Faraday Future Intelligent Electric Inc. - FFIE STOCK NEWS

Faraday Future has appointed Xuefeng Chen as Global CEO, replacing Carsten Breitfeld, who was released by the Board following a performance evaluation. Chen, with nearly 20 years in the automotive industry, notably at Ford and Jaguar Land Rover, is expected to lead the launch of the FF 91 Futurist and execute the company’s US-China dual home market strategy. The company has recently completed manufacturing milestone #6, paving the way for production. The FF 91 Futurist boasts industry-leading specs with 1,050 horsepower and an EPA-certified range of 381 miles.

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) reported its third-quarter 2022 results, highlighting significant milestones. The company achieved manufacturing milestone #6 at its ieFactory in Hanford and improved FF 91 performance metrics, notably an EPA rating of 381 miles, surpassing initial estimates of 333 miles. The firm also secured a $600 million financing facility with an initial $52 million committed. Financial results revealed a net loss of $103 million, significantly down from $304 million year-over-year, marking a positive shift in operational expenditures.

Faraday Future Intelligent Electric (FFIE) announced that its flagship FF 91 Futurist EV has been certified as a zero-emission vehicle by the California Air Resources Board (CARB). This certification positions the FF 91 among the first ultra-luxury electric vehicles available in California and other compliant states. The FF 91 boasts an EPA-certified range of 381 miles, a powerful output of 1,050 horsepower, and exceptional acceleration capabilities, making it a competitive entry in the luxury EV market.

Faraday Future Intelligent Electric (NASDAQ: FFIE) has secured a new standby equity line of credit (ELOC) with Yorkville Advisors, starting at $200 million and potentially rising to $350 million. This financing is set to enhance the company's financial flexibility, supporting the upcoming launch of its FF 91 vehicle. The S-1/A Registration Statement was effective on November 10, 2022. The FF 91 boasts impressive specifications, including an EPA range certification of 381 miles and a performance of 0-60 mph in under 2.4 seconds.

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced the appointment of Mazars USA LLP as its new independent auditor, effective October 28, 2022. This change follows the previous auditor, PricewaterhouseCoopers LLP, who served until August 23, 2022. The appointment will be submitted for stockholder ratification at the next meeting. Chief Accounting Officer Yun Han expressed optimism about the collaboration, aiming to enhance the company's accounting and finance capabilities.

Faraday Future has appointed Yun Han as Chief Accounting Officer and Interim Chief Financial Officer, effective October 25, 2022. Han replaces Becky Roof, who served in the interim role until October 12, 2022. The company expects to receive $10 million this week as part of a $60 million financing agreement, following the successful acquisition of $55 million in financing. The funds will support Faraday Future’s operations and its efforts to bring the FF 91 to market. CEO Dr. Carsten Breitfeld expressed confidence in Han’s experience and the company’s growth potential.

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced the resignation of Rebecca A. Roof as interim Chief Financial Officer. Her tenure included leading three successful fundraising agreements and restoring the company to timely filing status with the SEC. Roof will assist in the transition as the company seeks a permanent CFO. CEO Dr. Carsten Breitfeld praised her contributions, emphasizing the strengthened financial position and controls during her leadership. An announcement regarding a new Chief Accounting Officer, who will act as CFO, is expected soon.

Faraday Future and FF Top have resolved their governance dispute, with FF Top dismissing its lawsuit. Sue Swenson will step down as Executive Chair upon receiving $13.5 million. Further board changes will occur after securing $85 million in financing. This marks a significant governance shift. The company secured up to $100 million in new financing, comprising two agreements for $40 million and $60 million. Efforts are underway to reduce costs amid ongoing discussions for additional funding.

Faraday Future Intelligent Electric is actively seeking financing alternatives for FF 91 production. Their capital-raising efforts have been hindered by a misinformation campaign alleging conspiracy among directors for personal bankruptcy gain. An independent investigation concluded these claims are baseless. Despite facing death threats against executives, the company is cooperating with law enforcement. Faraday Future strives to protect its team and continue its mission as a luxury electric vehicle innovator.