Faraday Future Reveals New Manufacturing Updates and Introduces ‘FF ieFactory California,’ the Official Name of Its Hanford, Calif. Manufacturing Plant

Rhea-AI Summary

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced significant progress at its Hanford, California manufacturing facility, now named ‘FF ieFactory California’. The facility is slated to start production of the FF 91 luxury electric vehicle in Q3/Q4 2022. The company continues vehicle builds and validation testing, aiming for high-quality production processes. Additionally, FF plans to hire 350 employees as it ramps up operations, emphasizing its commitment to innovative manufacturing techniques.

Positive

• FF ieFactory California officially named, signifying advanced production capabilities.
• Continued progress in vehicle builds and testing ahead of FF 91 launch.
• FF plans to hire 350 new employees, boosting local job market.

Negative

• Production timeline dependent on successful completion of milestones; any delays could affect stock performance.
• Risks related to supply chain disruptions and rising material costs could hinder operations.

• Further progress has been made in all production areas at the 'ieFactory' as FF marches to start of production
• Continued production-intent vehicle builds along with testing and validation of these vehicles help ensure the FF 91 program remains on schedule to launch in Q3/Q4 2022
• FF’s Hanford, Calif. manufacturing facility will officially be named ‘FF ieFactory California’ and will produce the FF 91 luxury EV for North America and China markets

HANFORD, Calif.--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today gave further progress updates at its North American manufacturing facility and unveiled the official name of the production plant located in Hanford, California which will now be identified as ‘FF ieFactory California.’ This state-of-the-art facility will lead the production of the all new TechLuxury FF 91 EV, arriving later this year.

Faraday Future today gave further progress updates at its North American manufacturing facility and unveiled the official name of the production plant located in Hanford, California which will now be identified as ‘FF ieFactory California.’ This state-of-the-art facility will lead the production of the all new TechLuxury FF 91 EV, arriving later this year. (Photo: Business Wire)

The name ‘FF ieFactory California’ is synonymous with a new class of production facilities where intelligent, connected, and electrified products are created, and become part of a larger connected, shared user ecosystem. It is where the Ultimate Intelligent TechLuxury FF 91 is being built and will be just the beginning of FF’s global production platform.

“We continue to make exceptional progress on construction and development in our Hanford manufacturing plant, and we are getting closer to our start of production (SOP) later this year,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future. “Main body lines, e-coat systems and paint ovens and conveyance are all in place for start of production and we continue to build production-intent vehicles that will be used for further testing and validation.”

FF is utilizing a sophisticated electrocoating process in its paint shop which will help ensure noticeably superior paint finish and durability. The team at the 'FF ieFactory California' is in the final stages of commissioning the tanks used in this process.

In the Body Shop, FF is nearing the accomplishment of the 6th milestone, which is the completion of construction and equipment installation in the final vehicle manufacturing areas. Robots in the Body Shop are undergoing final commissioning and validation to support production activity. This area, like the balance of the factory, focuses on quality and precision manufacturing processes and will help to ensure the FF 91 is built to the highest standards. This facility will adopt a customized, high-quality, luxury-focused production setup for the flagship FF 91 EV.

'FF ieFactory California' is about more than just making an EV product. FF is creating a larger “intelligent ecosystem,” hence the “ie” in the name. While this plant is very meaningful to FF, it’s equally as meaningful to the Hanford community. Faraday Future will hire upwards of 350 new employees at this facility as FF ramps up production.

FF is building out its facility focused on world class craftsmanship and state-of-the-art manufacturing technology and automation to rival the top luxury automakers of the world. Since going public last July, FF has accomplished five manufacturing milestones and is in the process of the sixth and final milestone prior to Start of Production.

Click here to view a video reel highlighting the factory update.

The flagship FF 91 will be the first high-end, high-performance, luxury, intelligent EV and will reset customer expectations for both driver and passenger experience. The FF 91 was designed in the company’s headquarters in Los Angeles, engineered in Los Angeles, Silicon Valley, and China, and is being produced in the Hanford, Calif. manufacturing plant. The FF 91’s “Global DNA” reflects the talent at FF and across the globe, with support from top-tier suppliers from countries such as Italy, Germany, Japan, Netherlands, China, Belgium, Switzerland and more.

Users can preorder an FF 91 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.

FOLLOW FARADAY FUTURE:
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http://appdownload.ff.com
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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 report, 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 production and deliveries of FF 91 vehicles, the capital the Company is seeking to raise to fund its operations, the terms and status of any potential financing transaction and related negotiations with potential investors and financing sources, and the Company’s anticipated liquidity needs. 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 secure adequate funding to commercially launch the FF 91 and fund its operations; supply chain disruptions and rising prices of materials; the Company’s ability to remain in compliance with the listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and to continue to be listed on Nasdaq; the outcome of the Securities and Exchange Commission (“SEC”) investigation relating to the matters that were the subject of the Special Committee investigation; the implementation of the Special Committee’s actions 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; and 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/A (File No. 333-258993) filed with the SEC on June 9, 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/20220802006152/en/

Investors (English): ir@faradayfuture.com

Investors (Chinese): cn-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 the significance of the 'FF ieFactory California' announcement by FFIE?

The announcement highlights the progress and readiness of Faraday Future's manufacturing facility to produce the FF 91 luxury EV, emphasizing its advanced capabilities.

When is the FF 91 expected to launch according to the press release?

The FF 91 is expected to launch in Q3/Q4 2022, pending successful production milestones.

How many employees will FF hire at the new manufacturing facility?

Faraday Future plans to hire approximately 350 new employees at the FF ieFactory California.

What challenges could impact FFIE's production timeline?

Production timelines are at risk due to potential supply chain disruptions and increasing material costs, which could affect the FF 91's launch.