Faraday Future has sold its Los Angeles headquarters in a move to help fill the EV startup’s exhausted coffers, according to property documents obtained by The Verge. A subsidiary of New York-based real estate firm Atlas Capital purchased the headquarters on March 8th and immediately began leasing the building back to Faraday Future for an undisclosed amount.

The documents did not reveal how much Faraday Future received in the sale of its headquarters, which consists of two buildings just off of South Figueroa Street in the city of Gardena, California, about 15 miles from downtown Los Angeles. One former employee familiar with the sale pegged the number at around $10 million. It could be higher; Faraday Future took a $17 million loan against its headquarters in May 2018, which it has since repaid, according to the lender iBorrow. The EV startup also took a $14 million “rescue loan”against the headquarters in July 2017 during the early stages of a separate financial crisis. The company finished paying back that loan in January 2018. It bought the buildings in 2014 for $13.2 million.

The sale of the headquarters is the latest move by Faraday Future to keep itself afloat after a nasty breakup with Chinese real estate conglomerate Evergrande, which backed out of a $2 billion investment deal at the end of 2018. Just last week, Faraday Future announced that it is selling the 900 acres of land it owns in Las Vegas and is looking for $40 million, confirming a February report by The Verge. Faraday Future also recently decided not to bring back hundreds of employees who have been on unpaid leave since at least December.

Faraday Future once planned to build a $1 billion factory on the Las Vegas land where it would produce the company’s all-electric luxury SUV, the FF91. It canceled those plans in 2017 in favor of leasing a smaller, existing factory in Hanford, California, where tire company Pirelli used to operate. The company has made a few prototypes of the FF91, but it has been unable to start production due to the clash with Evergrande.

John Schilling, Faraday Future’s director of communications, confirmed the sale of the company’s headquarters in an email. “As with the sale of the Las Vegas property, the sale of our Gardena HQ is part of our optimization of business strategies as we direct all of our resources at our core goal of delivering FF 91 later this year,” he wrote. Atlas Capital did not immediately respond to a request for comment.

The relationship with Evergrande started to publicly fray last October after the Chinese conglomerate announced that Faraday Future founder and CEO Jia Yueting had spent the entire first installment of the $2 billion investment — $800 million — by July 2018, way ahead of schedule. Jia asked Evergrande to advance $700 million of the remaining $1.2 billion that was promised, which the conglomerate initially agreed to, court records showed. Evergrande asked Jia to reduce his role at the company in return for the money, but it wasn’t satisfied with the evidence that he did, so the conglomerate never sent more money.

As a result, Faraday Future found itself very low on cash. The startup had just $18 million in the bank at the start of September, and it was carrying a payroll of $15.8 million per month, according to court records. It also owed around $59 million to suppliers and contractors, those same records showed. So in October, it laid off some employees and cut salaries across the company. A co-founder and a number of key executives resigned as a result, and hundreds more employees were furloughed in December.

Evergrande and Faraday Future struck a truce at the end of December and agreed to restructure the deal. Evergrande walked away with some of the assets that the two companies had built up in China (including land for a factory), and it’s now working on building its own EV empire. (The conglomerate also still holds a 32 percent stake in the startup, though.) Jia retained his control over Faraday Future, but Evergrande pulled the remaining $1.2 billion off the table.

The split left Faraday Future without a main source of investment money. Jia was, at one point, a billionaire, thanks to the empire he built in China with Leshi, which was once referred to as the “Netflix of China.” But he has been living in the United States in self-exile since 2017 because of the massive amount of debt he owes to creditors of that company. Faraday Future says it has spent the months since the breakup with Evergrande holding discussions with potential investors, but it still has no deal in place.

Faraday Future still has around 250 employees at the LA headquarters who are working on the FF91 through the furloughs at reduced pay, multiple current and former employees tell The Verge. But the startup needs close to $500 million in order to get the FF91 into production at the Hanford factory. In the meantime, lawsuits from suppliers and contractors are piling up. The Verge learned last month that at least 11 companies are individually suingthe startup for unpaid bills, with the total owed running close to $80 million. In a new lawsuit that was filed in Los Angeles Superior Court after that piece was published, FedEx claims Faraday Future owes the delivery company nearly $400,000, too.

