Faraday Future to Showcase FF 91 Futurist at 2023 Consumer Electronics Show in Las Vegas

Rhea-AI Summary

Faraday Future (FF) announced its participation in CES 2023, showcasing the FF 91 Futurist alongside Innovusion's LiDAR technology. Production of the FF 91 Futurist is expected to start by late March 2023, contingent upon securing $150 to $170 million in additional funding. The company has made 26 significant upgrades to the FF 91 Futurist since 2021. Recently, FF received a $30 million binding letter of intent from an investor, pending approval. This vehicle features 1,050 horsepower and an EPA-certified range of 381 miles, aiming to enhance luxury electric vehicle standards.

Positive

• Expected production start for FF 91 Futurist in late March 2023.
• Completed 26 major upgrades on the FF 91 Futurist since 2021.
• Received a $30 million letter of intent from an investor, aiding funding efforts.

Negative

• Production start is contingent on securing $150 to $170 million in additional funding.
• Potential risks related to financing conditions and stockholder approval for authorized share increase.

• FF 91 Futurist will be on display alongside Innovusion’s LiDAR portfolio for autonomous driving

• New leadership and expected funding to kickstart FF 91 Futurist production, targeted for March of 2023

• FF recently completed numerous product and technology upgrades to its FF 91 Futurist which highlight 26 major new system and component upgrades made since 2021

LOS ANGELES--(BUSINESS WIRE)-- Faraday Future ("FF" or “the Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced its return to the Consumer Electronics Show, CES 2023, taking place from January 5 – 8, 2023 in Las Vegas, NV. FF will display the FF 91 Futurist in Innovusion's booth at CES, located at the Las Vegas Convention Center, West Hall (Booth #6925). Recently, FF selected Innovusion’s Falcon LiDAR to power the FF 91’s autonomous driving system. The Falcon LiDAR is intended to seamlessly integrate into the FF 91 Futurist to deliver additional real-time 3D vision, even in adverse weather conditions or the darkest of nights, providing a safer and more reliable driving experience.

Innovusion’s Falcon LiDAR is designed to give the FF 91 Futurist unprecedented insight into the environment far in front of the car. Enabled by Falcon’s long-distance capability and high angular resolution, other vehicles in the FF 91’s path can be detected up to 1,600 feet away (over five football fields), and even pedestrians and small road debris can be detected over 650 feet away.

The Company expects to start production of a saleable FF 91 Futurist at the end of March 2023, coming off the assembly line in early April with deliveries before the end of April, subject to the timely availability of $150 to $170 million of additional funding and timely stockholder approval of an authorized share increase. FF recently received a $30 million binding letter of intent draft from a current FF investor. The agreement is subject to FF Board approval and conditions including negotiation and execution of definitive documentation.

“The Consumer Electronics Show is the pinnacle setting of the newest and most influential technology in the world, so it was essential that we bring our technology-packed flagship FF 91 Futurist back to this show,” said Xuefeng (“XF”) Chen, Global Chief Executive Officer of FF. “Innovusion’s long-range and high-resolution Falcon LiDAR is the only product of its kind being mass-produced for consumer vehicles. With partners like Innovusion, the FF 91 Futurist will set new standards in driver assistance technologies that will help us achieve new levels of safety, driver comfort, and convenience in the luxury electric vehicle marketplace. And we are excited to explore opportunities to integrate Innovusion’s new product lines into future car models as well.”

Faraday Future continues to make progress with 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 from both the vehicle, and 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 system and components. With 13 key upgrades throughout powertrain, battery, charging, chassis, interior from EV areas, as well 13 key upgrades from computing, sensing, communication, user interaction, and significant performance improvements to the FF 91 Futurist.

The Company recently announced the completion of manufacturing milestone #6, the completion of construction and equipment installation in vehicle assembly areas. This marks six of the seven milestones (the 7^th milestone being SOP) that FF laid out late in 2021 to mark its manufacturing achievements towards the start of production of the FF 91 Futurist.

As the only next-gen Ultimate Intelligent TechLuxury EV product, the FF 91 Futurist puts forward a unique and intelligent EV experience with extreme technology, 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 and user mobility ecosystem platform.

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.

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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 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 statements regarding anticipated start of production (SOP) and delivery timing for our FF 91 Futurist vehicle, additional anticipated 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 the Company’s ability to satisfy the conditions precedent and close on the various financings previously disclosed by the Company and anticipated additional financings, the failure of any 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; the ability of the Company to agree on definitive documents to effectuate the governance changes with FF Top; the Company’s ability to remain in compliance with its public filing requirements under the Securities Exchange Act of 1934, as amended, and the listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and to continue to be listed on Nasdaq; 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 December 23, 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/20230102005040/en/

Investors (English): ir@faradayfuture.com

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

Media: john.schilling@ff.com

Source: Faraday Future

FAQ

When will FFIE start production of the FF 91 Futurist?

FFIE expects to start production of the FF 91 Futurist by late March 2023.

What upgrades have been made to the FF 91 Futurist?

FF has completed 26 major upgrades to the FF 91 Futurist since 2021.

What funding is necessary for FFIE's production plans?

FFIE needs $150 to $170 million in additional funding to commence production.

What is the expected range and horsepower of the FF 91 Futurist?

The FF 91 Futurist features 1,050 horsepower and an EPA-certified range of 381 miles.