On October 8, Faraday Future (FF) announced the appointment of three key executives to its leadership team. The new appointments include crucial positions in investor relations, legal affairs, and corporate treasury. Steven Park has been appointed as Head of Investor Relations; Todd Harrington as Deputy General Counsel; and Kevin Voong as Corporate Treasurer.
According to official information, Steven Park holds an MBA from MIT and has worked at several top investment banks and investment firms. He is an experienced investor relations expert with over a decade of experience in capital markets and has led multiple companies through IPOs. Todd Harrington graduated from California State University with a bachelor’s degree in electrical engineering and earned his JD from Loyola Law School. He is a seasoned legal expert with over 20 years of experience in the legal industry, having worked in both private law firms and corporate legal departments. Prior to joining FF, he served as General Counsel for a cybersecurity software startup. Kevin Voong graduated from UCLA with a degree in Mathematics and Economics and holds an MBA from USC. He has extensive experience in finance and treasury management with multinational corporations, having held key financial roles at Toyota and General Electric. He is particularly skilled in cash management, risk control, M&A integration, budgeting, and financial technology systems. Before joining FF, he was Vice President of Finance at Veros Credit.
Since its founding by Jia Yueting in May 2014, FF has yet to achieve large-scale mass production, with only the FF91 available for sale. To date, FF has developed two models: the FF91 and the FX Super One. The FF91, the first model from the FF brand, was launched in January 2017 and hit the market in May 2023. However, due to its high price, the market performance of the FF91 has been sluggish. FF now places its hopes on its second brand, Faraday X (FX), which was launched in September 2024. FX focuses on “extreme cost performance,” aiming to produce AI EV products with “twice the performance at half the price,” targeting a popular intelligent electric vehicle for the U.S. market. Unlike the sluggish performance of the FF91, the FX Super One has performed well in the market since its release. According to financial reports, FF has received over 4,000 paid preorders for the FX Super One in Q2, and as of July 31, total bookings surpassed 10,000. The FX Super One will hold its ultimate launch event in Dubai on October 28 and is expected to begin deliveries in the Middle East in November.
The financial report shows that FF’s operating loss in Q2 was approximately $48.1 million, a slight improvement compared to the same period last year. The adjusted operating loss was about $27.4 million, with an average monthly operating loss of about $9 million. FF stated that its operational efficiency and cost control improved in Q2, with cash reserves reaching the highest level in nearly 18 months by the end of the quarter.
Regarding the new appointments, FF stated that the three new executives will further enhance the company’s expertise in legal affairs, capital markets communication, and funds management. This reflects the company’s ongoing commitment to building a world-class management team to support the innovation and long-term development of both the FF and FX brands. FF founder Jia Yueting also commented, “The addition of these three new executives marks a new stage in team building for the company and lays a solid foundation for future growth. Their deep expertise and leadership experience in their respective fields will help accelerate the company’s development and, together with the existing executive team, drive the next critical phase of FF and FX product development and delivery.”
