All right. Hello, everyone. Good afternoon. I know you just heard me a little while ago. I'm John Schilling again. I'm the Director of Communications here at Faraday Future. Just a couple of quick notes. One, if you have the translation devices, the one is for Chinese and the two is for English. Flip between those two depending on your language of preference. Also, I know next door I said no photos out there, no videos, but in here it's fine. If you want to snap some shots of anybody speaking, videos, whatever, it's fine. Feel free to do that. Again, welcome again. This is part of our all-hands meeting for employees. It's kind of the first time we've done this with the public. We're excited that you guys can kind of be in-house and listen to a lot of what we're going to say.
This is a continuation of our FF stockholder community and FX co-creation day. I also want to welcome all four of our global FF offices that are also joining us today, including Hanford, our manufacturing facility, Silicon Valley, Beijing, and the UAE. They are all joining us today. We want to say a warm welcome to all of them as well. We hope that you guys all had a chance to participate, obviously, in our hey, Rebecca. In our earlier FX ride and drive. If you did not, if you did not get a chance, the cars will be out there after this presentation. Definitely go out there and experience. Again, hopefully you all got a chance to get in there and found it very enjoyable. We are excited to let you now listen to our leadership. I explained that next door.
They're going to show you basically what's next for the FF and FX brands. This is truly a unique opportunity to experience firsthand the innovation, the design, and AI-driven performance shaping the future of driving. In addition to the FF and FX product experience and co-creation you'll experience today, we are actively recruiting FX developer co-creation officers during the event, inviting visionary partners to collaborate with the company in shaping the development of FX product and its technologies. This event is a unique opportunity for all stakeholders to experience FF's vision, value, and strategy firsthand. I want to quickly introduce you to who you'll be hearing from in this session of the event. First after me will be Lev Pekar, FF Board member, Chair of the Audit Committee and Independent Director at FFAI, YT Jia, who's our founder and partner and Chief Product and User Ecosystem Officer, Edric Guo.
He's a Chief Executive Officer, CEO, and Head of the Investment Banking Division at Univest Securities, Matthias Aydt, who I think some of you met. He's our FF Global CEO, Jerry Wang, who's our President of FF, Koti Meka, who's our Chief Financial Officer. Also, we'll have a short video from Chao Ma Max, as he goes by, who's our FX Global CEO. Now I'm going to throw it over to Lev. Come on up.
Hello, everyone. My name is Lev, and I'm the Chair of the Audit Committee and Independent Director at FFAI. We have two other board members here with us today for this exciting event. We have Jay and Chad with us as well today. Thank you guys for coming. First and foremost, I would like to thank everyone for their hard work and dedication. As a former entrepreneur and someone that has turned around several companies in the past, I understand the grit that's required to build a business. That's what everyone here has been doing. It hasn't been easy, and I hope you guys continue persevering. I've seen FF's challenges journey firsthand. Despite the obstacles, the company has strengthened its fundamentals.
With last year's launch of our second brand and FX strategy marking a bold new chapter, as the company continues navigating this challenging environment and to position for future success, the board has unanimously decided to appoint YT as Co-CEO. In that role, YT will now lead finance, legal, and supply chain alongside Matthias. Both of them will be reporting to the board. With this shift, we're signaling a return of founders' mode and spirit, blending it with professional management for clearer vision, decisive execution, and stronger synergy. YT and Matthias' collaboration will unlock FF's potential, driving us toward the true inflection point and greater value for shareholders. With the upcoming FX vehicle rollout, this year promises major breakthroughs in our market expansion. Let's move forward with confidence, passion for FF's next chapter. Congratulations, YT.
We can't wait to see what this team will deliver in the future. Now I'd like to introduce YT.
Yeah. Appreciate it. You are so supportive.
Lev，[Foreign language] 非常感谢你的鼎力支持。
[Foreign language] 非常感谢Lev和董事会对我的任命。
Thank you. Good luck and board for your appointment.
[Foreign language] 线上观看直播的朋友们。
Colleagues and friends watching online, welcome.
[Foreign language] 终于可以。
Today, I finally have the chance to introduce myself this time as the Co-CEO of Faraday Future. I feel a mix of emotions. It's both a complicated and exciting moment for me. Over the past four years, I've carried heavy burdens, and the company has gone through tremendous challenges and trials. Now, both our operating fundamentals and corporate compliance have significantly improved. Once again, several days ago.
