We + You = "The New Us"

A Letter to The Creditors of FF Founder YT from FF Global Partners

Dear Creditors,

We are the Global Partners Team of Faraday Future (FF), consisting of 26 individuals. We come from world-class top-tier technology companies, internet companies and automotive companies and some of us have followed YT's entrepreneurial endeavors in the internet field for many years. "We" bring together experience from different disciplines including internet, software, artificial intelligence, automotive R&D and user ecosystems - breaking the boundaries of these areas and creating eco-chemistry. We have come together to work on this venture because we share the same dream and goal.

Today, we are writing to you collectively because we sincerely hope that our creditor friends can vote in support of YT's bankruptcy and restructuring. We have the same goal as you do. We all want to make FF successful.

Only when FF achieves monumental success can YT completely pay off his debts, or even provide an upside to the creditors, in order to fulfill his obligations to the creditors. Only then can we realize the dream to create a shared intelligent mobility ecosystem and transform the automotive industry. From this perspective, we are already one family and we share the same interests. We sincerely welcome you to join "us" as FF's shareholders. We truly hope that as two of FF's biggest shareholder groups in the future, we can form one team and realize one dream.

There is no doubt that we are fully confident about FF's success. Only when you're a part of the process can you truly be proud of the products we've created, the technologies we've accumulated and the business models we've built. Over the past 6 years, FF has submitted nearly 1500 patent applications and the patents FF holds are valued at more than 1 billion USD. Meanwhile, driven by I.A.I (Internet, autonomous driving, intelligent) technologies and based on the concepts of "smart driving platform" and "3rd internet living space", we built the ultra-luxury intelligent internet electric vehicle, the new species FF 91. We will continuously acquire and operate high-value users through building an ecosystem of "platform + hardware + software + application + sharing" and mass volumes of FF 91, FF V9, FF 81, FF 71 and other models. As the only car in the world that exceeds Tesla on multiple levels, FF 91 is just one step away from production. Just think about the completely different concept of mobility life FF 91 is going to bring to the roads in the future. We believe you would be as excited as we are.

FF has had its share of difficulties and near-death experiences but has always stayed resilient. We chose to persevere out of our loyalty to the dream and the endeavor, and out of our confidence in doing the right thing the right way. The recent grant from the US government has further guaranteed FF’s normal operations. The newly announced B2B business strategy has also demonstrated FF’s major technology advantages and competitiveness. The first B2B deal was closed quickly while positive progress has been made in cooperation negotiations with further multiple parties, likely to bring sufficient cash flow to fund FF's normal operations until FF 91 launch. 

YT has been reflecting on the success of the “Eco Model” and the failure of LeEco. Overly accelerated strategic cadence, flawed capital strategies and lack of management capabilities are the three major fatal causes for LeEco’s failure. Even YT himself appreciates how he is judged externally, that “YT was the hero; YT was the villain”. We are convinced that the “Eco Model” created by LeEco and the ability to innovate on products and technology are important cornerstones for FF’s success. LeEco's painful lessons, on the other hand, are invaluable in the sense that they can help to avoid FF making the same mistakes LeEco had made. YT also would like FF to effectively avoid LeEco’s three major mistakes through establishing the Partnership Mechanism, which pushes for a round of innovation in top-level governance structure in addition to FF’s existing innovations in products and technology, business model and user ecosystem. 

As the Partnership Program is implemented, YT has transferred his personal equity shares and top-level control to the Partners team. Additionally, he resigned as FF’s Chairman and CEO and moved to serve the company in the capacity of the founder and CPUO (Chief Product and User Eco Officer). Since its inception, the Partnership Program has continuously attracted numerous top-notch industry talents around the world including Dr. Carsten Breitfeld, FF’s Global CEO. 

At FF, we no longer work for others, we are the shareholders and owners of this company where we share the entrepreneurial spirit. We have no excuses not to fight for our own endeavors. Our Partnership spirit and Partnership values have been formed, and we are constantly optimizing the basic operational mechanisms and various processes and policies of the Partnership company. We nominated and voted for FF’s new directors pursuant to the Partnership Company’s articles of associations. 

We firmly believe that by turning FF into the only company that implements the Partnership Mechanism in the global auto industry, we will be an important cornerstone that helps FF become a great company and maintain its competitive differentiation across the industry. 

We are grateful that YT’s creditors have shown understanding, support and made sacrifices over the years. We earnestly implore you to vote to accept the Plan. 

FF’s success needs you. Let the “new us” create the new future together. 

FF Global Partners

April 22, 2020