DETROIT — Electric vehicle startup Faraday Future aims to close a deal soon to go public through a reverse merger with a special-purchase acquisition company (SPAC), its chief executive said on Monday.

"We are working on such a deal ... and will be able to announce something hopefully quite soon," Carsten Breitfeld said.
Breitfeld declined to say who Faraday is negotiating with or when a deal would close.

A SPAC is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years.

SPACs have emerged as a quick route to the stock market for companies, particularly auto technology startups, and have proven popular with investors seeking to echo Tesla's high stock valuation.

Breitfeld, who joined the Los Angeles-based company as CEO last year, also said Faraday Future would deliver its first electric luxury SUV, the FF 91, nine months after securing funding, with volume production beginning 12 months after such a deal.

Faraday has said it wants to raise $800 million to $850 million to launch the FF 91.

It will initially build the vehicle at its plant in Hanford, California, but ultimately will use a contract manufacturer in Asia with which Breitfeld said Faraday has signed an agreement. He declined to identify the company.

Once one of the more hyped EV startups, Faraday burned through $2 billion in cash, and its founder Jia Yueting finalized his personal bankruptcy filing in June.

Breitfeld said Jia no longer owns stock in Faraday, which is more than half owned by employees through an executive partnership and an employee stock ownership plan. Jia's stake had been a "major blocking point" to bringing in other investors, he said.

Breitfeld acknowledged Faraday has struggled in the past with executing its business plan.

"Because of the history and sometimes the bad news of the company, not everyone is really trusting us," he said. "They want to see that we've become a stable company."

Breitfeld, a former BMW executive, also co-founded Chinese EV startup Byton. Breitfeld left Byton in early 2019, and that company suspended production in July to reorganize.

SHANGHAI/TAIPEI — China's Zhejiang Geely Holding Group says that it and Foxconn are in talks to provide contract manufacturing services to electric vehicle maker Faraday Future.

Geely said in a statement that it had signed a framework agreement to offer technology and engineering support to Faraday Future, and had become a minority investor in Faraday Future's listing.

Foxconn declined to comment on the manufacturing partnership.

Reuters reported on Monday that Faraday Future plans to set up a new base in China and enlist Geely for contract manufacturing services, citing people familiar with the matter.

Faraday Future will go public through a merger with Property Solutions Acquisition Corp in a deal valuing the combined entity at $3.4 billion.

With the global EV business, dominated by the likes of Tesla Inc, growing at an explosive pace, a flurry of EV makers are rushing to tap the red-hot initial public offering (IPO) market.

We're not sure what metaphor to use for Faraday Future. Is it the little car company that could? Or is it the boy who cried wolf? The company opened up shop with splashy announcements in 2014, headed by Jia Yueting, a man at the time called "China's Steve Jobs," promising vehicle connectivity so powerful it would turn the car into a "third Internet living space." The product debut began with the FFZERO1 electric race car at the 2016 Consumer Electronics Show and a tie-up with LeTV, China's version of Netflix. Real production-intent debuted at CES 2017 with the FF 91 electric crossover, the company by then being referred to as "the next Tesla." Three years of public troubles and reversals followed. But now, thanks to an earlier $900-million funding round and just-concluded SPAC reverse merger with Property Solutions Acquisition Corp., Faraday Future is listed on the NASDAQ stock exchange. The mechanism provides nearly $1 billion in funding.

CEO Dr. Carsten Breitfeld said, "We have been able to convince the capital market that this is a different company now, a company which can deliver a serious business plan," adding, "But now we have to deliver, and this is absolutely key." Part of being a different company is having a different name while retaining all the EV segment buzzwords. The listed company is called Faraday Future Intelligent Electric, Inc., the stocks under the ticker FFIE, the warrants under FFIEW. We're told that "I stands for Intelligent and Internet, E stands for Ecosystem and Electric." It calls its global partners — the company is based in California and China — the "Futurist Alliance."

The lean years haven't dimmed Faraday Future's knack for aiming high. It opened reservations for two versions of the initial FF 91. The penthouse model is the FF 91 Futurist Alliance Edition that can only be reserved by company invitation for a $5,000 deposit, will be limited to 300 examples, and will cost about $180,000, roughly $11,000 more than the Lucid Air's Dream Edition. Those who fork over will get membership in the Futurist Alliance as well as Spire Club membership and "next generation product upgrade privileges." The FF 91 Futurist model can be reserved by anyone for just $1,500, we don't know how much it will cost. Around 14,000 reservations have been made for the FF 91, but it's not clear how many of those are for the latest incarnations.

