Faraday Future Co-CEO YT Jia Issues Weekly Business Update #004, Highlighting New FX Par Partner, Production Progress, Government Engagement, and Capital Market Developments
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI), commonly referred to as “Faraday Future,” “FF,” or simply “the Company,” released its latest weekly business update, presented by Founder and Co-CEO YT Jia. The update marks the fourth installment in a series of ongoing communications that offer stakeholders insight into the company’s operations, strategy, and progress.
In this week’s update, Jia emphasized the importance of these regular updates as more than simple business reports. “Each weekly update is more than just a report, it’s a moment of self-reflection,” Jia stated. “Writing things down forces us to confront challenges, celebrate wins, and remain focused on outcomes. It motivates us to deliver meaningful news and plan ahead with clarity and intention.”
From securing new business deals to deepening governmental relationships, and from advancing production efforts to building a robust financial future, the latest update showcases Faraday Future’s strategic momentum on multiple fronts.
Strengthening the S1 User Ecosystem: New Binding Deposit and FX Par Expansion
One of the key announcements this week is a major step forward in FF’s user acquisition and sales strategy. The Company has secured a new binding deposit agreement with NEW PBB AUTO, a Los Angeles-based integrated automotive service provider. This agreement includes a non-binding reservation and a non-refundable deposit for 600 FX units. With this milestone, FF’s total number of paid B2B deposits has reached 1,900 units.
Beyond the financial transaction, the agreement represents a deeper strategic alignment. NEW PBB AUTO is set to become the first FX Par (Partner) in Los Angeles, kicking off FF’s next-generation offline user operation and service framework. This initiative complements FF’s online direct sales and co-creation ecosystem, creating a closed-loop model that encompasses vehicle sales, after-sales support, and ongoing user engagement.
The FX Par model offers partners a unique value proposition that includes:
- Revenue-sharing opportunities
- Asset-light business operations
- Rapid return on investment cycles
- Long-term capital appreciation potential
Faraday Future envisions FX Par as a scalable model across multiple jurisdictions. In Los Angeles County alone—comprising 88 cities, and the broader Greater LA region with 184 cities—NEW PBB AUTO will assume offline responsibilities in six key cities. In doing so, the partner will benefit directly from the revenue and growth potential of the region.
The FX Par system is inspired by the disruptive Le Par model previously pioneered in China, which transformed vehicle retail and service operations. Faraday Future aims to replicate and expand on this success in the U.S. under the AI Electric Vehicle (AIEV) mobility ecosystem, encouraging like-minded businesses in California and across seven strategically targeted states to participate in co-creating the next chapter of intelligent electric mobility.
Potential partners interested in joining the FX Par initiative are invited to reach out via email at [email protected].
Government Affairs: California’s Anthony Rendon Joins as Senior Consultant
Another major announcement this week involves a key addition to FF’s governmental affairs team. California’s Speaker Emeritus Anthony Rendon has joined the Company as a senior consultant. In this role, Rendon will bolster FF’s ability to navigate complex public policy, secure government incentives, and help shape effective tariff and regulatory strategies. His involvement marks a significant advancement in FF’s efforts to implement its Global Automotive Industry Bridge Strategy, connecting innovations across the U.S., Middle East, and China.
Rendon’s political experience and deep ties to California’s legislative ecosystem are expected to open new opportunities for the company, especially as it expands its manufacturing and operational footprint in the U.S. and abroad.
Executive Stock Purchase Plans Approved Under SEC 10b5-1
On the financial front, Faraday Future announced that its long-anticipated 10b5-1 executive stock purchase plans have passed compliance reviews. These plans, designed to demonstrate leadership confidence and align executive interests with shareholder value, have received formal approval.
The initial set of purchases will include:
- A $560,000 stock acquisition by Co-CEO YT Jia
- A $50,000 purchase by executive Jerry Wang
Per SEC regulations, these purchases will be subject to a 90-day cooling-off period, after which the designated broker will automatically execute the trades. Official filings and legal documents detailing the stock purchases are expected to be released by the Company later this week.
FX Super One Development Enters Procurement and Production Prep
On the technology and product front, the FX Super One is progressing rapidly. Having completed critical engineering phases, the vehicle is now transitioning into the procurement and production preparation stage. FF’s technical and procurement teams are working closely with several S Tier One suppliers, signaling that the supply chain for the FX model is firming up.
This marks a pivotal point in the FX development lifecycle, as the Company shifts from prototyping to full-scale manufacturing readiness.
Middle East Milestone: Regional Facility Handed Over in UAE
Faraday Future also celebrated a key international development with a handover ceremony for its new facility in Ras Al Khaimah, United Arab Emirates. The facility is a core element of FF’s “Third Pole” market strategy and will serve as the Company’s primary regional production and operations hub for the Gulf Cooperation Council (GCC) countries.
The UAE site will support the manufacturing of both FF and FX models and is strategically positioned to enable future expansion into Europe and North Africa.
Challenges and Reflections: Expanding Beyond California
In the spirit of transparency, Jia acknowledged that while the Company has made considerable progress, it still faces challenges. One such challenge has been the limited preparation in U.S. states outside California, due largely to earlier funding constraints. With the FX strategy now moving into full execution mode, expanding operations across FF’s seven Phase-1 focus states has become a top priority.
“This shift comes with real challenges and puts serious pressure on our relatively lean team,” said Jia. “But some things can only be validated by doing. We’re committed to execution, and we believe in our ability to succeed.”
Stockholders’ Day, Supplier Visits, and Investor Engagement
Looking to the upcoming week, FF will host its first-ever Annual Stockholders’ Day on Saturday, May 31. The event will feature key updates, unveil next-stage plans, and offer attendees a chance to test ride FX prototype mule vehicles. Participants will also contribute to the company’s ongoing co-creation process.
Next week will also include strategic meetings with major S Tier One suppliers from China, building on a series of recent supplier visits and affirming FF’s status as a cross-border innovation bridge.
In tandem with the Dragon Boat Festival holiday in China, Faraday Future will publish its first Monthly Investor Update, offering further transparency and insight into its progress and upcoming milestones
Co-Creation, Execution, and Vision
In concluding his message, Jia reiterated Faraday Future’s commitment to its core principles—co-creation, transparency, execution, and long-term vision. As the company builds momentum in sales, technology, government engagement, and international growth, it continues to position itself as a transformative player in the intelligent electric mobility landscape.
“We’re just getting started,” Jia said. “We’re building not just cars, but a shared ecosystem—and we invite all of you to join us on this journey.”