[Foreign language] 接下来，我将发布一系列关于。
Next up, I will announce a series of major transformations for both FF and FX. Together with Matthias.
[Foreign language] 以。
Under our new founder plus professional.
Model.
Alongside our FF team member, we will fight to turn the tide. We will rebuild trust and confidence, firmly uphold the principle of putting large stockholders and individual stockholders first, and drive FF to FX towards success, creating maximum value for all stockholders. From founder and CPO to Co-CEO, I am now entrusted with co-leadership and co-decision-making authority over the three most critical functions in the company: finance, legal, and supply chain. Now jointly managed with Matthias, my existing responsibilities will remain unchanged. With this adjustment, we have seen a fundamental change in FF's top-level organization structure and decision-making dynamics.
On the foundation of full legal and regulatory compliance, I'll lead the creation of a more rigorous financial management system, including strict cost control and cash flow discipline, and build an efficient, cost-effective supply chain to accelerate the achievement of our strategic goals, reaching positive operating cash flow and profitability as soon as possible. Today is our second Ambassador Community Day. I want to sincerely thank the stockholders who are here in person and all those who continue to support us from afar. Without you, there would be no FF and FX today. As Co-CEO, my additional new equity incentives are strictly tied to the company's KPI on stock price, market cap, and stockholder interest.
First, I'm committing to use 100% of my after-tax amount of my $1.2 million promotion bonus to increase my personal stake in FF by purchasing shares in the open market during an open trading window with a locked one-year lock-up. I'll be one of you, stand shoulder to shoulder with you, and define FFAI together. To that end, the board has adopted a transformative stockholders-first equity incentive for me as Co-CEO, which is divided into two phases. Phase one, for every $5 increase in the stock price or every $700 million increase in market capitalization, I will be granted a 1% equity incentive capped at 5% for this phase. Phase two, after reaching a 5% ownership stake for every additional $20 increase in stock price or every $3 billion increase in market cap, I will receive another 1% equity incentive with a maximum cap of 9% total.
These increases will exclude the impact of stock splits and stock dividends, and in the case of market capitalization, merger and acquisition activity. To put it simply, in order to earn the full 9% equity incentives, FF's stock price must exceed $106, which is around 100 times today's price. By that time, our stockholders would likely have seen exponential returns. I will do everything I can to accelerate improvements in our operating fundamentals and lead the company toward our most critical strategic milestones. I'm confident that together with the entire FF team, we will deliver on these milestones and create maximum value for our stockholders. When this equity incentive is achieved, I will dedicate half of my earnings to repay my debts and fulfill my responsibilities under Chinese law. Returning home after clearing my debts is a mission I must accomplish.
While legally, I have no debt obligations under US laws, my personal values compel me to act otherwise. I will remain committed morally and personally to fulfill my responsibilities. On the other half, I will reinvest it into the FF ecosystem and to help FF achieve even greater success. You may wonder, why did it take four years after the IPO for me to become Co-CEO? To answer that, I need to go back to where it all started when I first came to the United States. Perhaps many friends in the US may not know much about me or the story behind FF. Today, I would like to take a moment to share that. In 2014, around 11 years ago, I came to the United States with the dream of revolutionizing industry. Personally, I invested nearly $700 million to start FF. It is now been 11 years.
Through countless setbacks and near-death moments, we survived. We fought tenaciously and survived. FF went public on the NASDAQ, delivered production vehicles, and launched our second brand, FX, serving mass market demands. Today, FF stands as one of the last four remaining new EV startups based in the United States. Since I voluntarily stepped down as CEO over four years ago, FF has gone through wave after wave of trials and turmoil. Several days ago, our stock has once again fallen below the $1 threshold, and we must face all the hard questions head-on. Some say that FF's top-level management has long seen complexity and that management has been chaotic. Some say that FF got up early but arrived late. Some mocked us for having built only a dozen cars in 10 years, saying that we're all talk and never truly committed.
Some question whether the global automotive industry bridge can still hold under the storm of rising tariffs. Some worry that the company will have to issue too many shares in order to raise funds. Some are concerned about how long can FF's cash last. Some say that my personal debt is a burden to FF and that I'll never be able to repay it or return home. Truth is, some of these concerns are valid, but many are also misunderstandings and distortions of facts. How did the company get to where they end up today? We need to go back when I stepped down as CEO and Executive Chair right before FF went public.
