The automatic thread cutter (Futura 2001 has a built-in blade) won't cut the top thread. From the Manual: The diagram shows the solenoid that activates the cutter. You will learn to check if the solenoid is getting 12V. If not, the manual directs you to the "Driver Transistor" on the main PCB (Part number Q7).
Turn to the section labeled "Hook to Needle Timing" .
Regular cleaning is essential to prevent poor stitch performance and internal wear.