[Foreign Language]. With me today, I have Faraday Future. It trades under the ticker FFIE. I'm happy to welcome Steven Park, Head of IR. We have about 30 minutes today, including the Q&A. If you have any questions, please submit them at the Q&A section at the bottom of your screen. With that, Steven, I will let you take over.
Good morning, everyone, and thanks for having me here to present about Faraday Future. Just on this cover page itself, we want to talk about, just wanted to kind of show our two vehicles that are in production. The FF 91 is on the left. That's the ultra-premium vehicle, and on the right is the FX Super one. We'll have some additional pictures and details, uh, but, uh, the FF 91 is the vehicle that we've produced. We've produced in-house from the ground up, and the FX Super one is a vehicle that we've partnered with Chinese OEMs to do the final assembly here in the U.S. at our manufacturing site. But we'll get into a few more details here, but I'll provide a quick overview of the company. Some legal disclosure, and then, uh, our company was really, uh, we're based in California. The ticker FFIE was founded in 2014 by YT Jia.
He was the visionary founder of smart TVs in China, and he saw the Tesla about 10 years ago and thought that he could kind of combine his experience from smart TVs to automobiles for the next-generation mobility system, combined with the latest technology and a premium user experience, and the company went public in 2021, and to date, we've invested about $3.5 billion in R&D and CapEx, resulting in a portfolio of strong IP, about 600 patents, and as I mentioned before, uh, we've got a dual-brand strategy, the FF, which is the ultra-premium vehicle, and the FX, which is more for the luxury mass consumer vehicle. We have a manufacturing site in Hanford, California, which is near Sacramento, 1.1 million sq ft, which has the initial capacity of 10,000, ramping up to 30,000 units annually, and, uh, our business proposition is to really be at the nexus of U.S.
And Chinese electric vehicles. So, our business model is different from, let's say, a lot of the peers that you hear, whether it's Lucid or Rivian. Our business model is really based on partnering up with the Chinese OEMs and doing the final assembly here at the Hanford manufacturing site. And we'll talk about why that's important, because the economics are going to be very important, uh, and, uh, the gross margins are also going to be very different as well. So, with that, let me go through just the overall , you know, EV market in general. Um, you know, there's a high-end, uh, which is the over $100,000 vehicle, uh, and that's being addressed by the FF 91. And we'll have some additional pictures and details of the interior. Uh, but the mass market is really under kind of the sub-$80,000 vehicle. And we believe the FX Super one is uniquely positioned to address this market.
I think there's fewer competitors in this space and, uh, you know, one of the competitors that we think about is really on the Escalade, uh, but you'll be at half the price, uh, better technology, better interior, more comfort, and we'll have some additional pictures of that as well in the upcoming slides. Just to reiterate, you know, when you hear the two vehicle lines, the FF, it's kind of that premium brand, um, and, uh, the FX Super one, we've launched this vehicle in the UAE in late October, and we're delivering vehicles here to the UAE in November, and we'll have the pre-production vehicles coming off the line in the U.S., uh, and the price point is about $84,000, and we'll have some additional pictures of this vehicle as well. The FF 91, just a beautifully designed vehicle overall, uh, 6,000 lbs. Uh, it's got 1,000 horsepower. Uh, it's got a nearly 400 mi range, 0 to 60 in 2.3 seconds.
It's got zero-gravity seats. Uh, it's just a beautifully designed vehicle. And you'll be able to see this vehicle at our headquarters in Gardena, California. And we're in the process of opening up our New York office, where we'll be able to showcase this vehicle as well as the FX Super one. Just want to provide a little view of the interior. And again, I don't think pictures itself is going to do it justice. But when we speak with our designers, it's really what they wanted to bring about was, if you are working from your office or you're working from home, you could seamlessly come into the vehicle and continue your zoom meeting or your team meetings. Uh, you have a 27-inch screen. It's got, you know, 5G connectivity.
