Faraday Future Intelligent Electric Inc. - FFIE STOCK NEWS

Faraday Future Intelligent Electric Inc. (FFIE) announced its 2023 Annual Meeting of Stockholders to be held virtually on April 14, 2023. Key updates include the appointment of Li Han to the Board of Directors, effective March 13, 2023, replacing Matthias Aydt, who continues as Global SVP of Product Execution focusing on the FF 91 Futurist launch. The meeting will cover the election of seven directors, ratification of independent auditors for 2023, and other business matters. The Proxy Statement with detailed proposals was filed with the SEC on March 17, 2023.

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) reassures stakeholders regarding current liquidity concerns related to Silicon Valley Bank, clarifying that it holds no cash or equivalents there. The company confirms its dealer license from California and anticipates launching its FF 91 Futurist on April 26, 2023, using a direct sales model. This press release highlights that Faraday Future remains focused on developing a unique electric mobility ecosystem while mitigating potential risks from market fluctuations and regulatory challenges.

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) will hold a special stockholders meeting on March 30, 2023, requiring stockholder approval to access remaining funds from a $135 million fundraising. Initial funds have been received as planned. The Company has received non-binding interest for an additional $50 million to support FF 91 Futurist production. Key proposals include stockholder approval for transactions involving certain notes and ratification of Mazars as the independent accounting firm for 2022. Voting can be conducted online or via proxy to ensure representation during the meeting.

Faraday Future announced the start of production for the FF 91 Futurist at its FF ieFactory California, targeting a March 30, 2023 start date, contingent on $135 million in financing. As of March 3, 2023, the company has received $111.6 million towards this goal. The firm reported a net loss of $552.1 million for the year ended December 31, 2022, an increase from the $516.5 million loss in 2021. Operating expenses rose to $451 million in 2022, led by engineering and design costs. Upcoming product upgrades were detailed in the Generation 2.0 Program, featuring 26 major system enhancements. A final launch event is set for April 26, 2023.

Faraday Future Intelligent Electric Inc. (FFIE) announced it will release its fourth quarter and full year 2022 financial results on March 8, 2023, post-market close. The Company will host a conference call at 5:00 PM PT where investors can access a live webcast via its Investor Relations site. FFIE enables preorders for its flagship vehicle, the FF 91, through its app and website, marking its aim to enhance customer engagement. The Company is noted for innovative technology and aims to redefine electric mobility with an ecosystem integrating clean energy and AI.

Faraday Future has appointed Mr. Yueting Jia as a Section 16 officer and executive officer, tasked with overseeing the Product and Mobility Ecosystem, as well as Advanced R&D technology departments. This organizational shift aims to enhance leadership focus, particularly for Mr. Xuefeng Chen on manufacturing as the FF 91 Futurist approaches production start on March 30, 2023. The Board highlighted Mr. Jia's significant contributions to technology and funding strategies as key reasons for his promotion. The leadership changes are part of a broader strategy aimed at ensuring timely production and delivery of the FF 91 Futurist, while aligning the company with its long-term goals.

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced stockholder approval for an increase in authorized shares to 1.69 billion and permission to issue excess shares beyond 19.99% of outstanding common stock. This approval is essential for completing a $135 million funding round aimed at supporting the production of the FF 91 Futurist, scheduled to begin on March 30, 2023. Stockholder backing is seen as vital for enhancing shareholder value and achieving business objectives. CEO Xuefeng Chen emphasized the significance of this vote for future governance and management. The company also plans to hold an earnings call and annual stockholder meeting soon.

Faraday Future, a leading luxury electric vehicle company, is hosting a job fair on March 2, 2023, from 5:00 p.m. to 8:00 p.m. PT at the Hanford Civic Auditorium in Hanford, California. The event aims to hire personnel ahead of the production start of the FF 91 Futurist, scheduled for March 30, 2023. Attendees will have the opportunity for onsite interviews with hiring managers and insights from Senior VP Mathias Hofmann about the Hanford plant. The FF 91 Futurist promises competitive features, including 1,050 horsepower and 381 miles range, targeting high-end markets alongside brands like Ferrari and Rolls Royce.

Faraday Future Intelligent Electric Inc. (FFIE) announced an incentive plan for employees tied to the start of production (SOP) and delivery (SOD) of its FF 91 Futurist. Cash bonuses and equity awards will be offered upon meeting SOP by March 31, 2023, and SOD by April 30, 2023. The planned SOP is targeted for March 30, 2023, with the first vehicles expected to be delivered by the end of April, contingent on funding from investors. The FF 91 Futurist features significant technological advancements, including 1,050 horsepower and an EPA-certified range of 381 miles. The company is also completing testing under its Product and Technology Generation 2.0 program.