FF was preparing to go public in 2021, and there were all these voices constantly ringing in my ears, voices from SPAC companies, from financial advisors, and even from some of our own executives, all urging me to step back. They warned that if I were to remain CEO, my personal debt would impede our fundraising, our IPO, and the company's future development. At that critical moment, for the sake of the bigger picture, I compromised. I resigned as CEO. I even idealistically believed that bringing in a new CEO, someone who loved the company and would fight for it as hard as I did, would create a powerful alliance and perhaps that's the best thing for FF. What happened next? Many of you have seen with your own eyes. While the company did successfully go public, what followed was a nightmare.
The group of bankruptcy directors from Wall Street joined forces with certain former executives to start the Day One Plan. They inappropriately seized control of FF under the pretense of conducting an independent investigation. I alone, with several core members of the Chinese funding team, was stripped of decision-making authorities. I was almost entirely excluded from final decisions. As a result, nearly $1 billion raised to the IPO was burned away. Vehicle deliveries were delayed, and stock prices and market cap plummeted. We were literally one boat away from going bankrupt in the board meeting. Ironically, it was once said that my debt would hinder fundraising, but quite the opposite. Nearly 80-90% of the financing we secured still came directly through me or because of me. Yet I had almost no say in how these funds were used.
I thought that by compromise and sacrifice, I was doing what was best for the company. I was wrong. What FF experienced instead was an endless series of crises and near-death moments. We found ourselves repeatedly on the edge of bankruptcy, a string of unthinkable disasters, like something out of a cruel novel that I would never be able to predict. In the end, the FF Global Partner Company, then serving as a major shareholder, which we call FFGP, fought through overwhelming challenges and helped bring FF back from the brink, restored order, and brought us back from the brink of bankruptcy. After those bankruptcy directors left, we saw some improvement in our fundamental operations and successfully delivered SLD and FF 91s. However, due to a variety of lingering issues, the company still operates under a professional management model, with complexities remained till this day.
After a lifetime of entrepreneurship, stepping down as CEO is my deepest regret. It turns out that I didn't drag FF down. Truth is, after I resigned CEO, FF lost its greatest driver forward. We experienced multiple downfalls, and most painfully, many who once believed in us lost their trust. That breaks my heart. FF is like my child. It carries my lifelong belief, my resources, my passion, and all of that sacrifices and hard choices. It's the only remaining spark. I've invested nearly $700 million of my own money into FF, almost the same amount of the most successful EV founders combined, including those behind Tesla and China's leading EV startups. Yet today, FF's market cap sits at just around $100 million, barely one-seventh of what I personally put in. The disconnect was staggering.
If we're talking about lost, I'm the one who has lost the most, and that's exactly why I'm the one who was most determined to lead this company to success. I don't harbor resentment and have embraced these experiences, injustices, and even persecution. I believe this is the price I'm paying for the past mistakes. Over the past four years, the company lost the soul it should have as a startup. During this time, I repeatedly expressed my interest in taking on more responsibilities or as Co-CEOs, but these efforts were not successful. Today, I'm very grateful that the board is making this significant decision during such a critical time.
I believe this signals a recognized founder's model, plus the professional management model would be the right way forward, and that it's an acknowledgment to my past successes and failures as valuable assets, which might be the only path to maximize the value. Thanks again for the board for making this decision. This isn't for me, but it's for FF and also to regain the lost trust. Fortunately, this crisis we're in now is unlike those in the past. This time, the challenges stem mainly from broader market downturns and other external uncontrollable factors, which led to our stock price dropping below the $1 threshold several days ago. Yesterday, when we were running rehearsal, the stock price was still below $1. In contrast, I believe the operational performances and the capital performances were among the best shape in recent years.
That was thanks to six key initiatives we launched in May last year under the banner of the Safeguard of Dreams. Last May, our stock price exploded and surged over 100-fold, with single-day trading volume hitting $3.1 billion. The number of US retail shareholders grew exponentially, and the media even hailed FF as the only meme stock king bridging Chinese and American retail investors. Last year was about survival and self-rescue. This year, we're standing at the threshold of a true breakthrough. While some may see the current stock price pressure as a crisis, we believe it could be the ideal moment to unlock FF's second growth curve. Looking back at the true root cause of FF's stagnation over the past four years, the surface level issue may appear to be financial challenges. However, I believe the underlying issue has never been money.
