Faraday Future Receives Certificate of Occupancy (“COO”) for its Hanford Manufacturing Plant, Completes Second Production Milestone

Rhea-AI Summary

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced a significant milestone with the awarding of a Certificate of Occupancy (COO) for its Hanford, California manufacturing plant. This development enables the company to commence assembly of pre-production models for the FF 91 EV, projected to begin production in summer 2022. The company is ramping up hiring, having hosted a job fair, as it gears up for full production. FF aims to deliver luxury electric vehicles with advanced technology.

Positive

• Received Certificate of Occupancy for Hanford plant, a crucial step towards production.
• Ramp-up in hiring efforts, enhancing workforce for luxury EV production.

Negative

• None.

• Awarding of COO is a major production milestone in continuing FF’s on-schedule start of production (“SOP”) in summer 2022
• FF continues to ramp up its hiring efforts, including hosting a local job fair today for its Hanford facility in central California, which will adopt a bespoke, high-quality, luxury-focused production setup for its flagship FF 91 EV

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 received the Certificate of Occupancy for the major manufacturing area of its Hanford, Calif. manufacturing plant, delivered personally by Francisco Ramirez, Mayor of Hanford. The completed portion of the plant will be used to assemble the final group of pre-production builds of the ultimate intelligent techluxury FF 91 EV, engineered and designed with superior craftsmanship.

Matt Tall, VP of Manufacturing for Faraday Future receives the Certificate of Occupancy for the major manufacturing area of its Hanford, Calif. manufacturing plant, delivered personally by Francisco Ramirez, Mayor of Hanford. (Photo: Business Wire)

“Receiving this COO is an incredibly important step in our production roadmap for our flagship FF 91 and it's our second recent major milestone at the plant,” said FF Vice President of Manufacturing, Matt Tall. “We’re laser focused on meeting our production milestones and getting the Hanford manufacturing plant equipped to launch the FF 91 by July 2022.”

The first COO opens the gates for FF employees to build additional pre-production vehicles for final testing and validation before production officially begins. Previously, only construction-related resources and personnel were able to work out of the facility. The Hanford plant will be a state-of-the-art facility that uses leading-edge automated production processes and highly skilled craftsmanship to rival the top luxury automakers of the world. FF is also ramping up hiring at the plant, as well as across more functions such as engineering, supply chain, design, marketing, brand, sales and other areas.

In October, FF laid out seven production milestones leading up to SOP in summer 2022. Now, after receiving the first COO, FF has five remaining production milestones:

• Milestone #3: 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.

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-in-one all-ability cars, and ultimate robotic vehicles that allow users to experience a third internet living space beyond their home and office. The models encompass extreme technology, an ultimate user experience and a complete ecosystem.

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, FF is a global shared intelligent electric mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, FF has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, FF 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. FF 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, FF’s first flagship product FF 91 Futurist is equipped with unbeatable 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; 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 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/20211110006536/en/

For Faraday Future

Investors: ir@faradayfuture.com

John Schilling

Media: john.schilling@ff.com

Source: Faraday Future Intelligent Electric Inc.

FAQ

What is the significance of the Certificate of Occupancy awarded to Faraday Future?

The Certificate of Occupancy is a major milestone that allows Faraday Future to begin assembling pre-production models of the FF 91 EV at its Hanford, California plant.

When is Faraday Future expected to start production of the FF 91 EV?

Production for the FF 91 EV is anticipated to begin in summer 2022.

What are the hiring initiatives announced by Faraday Future?

Faraday Future is increasing its hiring efforts at the Hanford facility, including hosting a job fair to attract talent for luxury EV production.

What are the upcoming production milestones for Faraday Future?

Faraday Future outlined five remaining production milestones leading up to the start of production for the FF 91 EV.

Where can I reserve an FF 91 EV model?

You can reserve an FF 91 model through the FF intelligent APP or on their official website.