Faraday Future Marks Production Milestone #5 at its Hanford, Calif. Manufacturing Facility, Remains on Schedule to Launch in Q3 2022

Rhea-AI Summary

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced the achievement of manufacturing milestone #5, initiating major mechanical, electrical, and plumbing (MEP) systems in their Hanford, California facility. This milestone supports the upcoming launch of the FF 91, a luxury electric vehicle (EV) set for Q3 2022, as the company progresses toward its production goals. FF has reached five of seven milestones aimed at establishing a state-of-the-art production capability to rival top luxury automakers.

Positive

• Achievement of manufacturing milestone #5 indicating progress towards production.
• FF 91 launch on schedule for Q3 2022, showcasing confidence in production timeline.

Negative

• None.

• Milestone #5 signifies the start of all major mechanical, electrical, and plumbing (MEP) systems to support equipment installation.
• With the achievement of the first five manufacturing milestones, and continued vehicle testing and validation of production-intent vehicles, the FF 91 program is on schedule to launch in Q3 2022.
• The FF 91 will be the first high-end, high-performance, luxury, intelligent EV and will reset customer expectations for both driver and passenger experience.

LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced that work is underway on all major mechanical electrical and plumbing (MEP) systems to support equipment installation, thus marking the company’s manufacturing milestone #5. With this achievement, FF demonstrates steady progress toward Start of Production (SOP) and remains on track to launch the FF 91 flagship EV in Q3 2022.

Faraday Future Marks Production Milestone #5 at its Hanford, Calif. Manufacturing Facility, Remains on Schedule to Launch in Q3 2022 (Photo: Business Wire)

“Our manufacturing facility in Hanford, California is developing at an impressive pace, and remains on schedule to deliver our first vehicles in Q3, now that we have marked five of our seven milestones,” said Dr. Carsten Breitfeld, Global Chief Executive Officer of Faraday Future. “FF will be the first truly high-end, high-performance, luxury, intelligent EV manufacturer when we introduce our flagship model, the FF 91, to customers in Q3 later this year.”

A link to a video showcasing FF’s progress at its manufacturing facility in Hanford can be seen here: Manufacturing Milestone 5 Achieved.

FF is building a state-of-the-art facility that combines highly skilled craftsmanship with leading-edge automated production processes to rival the top luxury automakers of the world. Since going public in July, FF has now reached five of its seven production milestones, including foundation construction, pre-production builds for final engineering validation, and certification vehicles. Now, FF has reached the start of all MEP systems to support equipment installation. Only two manufacturing milestones remain:

• Milestone #6: Complete construction and equipment installation in final vehicle manufacturing areas.
• Final Milestone: SOP – July 2022.

While the MEP systems are finalized and automated equipment is being installed, engineers continue to build more production-intent vehicles. These vehicles feature production-specification components and will be used for testing and validation, as well as for public viewing. FF will participate in more automotive events and car shows as it moves closer to SOP. This past week, FF displayed a production-intent FF 91 at the 2022 Milken Institute Global Conference.

Users can reserve an FF 91 Futurist model now via the FF Intelligent APP or FF.com at: https://www.ff.com/us/reserve.

Download the new FF Intelligent APP at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online.

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, and include (among others) statements regarding the expected timing of the launch of FF 91 and FF 81 vehicles and anticipated production capacity of the Company’s Hanford, California facility. 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 outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation; the Company’s ability to satisfy the terms of the Nasdaq exception and to file Form 10-K by May 16, 2022 and its ability to regain compliance with the Nasdaq continued listing standards; the implementation of the Special Committee’s actions and related internal review by 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; the ability of the Company to attract and retain 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 (File No. 333-258993) filed with the SEC on October 4, 2021, 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/20220512006007/en/

For Faraday Future

Mark Connelly

Investors: ir@faradayfuture.com

John Schilling

Media: john.schilling@ff.com

Tim Gilman

Media: tim.gilman@ff.com

Source: Faraday Future Intelligent Electric Inc.

FAQ

What is milestone #5 for FFIE?

Milestone #5 signifies the initiation of major mechanical, electrical, and plumbing systems to support equipment installation at Faraday Future's manufacturing facility.

When is the launch of the FF 91 expected?

The FF 91 is projected to launch in Q3 2022.

How many manufacturing milestones has FFIE achieved?

Faraday Future has achieved five out of seven planned manufacturing milestones.

What is significant about the FF 91?

The FF 91 is positioned as a high-end, high-performance luxury electric vehicle aimed at redefining customer expectations.