Instead, it lies in complexities within companies' management structure. For the past four years, I only held advisory rights to serve the most critical functions: legal, finance, and supply chain. These are all major issues that led to our challenges. Legal is essential for corporate compliance, but it was often used as a political tool. Finance is the foundation for resource allocation and the company's value. Supply chain is the most crucial area for cost control, represents a significant portion of the company's expenses. Over the last years, many have blamed me for FF's problems. However, no matter what position I held or what transpired as a founder, I've always been the biggest scapegoat, repeatedly stepping up. I was also the one who repeatedly stepped up to take responsibility. Today, I can say with confidence that things have changed.
The Day One Plan and their aftermath has finally come to an end. We have an advanced AI EV technology foundation, and even more importantly, we are proud to have a dedicated and skilled workforce. However, it is important to acknowledge that our employees have also been impacted by the challenges and distortions within our management. Many of them sitting here have been with FF and FX for five or even eleven years. We must make their contribution to ensure their hard work translates into real value for the company. Some may ask, what makes you believe that you can lead FF to success? Others even question whether the failure of LeEco tarnishes my record. To that, I want to say quite the contrary. My experience with LeEco was the most expensive lesson of my life, but it is also one of FF's greatest assets today.
Over a decade ago, LeEco built the world's first one. One and only comprehensive ecosystem spanning eight major sectors: cloud computing, content television, smartphones, cars, sports, finance, and internet. LeTV.com became the world's first video streaming platform to IPO. LeTV Super TV became an industry leader within just three years, and LeTV smartphones sold 17 million units in their first year, nearly tripled the 6 million units sold by the iPhone in its debut year. LeTV Mall was once among China's top three e-commerce platforms. At its peak, LeEco employed over 20,000 people worldwide. We were at the forefront of the industry twice. First was LeEco, the world's once most successful internet ecosystem companies. Again, in 2017, at CES, when we launched the FF 91. At that time, its influence in the industry was nothing short of Tesla.
Following Tesla's electrification revolution, FF propelled the entire new energy vehicle industry from electrification to intelligence. Not long after, I became the one who fell from the highest peak to the deepest valley and paid the heaviest price. I want to take this opportunity to express my deepest apology to everyone who once worked at LeEco and to all those who supported it. I'm committed to turning all of my past entrepreneurship and life experiences into the driving force that will lead FF to success. With FF and FX's success, I will regain the trust I once earned. The question is, how will we lead this company to true success? Today, I'm standing here, also marking the era of founder plus professional manager model. It's beginning at FF. We are announcing three major targets for FF in 2025 and 2026. The first one is the business target.
In 2025, the company will leverage the momentum of the ultimate AI tech luxury, FF 91, to empower FX, swiftly launch development of three FX vehicles programs to seize blue ocean market opportunities, and secure that our first FX vehicle could get offline by year-end, build FX Super One as the top choice of first-class AI MPV in the United States, and reach tens of thousands of units sold within two years of FX's mass production. On the sales and user ecosystem front, we kicked off the refundable paid order campaign supported by our user acquisition and operating operation system with Ecosystem Corporation Online Direct Sales and AI Platform Dennis Fohr. We plan to have the total refundable pre-order volumes cover the entire 2026 and 2027 production capacity.
This would build a strong foundation for rapid ramp-up, striving to make every FX model a hit product or even a super hit product. In terms of product technology, we are going all in on AI, accelerating development at full speed across our super AI hybrid extended range system and its technologies, AI cabin, and AI driving platform. Our goal is to equip FF and FX products with super AI capabilities, disruptive product power, and technology power. As for the Middle East strategy, we aim to kick off FX manufacturing and sales in the region as soon as possible, reinforcing its strategic position as the third pole for FF. The second is the financial target. Through the gradual realization of our business objectives, we'll strive to achieve a positive gross margin in the short term, reach positive operating cash flow as soon as possible, and further push toward overall profitability.
We will continue to strictly control expenses and costs, focusing on core operational areas and provide solid support for strategic execution. Financial compliance is the foundation. We will quickly establish the strong financial management system and eliminate risks such as delayed financial reports. Thirdly, is the capital targets. We are building a stockholder-first philosophy on the basis of full legal and regulatory compliance to help restore market confidence and drive growth through both operational excellence and strong market performance. We will launch an M&A initiative to leverage our unique capital positioning to acquire high-value, cost-effective AI EV technologies and companies around the world, including those in the broader AI-driven mobility ecosystem. These efforts aim to accelerate the recovery of FX capital market value back to its true intrinsic value. How do we achieve these three categories and strategic goals?