And, uh, it's got the software, uh, that's really focused on AI that would customize the content based on what your preferences are, whether you love football or you want to watch a movie or continue business activity through team meetings. Uh, i t's just a beautifully designed car. It's got kind of captain seats, so it's individualized seats, and it's got massage functionality, and the chairs can go all the way back. And for the FF 91, we've partnered up with, uh, 21 celebrities, and we've delivered these vehicles, uh, you know, Chris Brown, Jason Oppenheim, Justin Bell and, you know, they will also, we have, you know, partnerships with them on the social media side. We'll tweet whether they, uh, you know, go to a red-carpet event or if they go to the supermarket, they can share through social media, uh, their experience of the vehicle and how unique it is. Uh, as I mentioned before, we've invested $300 million in the Hanford manufacturing site.
Uh, this is where we do the body, the painting, and the final assembly, uh, and we are all geared up and ready for production of the FX Super one here, and, uh, at this point, we'll talk about kind of three major competitive advantages that Faraday Future has. Uh, one is regarding on the tariff side. I think one, if a Chinese OEM were to bring their vehicles here to the U.S., it could face tariffs of about 200%, but if they partner with us and do the final assembly at the Hanford manufacturing site here, the tariff on parts is about 25% or could be lower, so that differential really provides an opportunity for Faraday Future to be able to serve this market, and two is on the regulatory front. Uh, by 2027, the U.S. government is going to ban software vehicles from China and Russia.
And because we created the FF 91 from the grounds up, including the software, the middleware, the operating system, we can transplant that software, the AI system, into our partnership OEM's vehicles, the FX Super one. So that would be roughly a seamless opportunity and localized for the U.S. market. And three, we have a network of dealerships, uh, and aftermarket services. So that gives us also, we're hitting the ground running versus a Chinese OEM would have to start that from the grounds up. So again, those are kind of the three major competitive advantages that we have. And that's our unique business proposition. This is a slide on our team. As I mentioned before, YT Jia, he's our founder and Co-CEO. Uh, strong visionary, strong entrepreneurial experience. Matthias Aydt is also our Co-CEO. He's got 40 years of experience in the auto space, including at Magna and Porsche.
And Koti Meka, he's got 20 years of experience at Ford. He's our CFO. And Jerry Wang is our Global President, w ho's been here with the company since the very beginning. So the team has been together for about 10 years with strong experience in the U.S., as well as in China in operations, engineering, and marketing. And we are ready to focus on our vehicles here. This is really a slide on just kind of the different uh aspects of the EV market. On the left-hand side is the U.S. market. And everybody knows that Tesla is the dominant player with Model Y and Model 3. But there's a few other players in the market. Uh, whereas in contrast, if you look at the right-hand chart, in China, there's over 20 EV makers competing for the best technology and the lowest price.
By partnering up with Faraday Future, it really presents an opportunity for us to bring some of these latest technology EV vehicles to the U.S. market. We'll skip through some of these additional slides here quickly. Uh, but, you know, the vehicle that we'll be focusing on for the next 12 to 18 months is really the FX Super one. We did the launch event in the UAE at the end of October. We saw strong interest. Uh, on the day of the launch, we received over 200 pre-orders. Uh, and I don't know if the picture is really doing it justice. I think you'll have to really look at the interior. You'll be able to see these vehicles. We just showcased these vehicles at the LA Auto Show. Uh, we got strong, you know, indications of interest, uh, a lot of questions from customers. And also, uh, we received additional pre-orders as well.
So, um, just a view of the FX Super one. And in total, we have over 11,000 pre-orders for this vehicle. So again, um, I think it's, you know, there's strong indication of interest. We're very confident, especially as we showcase the vehicle in the UAE. I think that gave us even more confidence that this vehicle is going to be important for, you know, for consumers as well as for fleet providers as well. Just a quick overview of the, you know, our UAE launch that we did at the end of October. Uh, we announced pricing in U.S. dollars about $84,000. We also have a manufacturing site, uh, in the UAE to localize for the market. And we received over 200 orders within 24 hours of the event. Uh, and we're looking for additional partnerships there. And that also provides opportunity in the UAE for investors to partner up with us as well.
