Faraday Future Announces First FX 6 Prototype Mules Have Arrived at its Los Angeles Headquarters; Will Begin U.S. Product Development and Testing Focusing on ADAS

Rhea-AI Summary

Faraday Future (NASDAQ: FFAI) has announced the arrival of its first two FX 6 camouflaged prototype mules at its Los Angeles headquarters, marking a significant step in its mass-market Advanced Intelligent Electric Vehicle (AIEV) strategy.

The prototypes will undergo a three-phase testing and validation process in the U.S., focusing on ADAS, powertrain performance, range testing, and intelligent cabin refinement. The FX 6 is part of the company's broader FX product line, which includes three planned models:

• The AI-MPV 'Super One'
• FX 5 (price target: $20,000-$30,000)
• FX 6 (price target: $30,000-$50,000)

Positive

• Entry into mass-market EV segment with competitive pricing strategy
• Development progress with arrival of first prototype mules
• Comprehensive testing program implementation for quality assurance

Negative

• Products still in early development phase with no immediate revenue generation
• Facing intense competition in mass-market EV segment

• The arrival demonstrates the Company’s commitment to the mass market AIEV segment and progress of the Faraday (FX) strategy in the U.S.

LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“FF”, “Faraday Future”, or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that its first two FX 6 camouflaged prototype mules arrived at the Company’s U.S. headquarters in Los Angeles. The FX 6 concept is part of FF’s broader Faraday X (FX) product strategy aimed at delivering Advanced Intelligent Electric Vehicles (AIEVs) to a mass-market audience. The camouflaged prototype mules will start an initial three-phase testing and validation in the U.S., ensuring that they meet FF’s high standards for performance, technology, and user experience.

Faraday Future Announces First FX 6 Prototype Mules Have Arrived at its Los Angeles Headquarters; Will Begin U.S. Product Development and Testing Focusing on ADAS

The FX team will begin conducting extensive evaluations, including ADAS, powertrain and performance assessment, range testing, along with intelligent cabin and user experience refinement.

The FX brand is planned to target the mass market segment, advancing a new chapter in the Company's strategy. FX currently plans for up to three models: an AI-MPV product—named the Super One, the FX 5, with a price target between $20,000-$30,000, and the FX 6, with a price target between $30,000-$50,000.

ABOUT FARADAY FUTURE

Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future’s flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance. The new FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF91, targeting a broader market with middle-to-low price range offerings. For more information, please visit https://www.ff.com/us/.

FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the Super One, the FX 5 and the FX 6, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; the Company's ability to secure necessary agreements to license and/or produce Super One, FX 5 or FX 6 vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate the Super One, FX 5 or FX 6 for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors, and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250320063494/en/

Investors (English): ir@faradayfuture.com

Investors (Chinese): cn-ir@faradayfuture.com

Media: john.schilling@ff.com

Source: Faraday Future Intelligent Electric Inc.

FAQ

What is the price range of Faraday Future's new FX 6 electric vehicle (FFAI)?

The FX 6 has a target price range between $30,000-$50,000.

How many FX 6 prototype mules has Faraday Future received for testing?

Faraday Future has received two FX 6 camouflaged prototype mules at its Los Angeles headquarters.

What testing phases will the FX 6 prototype undergo for FFAI?

The FX 6 will undergo a three-phase testing process focusing on ADAS, powertrain performance, range testing, and intelligent cabin refinement.

How many models are planned in Faraday Future's FX product line?

Faraday Future plans three models: the AI-MPV Super One, the FX 5 ($20,000-$30,000), and the FX 6 ($30,000-$50,000).