I will lead the company to launch a comprehensive set of initiatives, what we call the 10-Punch Combo, to completely revitalize both FF and FX. This time, we're not just fighting to survive. We're here to win in technology, win in AI, win in the market, win users, win capital, and most importantly, win back trust and respect. We're introducing stockholder-first philosophy, disruptive spirit, performance is king mentality, and lion wolf culture. We'll let our product performance and stock price speak for themselves. We're bringing in the lion wolf culture to the US leadership like Lions, unity like Wolf Packs. We ask all hands on deck to reignite our warrior spirit and win back trust, determined to maximize value for our shareholders. Secondly, with our FF and FX dual brand strategy, we're combining the spider market with scalable mass market through our light, swift, and empowering model.
We aim to rapidly launch mass market products with extreme price-to-experience ratio, making AI EVs accessible to every US user as quickly as possible. FX is focused on capturing four major blue ocean opportunities in the US market: extended range vehicles, AI cabin with fridge TV and big sofa comfort features, first-class AI MPVs, and AI EVs priced under $40,000. Our bridge strategy will continue to drive win-win collaborations among global auto industries, helping bring manufacturing and supply chain strengths back to the US while supporting the expansion and outreach of the global EV industry. Third, we're focused on creating blockbuster products. FX is designed to deliver extreme price-to-performance ratio, the ultimate AI EV for the blue ocean market.
We're going all in on AI, aiming to build the strongest AI mobility ecosystem in the industry, accelerating the development and implementation of our aiHyper system, AI intelligent cabin, and AI driving to deliver an all-around AI solution for the EV ecosystem. Fourthly, number four, transformation of manufacturing and delivery systems. We aim to rapidly build an efficient, secure, and cost-effective global supply chain and manufacturing system, subject to securing the necessary rights and funding, reaching tens of thousands of FX units sold within two years of mass production. We'll significantly strengthen our delivery operations, ensuring we hit every upcoming delivery milestone with precision and confidence. Next, let's hear a message from Mayor Lou Martinez of Hanford, the city where our FF 91 factory is located.
I'm Lou Martinez, Mayor of Hanford.
It's my pleasure to extend Hanford's gratitude for the work FF has already done and what it is continuing to do here. We look forward to the day when FX vehicles will be delivered from Hanford. I want to personally congratulate YT Jia in his new role as Co-CEO of Faraday Future and wish him and the company much success. The ramp-up of the FX production is especially exciting, and Hanford remains committed to partnering with Faraday Future to bring connected and AI-rich vehicles to the world. Finally, my best wishes for another successful co-creation event in Gardena. I hope to see you all around town.
Number five, transformation of user ecosystem. We're building one-of-a-kind three-pillar user acquisition, user co-creation, and user operation system, including co-creation ecosystem, online direct sales system designed to make every FX model a hit product.
Our efforts aim to accelerate the accumulation of user equity as well as brand equity. Six, transformation of government affairs and strategic partnerships. Throughout our bridge strategy, we aim to build strong connections between governments and strategic partners, positioning FX and FX as the golden gateway to unite both sides. In addition to the over 50% localized supply chain here, we further deepen the localization of core components. Through our supply chain alliance strategy, we aim to achieve even greater efficiency and robustness in terms of cost control. We also aim to support our global outreach of our supply chain partners. Eleven years in the US, FF is a US-based company that brings value to the US economy and is actively engaging with government agencies at all levels to explore tariff exemptions and also support policy opportunities.
I'll also share more details with you on our perspectives on U.S. tariff policy and our respective tactics. Now, let's hear from the longest-serving Speaker in California State Assembly history and now Speaker Emeritus, Anthony Rendon.
I'm Anthony Rendon, Speaker Emeritus of the California Assembly. At this pivotal moment, I would like to extend my heartfelt congratulations to Faraday Future and its founder, YT Jia. The appointment of YT as Co-CEO by the FF Board of Directors signifies the return of the founding team and spirit, heralding a new era of energy and value for FF. Over the years, FF has invested over $3 billion in California, focusing on research, development, and manufacturing of next-generation artificial intelligence electric vehicles. This endeavor not only represents a commercial breakthrough, but also underscores America's forward-looking leadership in the field of new energy mobility.
