Faraday Future Announces Senior Management Changes

Rhea-AI Summary

Faraday Future (FF) announced key senior management changes to enhance leadership as the FF 91 Futurist approaches full-scale production. Matthias Aydt is appointed Global Senior Vice President, Product Execution, succeeding Bob Kruse. Xiaoyang Ning will act as head of Business Development, while Xiao Ma takes over Production Definition and Eco Mobile Systems. These changes aim to expedite production, with recent metrics indicating the FF 91 Futurist has exceeded performance expectations. A virtual investor update meeting is scheduled for December 15, 2022.

Positive

• Appointment of Matthias Aydt brings automotive expertise, enhancing leadership in product execution.
• Leadership changes aimed to accelerate production of the FF 91 Futurist.
• Recent performance metrics for FF 91 Futurist exceeded expectations in range and acceleration.

Negative

• Departure of Bob Kruse may raise continuity concerns in leadership during critical production phase.
• Need for additional funding activities could indicate financial instability or reliance on external capital.

- Matthias Aydt named Global Senior Vice President, Product Execution

- Xiaoyang Ning to assume acting head of Business Development

- Xiao Ma becomes acting head of Production Definition and Eco Mobile Systems

LOS ANGELES--(BUSINESS WIRE)-- Faraday Future ("FF"), a California-based global shared intelligent electric mobility ecosystem company, today announced senior management changes as it continues to bolster its leadership team and ready the FF 91 Futurist for full-scale production. Effective immediately, current FF executive and board member Matthias Aydt will take on the role of Global Senior Vice President, Product Execution, which was previously held by Bob Kruse who recently left the company. An automotive industry veteran, Mr. Aydt will be responsible for leading the entire product development and engineering teams as the company readies the FF 91 Futurist for production.

Matthias Aydt - Faraday Future (Photo: Business Wire)

Mr. Aydt was previously in charge of Product Definition & Eco Mobile Systems and Business Development at FF. Prior to joining FF, Mr. Aydt spent a number of years abroad in China and Germany with automotive companies and OEM suppliers, leading teams within Project Management and Vehicle Engineering. Mr. Aydt has over 15 registered patents.

Xiaoyang Ning, who currently leads the strategic partner relationship at FF, will assume the business development responsibilities previously held by Mr. Aydt, as acting head of Business Development. Additionally, Xiao Ma becomes acting head of Production Definition and Eco Mobile Systems at FF. Mr. Ma previously served as deputy head of Product & Mobility Ecosystem and Corporate Operations.

“The FF 91 Futurist is expected to start production soon and the experience that these dedicated leaders bring to FF will help further strengthen the company, as well as accelerate the next stage of funding activities and assist the company in delivering the FF 91 Futurist in a timely manner and with high quality,” said Xuefeng (“XF”) Chen, Global Chief Executive Officer of FF. “These leadership changes ensure that all of FF’s core departments retain experienced and competent leadership moving forward and bolster FF’s future.”

FF recently announced that it completed manufacturing milestone #6, the completion of construction and equipment installation in vehicle assembly areas. The company also continues to make progress with testing and validation of the FF 91 Futurist. Recent performance metrics including range, 0-60 acceleration and braking have exceeded expectations.

In addition, FF will host a virtual Global Investor Business Update Meeting on December 15, 2022, to announce the company’s global business transformation plan which includes a vehicle delivery plan for FF 91 Futurist.

Institutional investors and analysts interested in attending should click the link: https://www.ff.com/us/global-investor-business-update-1215 for more information.

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 App (English): https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online, (Chinese): http://appdownload.ff.com

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.

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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 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 the Company’s ability to satisfy the conditions precedent and close on the various financings previously disclosed by the Company, the failure of any which could result in the Company seeking protection under the Bankruptcy Code; the Company’s ability to amend its certificate of incorporation to permit sufficient authorized shares to be issued in connection with the Company’s existing and contemplated financings; the ability of the Company to agree on definitive documents to effectuate the governance changes with FF Top; the Company’s ability to remain in compliance with its public filing requirements under the Securities Exchange Act of 1934, as amended, and the listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and to continue to be listed on Nasdaq; the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation and other litigation involving the Company; 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 success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; recent cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; and the ability of the Company to attract and retain directors and employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s registration statement on Form S-1/A filed on November 8, 2022, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221213005685/en/

Investors (English): ir@faradayfuture.com

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

Media: john.schilling@ff.com

Source: Faraday Future

FAQ

What are the recent management changes at Faraday Future?

Faraday Future appointed Matthias Aydt as Global Senior Vice President, Product Execution, Xiaoyang Ning as acting head of Business Development, and Xiao Ma as acting head of Production Definition and Eco Mobile Systems.

Who is Matthias Aydt and what is his role at Faraday Future?

Matthias Aydt is the newly appointed Global Senior Vice President, Product Execution at Faraday Future, responsible for leading product development and engineering as the FF 91 Futurist approaches production.

What is the expected impact of the management changes on FF 91 Futurist production?

The management changes are expected to strengthen leadership and accelerate the production timeline of the FF 91 Futurist, ensuring timely and high-quality delivery.

When is the virtual Global Investor Business Update Meeting for Faraday Future?

The virtual Global Investor Business Update Meeting is scheduled for December 15, 2022.