Th is is just a picture of the FX Super one, the interior. You know, if you look at that kind of the captain's chair, you know, it's not really common in the U.S. to see the captain's chair with the massage functionality that can lean all the way back, but it's pretty luxurious. Uh, even the leather interior, I think it's beautiful. The technology that we've transplanted from the FF 91, uh, it's got the latest technology. I mean, I think our peer competitor would probably be the Escalade, but we think it's going to be half the price, better technology, better, uh, interior, more comfort, and it is very versatile. You can take it to a red-carpet event. You can take it to golf. You can go camping.
Uh, and we're seeing increased interest from fleet providers who want to partner up with us and take executives or VIPs or celebrities to the airport or to VIP events. So, uh, I think the indication is there for strong interest. Key roadmaps, as we mentioned before, that we did the UAE launch at the end of October. We're delivering the vehicles in the UAE. And we've delivered that at late November. And the first pre-production vehicles, uh, will be coming off the line here in the U.S. in the next three weeks. So, uh, we'll have some additional announcements related to that going forward. Just a view of the major players in the EV space. I think our market cap is right around $200 million. We think we're undervalued. When you look at a lot of the other peers, their market cap is an order of magnitude higher.
And again, I think we just want to differentiate our business model that we are different altogether from these vehicles. And that's going to really show up in our financial performance. Uh, when you look at some of our peers like Lucid and Rivian, they're burning close to $3 billion a year. Uh, and but for us, we're burning just under $80 million. And it'll probably be similar, uh, for this year. Uh, but because we are partnering up with the Chinese OEMs, our gross margin targets are about 10%-15%. And our cash flow breakeven is going to be much sooner than many of these peers here. So again, it's a different business model altogether. Uh, and I think if you understand that, then I think you can really see what the value of Faraday Future is. And just to kind of wrap up overall, you know, again, we have a strong management team.
We're focused on the latest technology. We have a unique business model by partnering up with the Chinese OEMs. And I think, you know, if you are in this space or you love to drive electric vehicles, I think it's a great opportunity to get interested and partner up with us, uh, to invest in us, you know, uh, to watch this company grow. I think, uh, 2026 is the very beginning. I don't think it's going to be a huge production launch here. But, uh, as we look at 2027, I think it's going to be substantially higher. And, uh, we're excited for 2026. I think we have a great story to tell. Uh, and we're looking forward to giving you further updates as the company progresses throughout the year here.
Thank you so much, Steven. Thank you for the presentation. I would like to remind everybody in the audience, if you have any questions, please shoot them at the Q&A section at the bottom of your screen. Uh, with that, Steven, I have a few questions about the LA Auto Show that you guys just attended. Can you just tell us a little bit about what the key takeaways were regarding customers and investor interests?
No, yeah, great question. Thank you for that, uh, so we participated in the ride, the test and ride in the late November, and, uh, I think just to kind of step back overall, you know, one of the questions that we sometimes get is, you know, is there a waning interest in electric vehicles? But if you look at the LA Auto Show, almost, I'm going to say at least three quarters of the vehicles were focused on electric vehicles, so from all manufacturers.
And for us, we saw a lot, you know, a lot of interest in our vehicles, both in the FF 91 as well as the FX Super one. Uh, we got several hundred orders, pre-orders, uh, of that. And so that gave us more confidence that there is strong interest. People love the ride. People really, I think, really appreciate the interior. The captain's chair, that's not something that's really common for most vehicles that, uh, you know, are sub $100,000. Uh, it's got the massage functionality, the large screens. I mean, it's just a beautiful interior, and it's a beautiful ride. Uh, so, I think, you know, that gave us more confidence. Uh, and we'll be providing further updates. Uh, and we'll have that office that opens up in New York where we'll have both those vehicles here. So, you can really be able to see that vehicle in person. And, uh, I think get a better feel versus just the pictures here.