FF is undoubtedly a pioneer in the global new energy industry, making significant contributions to technological innovation, talent acquisition, and the construction of a technological ecosystem. Notably, FF stands as the only domestic automotive company with both its headquarters and manufacturing facilities located in California. In an era when many enterprises are relocating manufacturing to other states or overseas, FF's steadfast commitment to California reflects its trust and dedication to this land of innovation. California has consistently been a staunch supporter of global new energy initiatives. As the world's fourth-largest economy, the state boasts a comprehensive green policy framework and unwavering belief in free trade and global collaboration. FF's Sino-American automotive industry bridge strategy exemplifies the globalization and open cooperation spirit we advocate. I would also like to pay tribute to YT personally. His innovative spirit, sense of responsibility, and unwavering determination are truly admirable.
These qualities embody the entrepreneurial spirit of our era and industry most urgently required. I sincerely wish FF rapid progress in advancing the FX project, ushering in a new phase of development from its roots here in California. May it journey to the world stage.
Thank you so much. Seventh, the transformation of our corporate management. We are now treating the company as a product driving the complete transformation of our operations, management, and system. Through leveraging AI tools, modular operations, and data-driven decision-making, we're creating a lightweight AI management system. Eighth, transformation of financial systems. We want it to utilize AI to build a stronger financial system. Ninth, transformation of organization and incentives.
From top to down to the front staff, we want to build and execute a full commitment, get rid of the outdated reward system, and try to build to break the traditional boundaries between AI technology, industrial sectors, and mobility sectors, and introduce and implement this ecosystem to the automotive industry. We also want to combine our stockholder-first incentives and to tie it closely with our employee rewards program. Tenth, transformation of our capital and stockholder value generation. Stockholder-first maximizes the interest of all stockholders, especially investor stockholders. In addition to the nine above major changes, we would also maximize our stockholder value by working with co-creator shareholders to implement the demands and suggestions. We strongly oppose reverse stock split, and we will safeguard the company's public listing status.
We would only launch our issuing new shares that would bring the least dilutions of our stock shares. We would also want it. We have actually officially launched a campaign to combat the illegal short sellings, and I do believe that in the near future, the company would bring its true value back, and we will spend no efforts in strengthening its fundamentals. Today, this return is not just about me. It is the gradual return of FF's founding spirit and our partnership culture. What I am fulfilling is not only a founder's promise to the company, but also the commitment to every stakeholder, every supporter who has stooped by us. Through our actions, we want it to make it seem to everybody. We want it to gain back trust. We want it to gain back confidence.
It's happy to see that today the stock price went above the $1 threshold, thanks to all the supporters who trusted us, whether it's FF or FX. Originality, disruption, and transformation are in our DNAs. We're not just building products. We're building a community of dreamers, doers who share one vision, who share the partnership ecosystem. Over the years, I carried all the weight of misunderstanding, blame, and even punishment. Deserve it or not, I bear it all. True entrepreneurship is never a smooth road. The heart of entrepreneurship isn't fragile. It's forged like diamond. The more pressure it endures, the brighter it shines. The journey from darkness to light is the most authentic and powerful brand story of FF and FX.
I was the outliner, swept aside by the tides of changes, and now I am the one who lights a spark in the ruins, carrying the dreams and finding my way back against the half wind. Today, thank you so much to the trust of the board. I finally have the opportunity to lead a company to soar, unlocking full potential and delivering maximum value to everybody. I am back. Future Reason is back. Back to win. Thank you so much, everyone.
Hello everyone. My name is Edric Guo. I'm the CEO of Univest Securities. We have been serving as the company's investment bank for the last several transactions. Here today, we are pleasant and delighted to meet everyone through this video. We would like to, on behalf of our firm, Univest Securities, extend our sincere congratulations to our dear friend, YT, into taking on the company's co-CEO role.
Your guidance and your leadership has always been a big and important part of this company's current reality. We believe with you taking on this important role at the company, the company is about to witness a very much brighter future. We are also very much looking forward to that. At Univest, we stand by ready with our investors to support you with this endeavor and keep on looking forward to fight this fight as colleagues and as partners. Thank you. We look forward to being continuously supporting this company. Again, sincere congratulations.
Let's be surprised when the microphone works. Ricky.