Faraday never got to build the giant Nevada facility it had planned, but does own an old Pirelli tire factory in Hanford, California it has almost finished converting to produce 30,000 vehicles per year. The startup only plans to make 2,400 cars next year. After that, however, with the lower-cost FF 81 and a delivery vehicle scheduled for 2023 and the FF 71 in 2024 in the pipeline, it plans to build 38,600 cars in 2023 and get to more than 300,000 vehicles by 2025. Lucid, by comparison, has 125,000 units penciled in for its 2025 production year. Faraday has manufacturing connections in China through shareholder Geely and in South Korea and would tap those for the six-figure years.

Should the FF 91 really show in 2022, it will bring a three-motor drivetrain with 1,050 horsepower fueled by a 130-kWh battery able to power the living room on wheels to 60 miles per hour in 2.4 seconds. We drove it at CES last year and said it felt like no other car we've ever been in. Back then, Faraday Future had planned on production beginning by the end of 2020, reminding us there are a lot of "ifs" between now and a real Futurist Alliance. Speaking of which, the FF 91 Futurist Alliance Edition is sold out, but reservations for the FF 91 Futurist remain open with promises that the wider production FF 91 is also coming soon.

Electric vehicle firm Faraday Future Intelligent Electric Inc said on Tuesday its review had identified certain inaccurate statements made by its employees to investors and announced changes in its leadership structure.

Faraday said it had appointed Susan Swenson, currently an independent member of its board, to the newly created position of executive chairperson of the company.

The company said its chief executive officer Carsten Breitfield and founder Jia Yueting would both be handed a 25% cut each in their annual base salary. Both Breitfield and Yueting would report to the newly appointed executive chairperson, according to Faraday.

Faraday in November had delayed the filing of its quarterly report and said it had formed a special committee to review allegations of inaccurate disclosures, including claims made by short-seller J Capital. The short-seller had called Faraday "a new EV scam in town".

On Tuesday, Faraday said statements made by some of its employees to certain investors describing founder Jia Yueting's role within the company were inaccurate, and his involvement in the company's management post its merger with blank-check firm Property Solutions Acquisition Corp "was more significant than what had been represented."

However, the company maintained allegations made in the short-seller report were not supported by the evidence reviewed.

Several EV companies, including Lordstown Motors, Nikola, both of which went public via acquisitions by special-purpose acquisition companies (SPAC), have found themselves under investigation for misstatements by former top executives and are under the scrutiny of short-sellers.

The chairman and CEO of Electric Last Mile Solutions Inc, which also went public through a SPAC, resigned on Tuesday following an investigation into their share purchases.

Further investigation based on the special committee's findings would be under the executive chairperson's direction, Faraday said.

Faraday went public in July through a SPAC deal with Property Solutions Acquisition Corp

Faraday Future has announced its first mass-market electric vehicle will be built by South Korea’s Myoung Shin.



Production of the FF 81 is slated to begin in 2024 and Faraday Future said the vehicle will feature “advanced connectivity and a user experience tailored to a wider audience than the ultimate intelligent techluxury FF 91.”

The FF 81 will be built under contract at Myoung Shin’s Gunsan plant as the facility offers the scale and flexibility to build the vehicle while also having “attractive port access.” The companies didn’t mention volumes, but said “Myoung Shin will maintain sufficient manufacturing capabilities and capacity to supply FF 81 vehicles in accordance with FF’s forecasts.”



While Myoung Shin isn’t a household name, they’re a parts supplier and were originally tapped to build the Byton M-Byte in 2019. In a statement, Myoung Shin President Taekyu Lee said: “Our vision as an EV contract manufacturer is to seek creation, innovation, reliability, accountability, and corporate citizenship, all of which we will provide to Faraday Future as we manufacture their FF 81 vehicle.”

Faraday Future hasn’t said much about the FF 81, but the company has previously revealed that the “product definition” was completed last year and promised it will feature DNA from the FF 91. At the time, the company also said research and development on the model was progressing.

Speaking of the FF 91, Faraday Future said it’s scheduled to go into production in the third quarter of this year. Which is good news as the model is long overdue, having originally been introduced at CES in 2017 and slated to go into production in 2018.

