Faraday Future Reaches Production Milestone #3 with the Start of Construction for All Remaining Production Areas at Hanford Plant

Rhea-AI Summary

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) has initiated foundation construction for all remaining production areas at its Hanford, California plant, progressing towards the scheduled production start date of July 2022. This milestone follows the installation of pilot equipment in the pre-production build area and the acquisition of a Certificate of Occupancy. Key production areas include body, propulsion, warehouse, and vehicle assembly. FF aims to implement a high-quality production setup, emphasizing innovative technology for its flagship FF 91 model.

Positive

• Foundation construction for remaining production areas underway at Hanford plant.
• Milestone #3 achieved with significant progress in production setup.
• Detailed plan secured to implement luxury-focused production setup.

Negative

• Continuing reliance on milestones suggests potential delays in production timeline.

• FF production of the FF 91 vehicles stays on-schedule ahead of targeted July 2022 start of production (“SOP”)

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 it has started foundation construction for all remaining production areas at its Hanford, California manufacturing plant, including body, propulsion, warehouse, and vehicle assembly. Interior foundation work in the production area is now well advanced, major mechanical systems, including electrical and plumbing, are being installed now, and FF will begin installation of production and assembly equipment soon.

Faraday Future Reaches Production Milestone #3 with the Start of Construction for All Remaining Production Areas at Hanford Plant (Photo: Business Wire)

“Reaching the start of our third production milestone is an important feat for the company, keeping production of the next generation of intelligent techluxury EVs on-schedule,” said FF Vice President of Manufacturing, Matt Tall. “Ensuring exemplary foundational construction is key, as the FF 91 manufacturing strategy calls for cutting-edge technology and the ability to personalize the vehicle, setting FF apart from traditional OEM mass production.”

A link to an updated video on FF’s progress can be seen here: https://youtu.be/-FmbXcZjjTU

FF is building out a state-of-the-art facility that uses highly skilled craftsmanship and leading-edge automated production processes to rival the top luxury automakers of the world. Since going public in July, FF has now reached three of its seven production milestones, including completing installation of pilot equipment in the FF pre-production build area and completing work to secure a Certificate of Occupancy, clearing the path for FF pre-production builds at the Hanford plant.

Now, FF has reached the start of its third production milestone at the Hanford plant, with more to come including:

• Milestone #3 (reached): Start foundation construction for all remaining production areas including body, propulsion, warehouse and vehicle assembly.
• Milestone #4: Pre-production builds for final engineering validation and certification vehicles.
• Milestone #5: Start all major mechanical electrical and plumbing (MEP) systems to support equipment installation.
• Milestone #6: Complete construction and equipment installation in final vehicle manufacturing areas.
• Final Milestone: SOP - summer 2022.

“FF has secured the resources needed, and has a detailed plan to adopt a bespoke, high-quality, luxury-focused production setup at our Hanford plant,” said FF Global CEO Dr. Carsten Breitfeld. “The benefit of building from the ground up is that we can implement innovation throughout the production process, building more confidence that FF will deliver the FF 91 Futurist on time next year.”

The FF 91 Futurist Alliance Edition and FF 91 Futurist models represent the next generation of intelligent techluxury EVs. They are high-performance EVs, all-ability cars and ultimate robotic vehicles that allow users to experience a third internet living space beyond their home and office.

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

Established in May 2014, Faraday Future is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, Faraday Future has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, Faraday Future was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. The “I” in FFIE stands for Intelligent and Internet and the “E” stands for Ecosystem and Electric. FF is not just an EV company, but also an internet and technology company, an AI product company, a software company, and a user ecosystem company. 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. With the ultimate intelligent techluxury brand positioning, Faraday Future’s first flagship product FF 91 Futurist is equipped with exceptional product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space.

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 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 FF’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 FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles and costs to bring its vehicles to market; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving FF and the results of the FF special committee investigation; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. 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 preliminary registration statement on Form S-1 and NT 10-Q recently filed by FF and other documents filed by FF 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 FF 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/20211213005997/en/

For Faraday Future

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 production milestone has Faraday Future reached as of December 2021?

Faraday Future has reached Milestone #3 by starting foundation construction for all remaining production areas at its Hanford plant.

When is the targeted start of production for the FF 91 vehicles?

The targeted start of production (SOP) for the FF 91 vehicles is July 2022.

What are the key production areas being constructed at the Hanford plant?

The key production areas include body, propulsion, warehouse, and vehicle assembly.

What is the significance of the Certificate of Occupancy for Faraday Future?

The Certificate of Occupancy allows FF to proceed with pre-production builds at the Hanford plant.

What is the FF 91 model being developed by Faraday Future?

The FF 91 is presented as a high-performance, intelligent techluxury electric vehicle.