Good evening, everyone. It's a true honor to welcome all of you, valued stockholders, developer co-creation officer candidates, members of the global FF community, media fans, and most importantly, our employees and their families.
Whether you're here with us in person or joining through the live stream, thank you for being part of today's important gathering. First, I'd like to extend my warmest congratulations to our founder, YT Jia. I don't know if he's back in the room. On his return to a crucial leadership role as a global Co-CEO of Faraday Future, this is not only a meaningful personal moment for YT, but it's also a defining one for the future of our company. His appointment as Co-CEO signals the beginning of a brand new chapter, what we call Faraday Future 3.0. As many of you know, YT founded Faraday Future right here in California 11 years ago, starting from nothing.
Under his vision, the company created the FF 91 2.0 Futurist Alliance, a truly one-of-a-kind ultimate tech luxury EV, and he led the company all the way to becoming a publicly listed company on NASDAQ. When I joined FF, I was deeply inspired by YT's strategic foresight and his unique insights into the future of the AI EV industry. While YT had previously stepped down from the CEO role for various reasons, his commitment to putting shareholders and company interests first has never changed. I want to express our sincere gratitude for his sacrifices and contributions. I believe our combination as co-CEOs will be a strong complementary force to lead FF forward. More importantly, beyond delivering the FF 91 2.0, we are advancing our global automotive industry bridge strategy and our second brand, FX. YT has shared some of this already, and our FX Global CEO, Max Mark, will soon share more.
Throughout my decades in the auto industry, I have learned one truth: innovation and perseverance drive progress. We must believe in order to see. Our strategic goals must be rooted in foresight. Even with clear goals, unity is everything. That means employees and, just as importantly, our shareholders, partners, and investors. We all share one desire for FF to succeed. We welcome constructive criticism, but we also need your encouragement. Let me say this clearly, we will stand firm against malicious illegal short selling attacks. As YT said, shareholders come first. That is our mission mine, YT's, and the whole company's. The entrepreneurial journey is never easy, but we have something powerful: a united and battle-ready team. Every challenge becomes an opportunity for elevation. None of this is possible without your support. YT and I are not just accountable to the board.
We are here working for you, our stockholders and investors. We are here to deliver real results and earn your trust. Thank you once again. Let's build the future together.
Now we'll throw it over to Jerry.
Thank you.
Thank you, Matthias. Good evening, everyone. My name is Jerry Wang. I'm the President of Faraday Future. I've been working for the company for more than 10 years, mainly focusing on fundraising and capital markets, and it has raised more than $3 billion during the company's public listing in NASDAQ in 2021. Today, I'm really glad and excited about this new adventure, new journey we're facing as FF Future 3.0. I just would like to share one personal thought and belief, which is we have obtained all the necessary elements to be successful. Why is that? Let me break it down into three parts.
First, we want to make sure that we have the right people. Today, not only my sincere congratulations to YT, but to all FF family stakeholders that finally we have our founder, YT, coming back to take the co-CEO position. This structure has been proven as the best industry practice among the fast-growing technology companies. I cannot think of any of the great growing stage of technology companies that do not have founders play a very important role as CEO or co-CEO. By YT and Matthias having worked together for more than five, six, seven years, we firmly believe this structure will lead us to a fast success and deliver further milestones.
Not only that, but we have a fully dedicated team that works together with YT and Matthias and fully committed, experienced, top industry experts that are working together closely to deliver the best result to all the stakeholders. First point, I think that we have the right people. Second, I think we have the right method. Previously, we have been running very fast. We're able to deliver FF91 successfully in approximately 10 years. Right now, besides what we have achieved, we are super focused on having improvement of the company efficiency as much as possible.
We have a very solid execution plan, strategic planning, and we have a very solid execution and review methodology on a weekly, monthly, and quarterly basis to make sure not only we're heading to the right direction, but also we fulfill all the commitment that we have of reaching further milestones on different business fields. Specifically, as my personal focus, as I've been running capital markets for 10 years, my focus will be more on the financial planning side. We want to make sure not only do we have a strong company, we have a financial strong sound base to realize our goals, but also that we're focusing on the financial planning, profitability, as well as capital markets efficiency to create more value. I believe that we have the right methodology.
