Faraday Future disclosed in a letter to shareholders the development progress of FX Super One and promoted the C10 fund to support core business
Faraday Future Intelligent Electric disclosed its latest strategy through a shareholder letter from founder Jia Yueting, launching the C10 Treasury cryptocurrency investment portfolio to support its electric vehicle main business. The company stated that its "dual-flywheel dual-bridge" strategy will strengthen its core business, and the FX Super One model has passed the preliminary safety development milestone, with 60% of the production process planning completed. The first phase of the $30 million C10 fund subscription has been completed, and fund allocation will begin next week. Over the past six weeks, the company's stock price has risen by 12.3%
According to the Zhitong Finance APP, Faraday Future (FFAI.US) disclosed its latest strategy and operational progress in an open letter to shareholders from founder and co-CEO Jia Yueting. The company stated that its "dual flywheel dual bridge" ecosystem strategy will continue to strengthen its core business.
Given the long cycles and high capital investment in the automotive manufacturing industry, the company has launched the C10 Treasury cryptocurrency investment portfolio, aiming to provide funding support for its core business through capital growth and liquidity. Jia Yueting mentioned in the letter, "By accumulating and compounding the top ten cryptocurrencies globally, this portfolio has the potential to deliver continuous capital to the core business."
On the operational front, Faraday Future stated that after advancing the "dual flywheel + dual bridge" strategy, the company has established collaborations with multiple departments to enhance industry influence and accelerate marketing layout.
In terms of product development, the FX Super One model has recently passed the preliminary safety development milestone under the Federal Motor Vehicle Safety Standards (FMVSS). At the Hanford factory, the production process planning for the model is 60% complete, and process validation and employee training are currently underway.
Financially, the first phase of the $30 million C10 fund subscription has been completed, with fund allocation set to begin next week, of which 80% will be passively allocated through the C10 index and 20% will adopt an active management strategy. Over the past six weeks, the company's stock price has risen by a cumulative 12.3%.
In future plans, the company intends to hold regional Super One launch events, showcase its brand at the Burning Man festival, prepare sales activities in Massachusetts and New York, and host the first global stand-up comedy festival at its headquarters
