, service, and go-to-market (GTM) strategy are provided.
・ A total of $135 million in funding has been successfully raised to support our SOP and production plans, of which $120 million has been received thus far. The company has also received a total of $38 million in funding with the option to be converted by existing investors.
・ An additional $100 million in unsecured convertible bond financing commitment has been obtained, with FF executive partners committing to invest $80 million, subject to certain conditions on top of existing commitments.
・ The goal of achieving operating cash flow balance in 2025 is reaffirmed.