Right. And were you able to showcase any new upgrades or software improvements at the auto show or anything new that's happened since the launch of the FF and the FX cars both?
Yeah. I mean, the software is really, it's customizable based on, you know, the driver and the passenger. Uh, so, it'll customize that content for you based on facial recognition technology. Uh, you know, again, just kind of highlighting a little bit early on, but we will have another version of the FF 91. It's called the FF 92. So that'll be upcoming as well. And then on the FX side, uh, you know, we've been predominantly talking about the FX Super one. But there'll be, we mentioned in the past that there'll be another vehicle, the FX4, will be at a lower price point, maybe sub $40,000. Uh, that will be all in the FX line as well. So, we've seen strong interest, uh, these cars are beautifully designed. And, you know, it's really focused on luxury and comfort. And uh, we are confident that we can be able to provide these vehicles here.
Right. With the UAE launch, uh, we've heard that there have been great news about the pre-orders and everything. So, I just wanted to understand, is UAE a standalone market or is it a gateway to the broader Middle East? Is there any plans for getting into Saudi Arabia or Qatar or any of those countries as well?
Yeah. I mean, at this point now, I think we'll be focusing on just the two major markets. I think the U.S. market is still the largest market for us. That's our opportunity. And the UAE market, I think, what it provides us is really some opportunities to test different ideas and partner up with different dealerships, as well as customers, and as well as investors to be able to partner up and explore different ideas. So that's an interesting market. I don't think it's going to be a huge market. It could be a few hundred vehicles here and there. But we'll assess that as we go through. It could be a gateway to Europe. It could be a gateway to Asia, other parts of the world. But our predominant focus right now is going to be in the U.S. market and the UAE.
Got it. Okay. And so when you talk about the U.S. market, last we heard that you were waiting for the FMVSS compliance testing. Can you give us a latest progress towards completing the safety standard tests?
Yeah. So we are continuing our safety standards tests right now. So again, as I mentioned, the pre-production vehicles will be coming off the line in the next three weeks. But the production vehicles will be coming off in the second half of next year. So the U.S. standards for safety are the highest in the world. That's part of the reason we are doing the launch. We did the launch in the UAE first. But we will keep you updated. But I think we do not see any hurdles at this point. We are all systems go. We'll have updates from the Hanford Manufacturing site. Our lines, our manufacturing process team is all ready. So we are ready to get these vehicles as we start in 2026 here.
Great. And with the pre-orders, we've got about 11,000 pre-orders for the FX Super one. Do you have any insights on the customer demographics that might influence pricing or the marketing strategy? Anything with the customer demographics that you have right now?
The customer interest, I think geographically, is predominantly in the West Coast. So that is one indication. I think we're seeing increasing interest, I think, from fleet providers. We saw that in the UAE. And I think we're increasingly seeing that here in the U.S. as well, where I think fleet providers want to be able to provide services to customers, whether it's to the airport or to VIP events. And I think it's just a strong indication of interest. If you go back even just a little while, it was just 10,000 pre-orders. But now we're in excess of 11,000. And we'll see this increasing, I think, as we begin to market more of these vehicles and people see it more on the roads here.
Right. And just taking questions from the audience now. When will the FX Super 1 mass production begin? And will there be any additional capital raising required to support that?
So on the capital raising, we'll be opportunistic in 2026. So we will probably likely have to do a capital raise. But we'll be opportunistic about that. So we do need to ramp up this vehicle. But we are ready. And we're having discussions with a few other investors as well as bankers on that. So that was it. You were talking about a question on the mass production. I don't think 2026 is going to be a mass inflection there. I think that would be more of a 2027. But I think 2026 will be a good start to get us started here. And we'll be focused on this kind of 2026 as 2027.