Five years have passed since Faraday Future unveiled the FF 91 at CES in 2017.

While the model was originally slated to go into production in 2018, the crossover has routinely been delayed as the company has faced crisis after crisis, including some of their own making. However, the journey appears to be reaching its conclusion as Faraday Future has announced plans to unveil the “production intent” FF 91 on February 23 at 4:00 PM PST (7:00 PM EST).

It remains to be seen how much has changed in the past five years, but the company’s website still claims the vehicle will have a tri-motor powertrain that develops 1,050 hp (783 kW / 1,065 PS) and enables the FF 91 to rocket from 0-60 mph (0-96 km/h) in 2.39 seconds. The company has also claimed their “lithium-ion battery cells achieve the world’s highest energy density – nearly double that of a production automotive battery” and said this will allow for a range “well in excess” of 300 miles (483 km) on a single charge.

While we should learn more next week, the company has previously said the FF 91 Futurist Alliance Edition will come equipped with 11 different displays including a 17-inch screen for the front passenger and a 27-inch display for rear seaters. Other highlights are slated to include class-leading legroom, NASA-inspired zero gravity seats, and a relaxing “Spa mode.”Earlier this month, Faraday Future said the FF 91 is scheduled to go into production in the third quarter of this year.

If that happens, it will be good news, but only a handful of people are actually waiting as the company recently admitted statements about receiving “more than 14,000 reservations for the FF 91 vehicle were potentially misleading because only several hundred of those reservations were paid, while the others (totaling 14,000) were unpaid indications of interest.”

When you make a bed as spacious, luxurious and mobile as the FF 91, it's inevitable you'd want to sleep in it, right? That's what Faraday Future is doing, but not the way it intended. The eight-year-old-yet-still-nascent EV automaker spent the first quarter livestreaming the launch of the production FF 91, then wrangling with the U.S. Securities and Exchange Commission (SEC) over inaccurate statements about the number of reservations it had for the FF 91. Previous claims alleged 14,000 reservations, the expectation among outsiders being that people had put down $5,000 to secure the premier Futurist Alliance Edition trim or put down $1,500 to bag the slightly less frilly Futurist trim. Thanks to financial reports for the first quarter, we now know the actual number is 401 reservations. Seems that the 14,000 figure was a measure of "indications of interest," otherwise known as hand-raisers, and didn't involve money changing hands.

This is the part where startups learn, publicly, that making cars is hard. Even Tesla had its moments, and plenty of them, but they seem so long ago. Compare Faraday Future's order book with the 200,000 reservations for the Ford F-150 Lightning, the Cadillac Lyriq's intended production run being sold out for the 2022 and 2023 model years, and Volkswagen and Mercedes-Benz admitting they can barely keep up with EV demand.

Making cars is also heinously expensive. Faraday Future is making the appropriate steps to get its first model into production later this year at its plant in Hanford, California. The price of that march to Job One is a cumulative $3 billion loss since the whole adventure began. The net loss in Q1 of 2022 came to $153 million, compared to $76 million in Q1 last year; the Q1 operating loss being $149 million as opposed to $19 million in Q1 last year. We're told the budget ballooned due to development costs, employee costs, and design and testing services. The outfit has $706 million in total assets, of which $276 million is cash, a bright spot considering total liabilities only come to $271 million, which is down from $340 million at the start of the year. Investors, who should be versed in this dance by now, have been warned that the good times are well down the road behind a painful slog known as "significant" losses.

With its freshly printed dealer and distributor license provided by California, Faraday Future is clear to sell vehicles online throughout most of the country. If it can coax 5% of those reservation holders into FF 91 buyers at a rumored MSRP of around $180,000, that will get 20 cars on the road. A 10.5-year lease on a storefront in Beverly Hills, California, will put more eyes on the product in an area where dropping six figures on a new toy is just something you do between the mid-morning personal training session and lunch. There's also a signed contract to get the second product into production by 2024, the "high-volume" FF 81 that will be built by South Korea's Myoung Shin. That might as well be another dimension, though. Beginning, ramping up and maintaining production in the current climate by Q3 will take everything the company has.

The long promised Faraday Future appears to be right around the corner, at last, having just received one of the last official nods from regulators. This is indeed the point at which the EV starts to seem real after years of delays and corporate drama, even though some important hurdles still remain.

