Faraday Future Ships Latest Production-Intent FF 91 Futurist to China for Final Evaluation and Testing Purposes

Rhea-AI Summary

Faraday Future Intelligent Electric, Inc. (NASDAQ: FFIE) has shipped a production-intent FF 91 Futurist vehicle to China for testing and validation. This shipment supports the company's dual-home market strategy in the U.S. and China, the largest markets for electric vehicles. The vehicle was manufactured at FF's Hanford facility and has arrived in Shanghai. Production of the saleable FF 91 Futurist is expected to commence in late March 2023, pending investor funding. The FF 91 Futurist boasts 1,050 horsepower, an EPA-certified range of 381 miles, and advanced technology. The company is nearing the start of production milestone, having completed significant upgrades in vehicle systems.

Positive

• Successful shipment of the FF 91 Futurist to China for market testing.
• Anticipated production start in late March 2023.
• Significant upgrades completed under the Product and Technology Generation 2.0 program.

Negative

• Reliance on investor funding to proceed with production plans.
• Risks related to compliance with Nasdaq listing requirements.

LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric, Inc. (NASDAQ: FFIE), (“FF” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced it has shipped one of the latest production-intent FF 91 Futurist testing vehicles to China for market testing and validation, including charging and infrastructure compatibility along with other hardware and software applications. The vehicle was completed at FF’s Hanford California manufacturing facility, “FF ieFactory California,” and has already arrived in Shanghai. This shipment validates the Company’s planned promotion of its US-China dual-home market strategy, which calls for production and sales in both the U.S. and China, the world’s two largest markets for electric vehicles.

Faraday Future FF 91 Futurist (Photo: Business Wire)

A video link marking this occasion can be seen here: https://youtu.be/eI3lZ_IpLeg

Final preparations and vehicle testing are underway for FF’s production-intent vehicles built to focus on the Chinese market. The Company expects to start production of a saleable FF 91 Futurist in late March 2023, with deliveries in April, assuming receipt of investor funds on the Company’s expected timeline.

“I’m excited to see the realization of our U.S-China dual-home market strategy take shape as we ship one of our latest vehicles to China for testing purposes,” said Chen Xuefeng (XF), Global CEO of FF. “Stay tuned as we prepare the Ultimate Intelligent TechLuxury FF 91 Futurist for the two largest global EV markets.”

FF is completing its testing and validation of the FF 91 Futurist through the Product and Technology Generation 2.0 program (PT Gen 2.0). The generational upgrade from PT Gen 1.0 to PT Gen 2.0 consists of significant upgrades of systems and core components in both the vehicle and the I.A.I area – the advanced core, which stands for Internet, Autonomous Driving, and Intelligence. PT Gen 2.0 was achieved through upgrades of 26 major systems and components, with 13 key upgrades throughout powertrain, battery, charging, chassis, interior from EV areas, and 13 key upgrades in computing, sensing, communication, user interaction, and performance of the FF 91 Futurist.

With the recently announced round of financing commitments, and the help of our global supply chain partners, FF is now closing in on the 7th milestone, which is the start of production (SOP). The Company recently announced the completion of the 6th milestone, the completion of construction and equipment installation in vehicle assembly areas at FF ieFactory California. This marked the sixth of the seven milestones that FF set in 2021 to mark its manufacturing achievements leading to start of production of the FF 91 Futurist.

Competing with Ferrari, Maybach, Rolls Royce, and Bentley as the only next-gen Ultimate Intelligent TechLuxury EV product, the FF 91 Futurist offers a unique and intelligent EV experience with extreme technology and an ultimate user experience. The FF 91 Futurist features an industry-leading 1,050 horsepower, an EPA-certified range of 381 miles, 0-60 mph in 2.27 seconds, a unique rear intelligent Internet system, and a revolutionary user experience designed to create a mobile, connected, intelligent, and luxurious third Internet living space.

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.

FOLLOW FARADAY FUTURE:

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http://appdownload.ff.com
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
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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, which include, among other things, statements regarding the anticipated start of production (SOP) and delivery timing for our FF 91 Futurist vehicle, additional funding and timing for receipt thereof and FF stockholder approval of an authorized share increase and the timing thereof, 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 whether the Amended Shareholder Agreement between the Company and FF Top, dated as of January 13, 2023, complies with the listing requirements of The Nasdaq Stock Market LLC, the market performance of the shares of the Company’s common stock; the Company’s ability to regain compliance with, and thereafter continue to comply with, the Nasdaq listing requirements; the Company’s ability to satisfy the conditions precedent and close on the various financings previously disclosed by the Company and any future financings, the failure of any of 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; whether the Company and the City of Huanggang could agree on definitive documents to effectuate the non-binding Cooperation Framework Agreement; the Company’s ability to remain in compliance with its public filing requirements under the Securities Exchange Act of 1934, as amended; 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 filed on February 7, 2023, 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/20230212005026/en/

Investors (English): ir@faradayfuture.com

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

Media: john.schilling@ff.com

Source: Faraday Future Intelligent Electric, Inc.

FAQ

What milestone is Faraday Future achieving with the FF 91 Futurist vehicle shipment to China?

Faraday Future is validating its U.S.-China dual-home market strategy by shipping the FF 91 Futurist vehicle to China for market testing.

When is the production start date for the FF 91 Futurist?

Production of the saleable FF 91 Futurist is expected to begin in late March 2023.

What are the key features of the FF 91 Futurist electric vehicle?

The FF 91 Futurist features 1,050 horsepower, an EPA-certified range of 381 miles, and advanced technology for a unique driving experience.

What upgrades were made to the FF 91 Futurist under the Product and Technology Generation 2.0 program?

PT Gen 2.0 includes upgrades to 26 major systems and components, improving areas such as powertrain, battery, chassis, and user interaction.

What financial risks does Faraday Future face related to the FF 91 Futurist production?

Faraday Future faces risks linked to compliance with Nasdaq listing requirements and the necessity of obtaining investor funding.