Right. But do you expect to have a couple of deliveries out in 2026?
Oh, absolutely. Yeah. No, absolutely. I mean, just even the UAE market itself, I think we'll be able to deliver quite a few vehicles here. So yeah. And we're delivering those vehicles already. So for sure, 2026 is going to be the launch here. I think we'll be able to launch the vehicle. We'll have some further details and milestones, I think, before the end of the year to provide you some details. But we are well positioned for that.
Right. I think that's in continuation. There's another question that's about now that the Super 1 has launched in the Middle East. Is there any additional homologation required? Or when can we expect to start seeing the sales figures?
So you'll see limited sales. I mean, we're delivering these vehicles to the UAE. So you'll see some limited sales figures here. But I think, like I mentioned before, I don't think 2026 is going to be a huge number. Will it get to, for us, I think internally, if it gets to 1,000, I think that would be pretty good. But we'll have some further details here as we begin to launch 2026 and see some revenue. But they are on the roads, and you'll be able to see them. And for 2026, in the second half of the U.S., for sure, you'll be able to see these sales figures.
Right. And what is the status of the Wolfpack Research short seller lawsuit? There was a report that came out, I think, September or August end. So yeah, any update on the lawsuit?
I don't think there's any updates that we can share at this point. I can come back to you if there's any other things. But we'll disclose those in our filings. But there's no real major updates that we have any updates on at this point.
Right. No, that's understandable. And what's the marketing plan to address a wider audience at a lower price point introductions?
Yeah. So as I mentioned before, right now, it's really our two vehicles. It's the FF 91 for the Ultra-Premium and then the FX Super 1. It's still at a higher price point at $84,000. But as I mentioned before, we've talked briefly about the FX4. And that would be more of a sedan that would probably be more in line with a Tesla Model 3. And that would be sub $40,000. I think that would be much more of a mass market vehicle for us. But it's a little too early to talk about it. I think over the next 12 to 18 months, we'll really be focusing on the FX Super 1 to make sure that this is hitting the ground running, making sure that customers are happy and satisfied. This is where predominantly our focus is going to be here, yeah.
Right. No, I'm sure it's an exciting time for you right now when you're just on the brink of launching a new car. But I would just like to end by asking if you can sum up the value proposition for investors who might be looking across the EV sector.
No, thank you, Aish. So again, as I mentioned at the very beginning, our business model is altogether different from a lot of the electric vehicle makers. We've talked about Lucid and Rivian. By partnering up with the Chinese OEMs, the financials are going to be completely different. The cash flow is going to be much better, but the three business propositions, again, are one, it's really on the tariff front. By partnering up with us, doing the final assembly at the Hanford site, we'll be able to really see the advantages and the financial advantages as well of taking the differential in the tariffs, and then number two is really on the regulatory front with the software. Because we created the FF 91 from the ground up on the software side, there's going to be a regulatory hurdle for any of the software for vehicles from China and Russia by 2027. But because we created that FF 91 from the ground up, we'd be able to transplant any of the software into the vehicles for the Chinese OEMs.
And then three is our established dealership network as well as aftermarket sales. So that's already established. So those are kind of the three things. I think the economics are going to speak for themselves once the volume ramps up. We think we're really undervalued, our market cap around $200 million. If you kind of look at our peers, they're in orders of magnitude higher. We think the stock can go higher. But you got to believe the longer story. And I think 2026 is really going to be at the very beginning here of our story. I think the next two, three years for sure will be the most exciting time for Faraday Future.
Right. Thank you so much. Thank you so much for taking the time and presenting with us today and sharing your story. And I'd also like to thank everybody in the audience for listening and spending time with us today. Thank you.
Perfect. No, appreciate it. Thank you. Thank you very much. Bye-bye.