The last point I'd like to share, this is definitely the right thing, what we are pursuing, especially on top of FF. Now we have FX, which is a fantastic business model, business opportunity facing us. For example, the great OEM partner we are having a tight collaboration with, there's the top, top tier Asia OEM that manufactures and delivers millions of vehicles globally, mainly manufactured in China. We can not only use their engineering service capability, which is less than 20% of the average cost of a standard US automotive company to deliver a vehicle, a complete new vehicle, but equally importantly, we're able to utilize their manufacturing capability, supply chain capability, quality, and cost control capability as well, which will take years to build and with billions of dollars to invest.
So specifically, if we look at some industry benchmarks, we can see that both Tesla, Lucid, and Rivian raised more than $10 billion or $20 billion to achieve what they have achieved so far. We firmly believe FF can use very light assets, light CapEx and OpEx to deliver the best result and continue to create value. Beside that, we're firmly committed to roll off the first FX vehicle, the Super One Luxury MPV, by the end of this year. On top of that, we're planning to roll out future models, for example, FX 6 and FX 4 in the coming years with a continued delivery of FF 91 and continue to improve our product power.
With all that being said, I think we are very strong, fully committed, and I think the team is looking forward to working together with YT and Matthias and continue to deliver best value result to all the shareholders and to all the FF families. With that, thank you, and I will invite our CFO, Koti, to share his thoughts. Thank you.
Thank you, Jerry. Good evening, and thank you for joining us today. 2024 has been a pivotal year for the company. We undertook significant cost reduction measures across the board. We streamlined operations, reduced personnel-related costs, cut back on the professional services, and trimmed general expenses. These actions were not just about tightening the belts. They were about building a more efficient, agile organization. As a result, we achieved a remarkable 75% reduction in cash outflow compared to 2023, all while maintaining operational effectiveness.
This year, 2025, we're committed to carrying that cost discipline forward, but this time with a sharper focus, continuing the production of the FF91, advancing the development of our FX vehicle lineup, and strengthening the core of our organization. That means continuing to build a high-performing team and implementing the processes and systems that provide the robust operational controls we need to scale. Looking ahead, we will continue to pursue opportunities to drive efficiency, improving how we operate, reducing unnecessary costs, and ensuring every dollar is strategically invested in our long-term growth. Our commitment is not just to operate lean, but to operate smart. We recognize the access to capital remains a key focus of our production and scaling plans. With the streamlined cost structure we've built, we're confident we are positioned to make any new capital work harder and go further.
We're building a more focused, disciplined, and resilient company, and we are excited about what's next. Thank you. With that, I will hand it to Max.
Congrats, YT. I think probably not so many people understand what you have been through. Behind your smile, all those sacrifices, critiques, or being called liars or the suffering that you have been through are probably all paid off. I really thank you for your contribution to Faraday. I know this is a very special moment and special feeling, so thank you for that. The announcement has a very significant meaning for the company. The board has finally agreed and then recognized your capability and experience. That's very, very important. The team has become more united after the whole issue that we had in the past. This is really a great sign.
I also want to thank Matthias for his endeavors to bring that all piece together so that we can have also the great foundation and get ready for welcoming the great success of Faraday and Faraday X in the next chapter. I think YT has been in your trainings. It's been really hard. There are a lot of challenges in the past 10 years. There have been a lot of ups and downs. I think the Faradayans under your leadership, we've been through that. We have been always resilient, always optimistic, and also never gave up. This is the foundation for a start of a greater success for FF and FX. I think there has been also a lot of expectation after your coming back as a co-CEO.
I think that the most important thing, and I believe you'll also agree, is the maximization of the value of the shareholder and the company. Also, to help to turn around the current challenges of the company that we can really start to welcome greater success. I think for the team members, but actually for everyone, for the team members, the management, the retail stockholders, there's a lot of people. Really, we can start to, by having the success, to gain the personal or individuals' financial return. This is also important. I think at the very end, we are all hoping it's a time that we can make Faraday great again.
All right. Thanks, Max. I just want to say thank you for coming out today. I hope you learned a little bit more about FF and the FX brand.
Right now, we're going to move into our cafeteria. We'll do a reception. We'll have Q&A. All of the executive team you listened to today will be over there. If you have questions, definitely see me. If you have questions, there's a QR code that was up there. We have it out on paper if you want to pre-order an FX. There it is. Feel free to take a picture of that and go through the process. Again, thank you again. I hope you got a lot out of this. We look forward to seeing you guys in the future. Have a great day.