The good news is the FF 91 Futurist will offer an EPA-estimated range of 381 miles, putting the long crossover into an elite club when it comes to this metric, but still over a hundred miles below the industry leader. This didn't stop the company from boasting.

"This rating is a significant increase from the company’s previous estimates and makes the FF 91 a leader in miles of range in the luxury electrified vehicle market," Faraday Future said in a statement.
In case you're wondering, this EPA range puts the FF 91 into a distant third place among high-end EVs.

This range may have been revolutionary several years ago, but it has now been upstaged by other EVs such as the 520-mile Lucid Air, as well as segment old timers like the Tesla Model S, with its 405-mile range. Even the much smaller and more affordable Tesla Model 3 sedan is not far off, boasting a top range of 358 miles.

Perhaps the FF 91 will be able to wear the crown for some other objective metric, such as horsepower, since it claims to be "the first high-end, high-performance, luxury, intelligent EV."

But it won't come in first by that metric either upon arrival, as its 1050-hp rating is identical to that of the Lucid Air Grand Touring Performance Edition—and notably short of the 1111-hp mark for the Lucid Air Dream Edition. There's yet another Lucid Air variant above that—the Air Sapphire promising 1200 hp.

But the FF 91 faces other, more important hurdles at the moment. This EV is expected to land with a starting price around $180,000, in addition to arriving in a much different landscape than the one in which it was designed. This includes a variety of high-priced EVs from established automakers that weren't on sale even two years ago, as well as a growing number of lower-priced EVs.

Faraday Future still has not disclosed a firm date for the start of production in Hanford, California, having last forecast it for the third or fourth quarter of this year back in July. The fourth quarter is days away.

"Due to recent supply chain issues, start of production and first deliveries of the company's FF 91 flagship electric vehicle in the United States are now expected to commence in the third or fourth quarter of 2022," the company said in an SEC filing over the summer, while indicating that it was seeking additional funds to keep operations running through the end of the year.



Aside from where the company plans to get more cash for the first half of 2023, has so much time passed between the debut of the prototype and the best-case scenario arrival time to render Faraday Future's recipe redundant if not outdated? Joining Lucid at the high end of the market now are the Mercedes-Benz EQS and BMW i7.

This growing market for premium EVs is one reason that Jaguar shelved its own luxury EV at the eleventh hour, evidently judging the field too crowded even before a number of competitors had arrived.

The FF 91 will face an uphill battle if it arrives this year as scheduled, with the only tailwind being possible disruption of auto production in Europe this winter due to gas shortages. And setting apart the FF 91 is its shape: It's a crossover while these other rivals are low-slung sedans.

Faraday Future Intelligent Electric said on Monday it had "substantial doubt" about its ability to continue as a going concern, adding that it is uncertain when it can complete first deliveries of its FF 91 luxury electric car.

The company had earlier planned to start deliveries of the car in the fourth quarter of this year.

Faraday Future, whose stock has plunged about 94% so far this year, said it would require additional funds to finance operations and ramp up production for the remainder of 2022 and beyond.

The company had 369 pre-orders as of Nov. 17, down from 399 refundable, non-binding, paid deposits it had as of June 30, Faraday Future added.

The electric-vehicle startup said it had $31.76 million in cash as of the quarter ended Sept. 30, down from $121 million at the end of the prior quarter.

Faraday Future had reached an agreement in September with its second largest shareholder to resolve a governance dispute, after the investor sued the company seeking the removal of two board members.

Much like its peers, Faraday Future has been battling mounting costs and supply-chain disruptions that have delayed the deliveries of its FF 91 luxury electric car.

Costs of lithium and raw battery materials have risen this year as the war in Ukraine exacerbated the pandemic-induced disruption of global supply chains.

Higher costs and depleting cash reserves have forced investors to question the health of EV startups' balance sheets.

British commercial electric vehicle startup Arrival SA had also warned of a risk to its status as a going concern earlier this month.

Meanwhile, Faraday Future's third-quarter loss narrowed to $103.4 million, from $303.9 million a year earlier.

