Faraday Future Announces Employee Incentive Plan as it Sprints Towards FF 91 Futurist Start of Production
Faraday Future Intelligent Electric Inc. (FFIE) announced an incentive plan for employees tied to the start of production (SOP) and delivery (SOD) of its FF 91 Futurist. Cash bonuses and equity awards will be offered upon meeting SOP by March 31, 2023, and SOD by April 30, 2023. The planned SOP is targeted for March 30, 2023, with the first vehicles expected to be delivered by the end of April, contingent on funding from investors. The FF 91 Futurist features significant technological advancements, including 1,050 horsepower and an EPA-certified range of 381 miles. The company is also completing testing under its Product and Technology Generation 2.0 program.
- Incentive plan aims to motivate employees towards SOP/SOD milestones.
- FF 91 Futurist features advanced specifications: 1,050 horsepower, 381 miles range.
- SOP and SOD timelines are contingent upon timely receipt of funds from investors.
- Potential risks related to compliance with Nasdaq listing requirements.
- The incentive plan, along with other Company business, was announced at a Company all-hands employee meeting this week
The Incentive Plan includes the grant of certain equity incentive awards to employees of the Company, including various Company executives. Such a large-scale and powerful award reflects the commitment and encouragement of the Board of Directors of FFIE to all FFIE employees, and further lays the foundation for completing the SOP and SOD objectives on time.
Executives also spent time at the meeting, which was held at the Company’s Los Angeles HQ, and included employees at all of its offices, including those based in
FF is targeting a SOP date for its flagship FF 91 Futurist of
“These incentives will help our employees be extremely focused on our SOP/SOD milestone dates,” said
FF is completing its testing and validation of the FF 91 Futurist through the Product and Technology Generation 2.0 program (PT Gen 2.0). The generational upgrade from PT Gen 1.0 to PT Gen 2.0 consists of significant upgrades of systems and core components in both the vehicle and the I.A.I area – the advanced core, which stands for Internet, Autonomous Driving, and Intelligence. PT Gen 2.0 was achieved through upgrades of 26 major system and components, with 13 key upgrades throughout powertrain, battery, charging, chassis, interior from EV areas, and 13 key upgrades in computing, sensing, communication, user interaction, and performance of the FF 91 Futurist.
Competing with Ferrari, Maybach, Rolls Royce, and Bentley as the only next-gen Ultimate Intelligent TechLuxury EV product, the FF 91 Futurist offers a unique and intelligent EV experience with extreme technology and an ultimate user experience. The FF 91 Futurist features an industry-leading 1,050 horsepower, an EPA-certified range of 381 miles, 0-60 mph in 2.27 seconds, a unique rear intelligent Internet system, and a revolutionary user experience designed to create a mobile, connected, intelligent, and luxurious third Internet living space.
Users can preorder an FF 91 Futurist via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/
Download the new FF Intelligent
ABOUT FARADAY FUTURE
Faraday Future is a class-defining luxury electric vehicle company. The Company has pioneered numerous innovations relating to its products, technology, business model, and user ecosystem since inception in 2014. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet, and new usership models. Faraday Future’s first flagship product is the FF 91 Futurist.
FOLLOW FARADAY FUTURE:
https://www.ff.com/
http://appdownload.ff.com
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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, among other things, statements regarding the anticipated start of production (SOP) and delivery timing for our FF 91 Futurist vehicle, additional funding and timing for receipt thereof and FF stockholder approval of an authorized share increase and the timing thereof, 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 whether the Amended Shareholder Agreement between the Company and FF Top, dated as of
ADDITIONAL INFORMATION
In connection with the special stockholders meeting, the Company has filed with the
PARTICIPANTS IN SOLICITATION
Faraday Future and its respective directors and executive officers and certain Company investors and their representatives may be deemed participants in the solicitation of proxies of the Company’s stockholders in respect of the proposals in the Proxy Statement. Information about the directors and executive officers of Faraday Future, such investors and their representatives and their ownership is set forth in the Company’s filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005793/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source:
FAQ
What is the incentive plan announced by Faraday Future?
When is the expected start of production for FF 91 Futurist?
What are the delivery timelines for the FF 91 Futurist?
What features make the FF 91 Futurist stand out?