Faraday Future Announces its Outline for October FF 91 2.0 Deliveries as Part of its Ongoing ‘Delivery Co-Creation Day’ Plan and Provides Business Update
29 September 2023 - 2:11PM
Business Wire
- Company reaffirms commitment to reaching additional growth
milestones in the future.
- October is expected to continue the monthly trend of increasing
month-over-month deliveries.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
(“Faraday Future”, “FF” or “Company”), a California-based global
shared intelligent electric mobility ecosystem company, today
provided a business update via a live investor presentation webcast
hosted by incoming Global CEO Matthias Aydt and Interim CFO
Jonathan Maroko from its Hanford, California facility. Topics
covered during the webcast included the considerable foundational
milestones achieved over FF’s nine-year history; potential market
opportunities; FF’s current financing situation, including the
recently announced “at-the-market” (ATM) financing program; an
overview of meaningful cost-cutting measures being implemented; and
lastly, stressing the support and confidence of the senior
management team through measures including the recently announced
management stock purchase plan.
The Company also announced the continuation of its Co-Creation
partnerships and outlined preliminary upcoming FF 91 2.0 Futurist
Alliance deliveries for October as part of its ongoing ‘Delivery
Co-Creation Day’ plans. In the third quarter, the Company delivered
its first three FF 91 2.0 Futurist Alliance vehicles and plans to
continue deliveries going forward. Specifically, the Company
expects to deliver the FF 91 2.0 Futurist Alliance vehicle to one
of FF’s long-time investors and the founder of the world's largest
global supplier of American Halloween costumes this weekend.
Throughout October, FF will maintain its commitment to host weekly
‘Delivery Co-Creation Day’ events with four car owners: Emma
Herman, Justin Bell, and two other Co-Creation Officers.
Large-scale, high-quality deliveries remain the Company's most
critical strategic goal at present.
A replay of the live webcast can be viewed here:
https://ff.com/ or the FF APP
Highlights from the Webinar
The Company filed a registration for an “at-the-market” (ATM)
financing program. Having this program provides additional
financial flexibility and optionality for the Company. Working with
the Company’s group of placement agents, through the ATM, with the
ability to raise money from the market at current prevailing market
prices. It allows the Company to put a halt to its equity line of
credit (ELOC) program and move away from additional convertible
notes financing on which it had to relied over the past year. With
an ATM program in place, the Company anticipates a return to more
traditional corporate financing structures to financially support
future growth.
The ATM is attractive to the Company, as it can be more flexible
and less dilutive than other forms of equity-linked financing, and
significantly less dilutive than the convertible notes FF has
issued in the past year. The Company will be responsible and
prudent in using this financing tool.
With approximately $3 billion invested into the Company to date,
FF has delivered the FF 91 2.0 Futurist Alliance, which is truly an
all-ability aiHypercar. This amazing vehicle is ready, validated,
road tested, sellable and has now been delivered to the first group
of users. The vehicle is also fully compliant for U.S production
and delivery. Furthermore, the supply chain is aligned, and the
Company is receiving all necessary parts. This marks a positive
shift in the Company's fundamentals as the formation of a complete
operational closed loop and FF’s entry into the revenue-generating
stage has begun.
“The task at hand right now is to increase production and
delivery, build our brand, continue the development of our
Co-Creation partnerships and show the world what an amazing vehicle
the FF 91 2.0 is,” said Matthias Aydt, incoming Global CEO of FF.
“I plan to focus on working collaboratively with suppliers to align
on mutual interests and I’m going to lead our team’s efforts to
improve internal processes and systems. We will work to improve the
whole value chain by managing ongoing production and sales volume
as we ramp up sales. And finally, I’m going to work to increase the
efficiency of our operations, streamlining internal and external
collaboration to maximize the economic performance of the FF 91
2.0.”
FF operates in a unique market segment – a hybrid of technology,
luxury, and performance, in which it believes it will outperform
any other automaker. Given the Company’s dual-home market strategy,
its ability to access the China market (the largest global
automotive market) is unique among ultra-high-end vehicle
manufacturers such as Rolls Royce, Ferrari, Bentley, and Maybach.
The Company is focused on improving margins, increasing awareness
of its vehicles, and creating brand strength.
Users can preorder an FF 91 vehicle via the FF Intelligent App
or through the Company’s website at: (English):
https://www.ff.com/us/preorder/ or (Chinese):
https://www.ff.com/cn/preorder/
Download the new FF Intelligent App:
http://appdownload.ff.com
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury
ultra spire market in the intelligent EV era, and the disruptor of
the traditional ultra-luxury car civilization epitomized by Ferrari
and Maybach. FF is not just an EV company, but also a
software-driven intelligent internet company. Ultimately FF aims to
become a User Company by offering a shared intelligent mobility
ecosystem.
FOLLOW FARADAY FUTURE
https://www.ff.com/ https://www.ff.com/us/mobile-app/
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
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www.linkedin.com/company/faradayfuture/
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
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, among others: the Company’s ability to
continue as a going concern and improve its liquidity and financial
position; 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 Company’s ability to satisfy the conditions
precedent and close on the various financings described elsewhere
by the Company; the result of future financing efforts, the failure
of any of which could result in the Company seeking protection
under the Bankruptcy Code; general economic and market conditions
impacting demand for the Company’s products; potential 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 employees, any adverse developments in
existing legal proceedings or the initiation of new legal
proceedings, and volatility of the Company’s stock price. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
Company’s Form 10-K/A filed with the Securities and Exchange
Commission (“SEC”) on August 21, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230928851631/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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