Faraday Future, which has endured one of the longest concept to pre-production cycles among EV startups in recent memory, has suddenly parted ways with CEO Carsten Breitfeld "following a comprehensive evaluation of the company's performance since it went public in July 2021."
The start-up has appointed Xuefeng "XF" Chen, who until now has been the company's top boss in China, as its new Global CEO, as it still seeks to bring the long-delayed FF 91 Futurist to production.
"XF is a top talent in the global automotive industry and possesses both a global perspective and extensive hands-on experience across the global automotive industrial chain," said FFIE Chairman of the Board of Directors Adam He. "His years of experience at Ford and Jaguar Land Rover will pave a solid foundation for his leadership of Faraday Future’s global team."

Chen has almost 20 years of automotive experience, including stints at Chery Jaguar Land Rover, Changan Ford, Changan Mazda, and the Ford Asia Pacific Design Center. During his time at Jaguar Land Rover's joint venture in China, Chen oversaw program planning, implementation, and production, increasing Jaguar Land Rover sales in China at a crucial time for the company.

Bringing the FF1 Futurist to production stateside, however, has proven to be tougher to accomplish than for other EV startups, most of which had either folded or had achieved production.
The market is slowly shifting to affordable EVs, rather than money-no-object engineering showcases.
Faraday Future has managed to hang on in that state of limbo longer than some industry analysts had predicted, without folding outright but also without advancing its uncompromising and ambitious concept.

All during this time, competition from startups like Lucid has crept very close to the promised specs of the FF 91, the difference being that Lucid Motors has now been producing cars for a year, albeit with a few hiccups.

The good news is that Faraday Future has now completed construction and the installation of equipment in vehicle assembly areas.

"With the completion of the manufacturing #6 milestone, we are just one step away from start of production. I look forward to working closely with Faraday Future's global employees, external partners, stockholders, and investors to honor the promise we've made to users—to deliver the FF 91 Futurist with high quality," said Chen.
The company also says it is making progress in the steps of validation and testing of the production version of the FF 91 Futurist, noting that its real-world range has exceeded its expectations.

Much still depends on Faraday's vision of the future and its price being right for the time. At the moment there is no shortage of high-priced EVs, with a wave of German electric models having arrived on the market this year.

The FF 91 Futurist still promises 1050 hp, 0-60 mph blasts in 2.27 seconds, and an EPA-certified range of 381 miles—all numbers that would have been records two years ago, before the arrival of the Lucid Air and its hotter variants. Tesla isn't out of contention either when it comes to pure performance, with platforms that are now a decade old.
Just what slice of the market Faraday will be able to take for itself remains to be seen, just as a horsepower and range war heats up among electric hypercars. And now it's not only startups like Lucid that Faraday has to worry about in the coming years, but established supercar makers as well fielding electric models.

Perhaps more importantly, the focus is now slowly shifting to affordable electric models, rather than money-no-object engineering showcases. The future is close enough now to be seen with binoculars, but the industry has not stood still for the past several years.

It’s been an exceedingly long road, but Faraday Future just announced that it’s delivered the first production FF 91. Actually, it announced it delivered the first “Ultimate AI Techluxury FF 91 2.0 Futurist Alliance,” but we didn’t realize that was the full name of the car (or cyborg unit?) until today, either.

Faraday Future’s press release is calling its first owners “users and Developer Co-Creators.” That sounds like the owners themselves will be interfacing with the company throughout their time with the car, presumably giving Faraday feedback on their experiences. We know two of these people, one being Rem D Koolhaas, an architect and designer of many things — he’s even dipped a toe into abstract automotive design that’s been featured at the Petersen Automotive Museum. The other is Jason Oppenheim, a real estate agent in L.A., and the last is an unnamed individual who works for L.A.’s Private Collection Motors dealership — the first delivery ceremony is being held at said dealership.

We’re not sure of the exact prices for these first FF 91s, but Faraday’s pricing announcement pegs the starting MSRP at $309,000. For that, you get a tri-motor powertrain with 1,050 horsepower and 1,458 pound-feet of torque that’s good enough for a 0-60 mph time of 2.27 seconds. The 142 kWh battery pack is claimed to return 381 miles of range.

Now that it’s delivered a production car, Faraday says it’s entered its “revenue generation stage.” We’ll just have to wait and see how much more revenue the company generates by seeing how many additional FF 91s it can pump out.

Faraday Future’s press release is calling its first owners “users and Developer Co-Creators.”