Faraday Future Completes the Sale-Leaseback of its Hanford, California Manufacturing Facility
19 October 2023 - 10:00PM
Business Wire
- Expected to generate up to $12 million of capital for facility
improvements supporting vehicle production ramp-up.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
(“Faraday Future”, “FF” or “Company”), a California-based global
shared intelligent electric mobility ecosystem company, today
announced that it has exercised its option to purchase its Hanford,
California manufacturing facility and simultaneously completed a
sale leaseback. This transaction is expected to generate up to $12
million of non-dilutive capital that can be used toward the
completion of plant improvements and infrastructure enhancements to
facilitate FF 91 2.0 Futurist Alliance production ramp-up.
The Hanford manufacturing plant, officially called ‘FF ieFactory
California’ is a one million square foot state-of-the-art facility
that uses highly skilled craftsmanship and leading-edge automated
production. The facility, where the Ultimate AI TechLuxury FF 91
2.0 Futurist Alliance is currently produced, is situated between
technology-focused Silicon Valley and FF’s Global HQ in Los
Angeles. It is expected that the plant, upon completion of the
factory build-out, will have the capacity to produce approximately
10,000 vehicles per year. FF announced the start of production and
completion of its first production build vehicle coming off its
production line at FF ieFactory California earlier this year.
“Our Hanford manufacturing facility is an integral part of our
overall operations and has been manufacturing production series
models of our FF 91 2.0 Futurist Alliance since earlier this year,”
said Matthias Aydt, Global CEO of FF. “This agreement will help us
make the necessary continued investments and improvements to the
Hanford plant that will facilitate increased production and
deliveries of the FF 91 2.0 Futurist Alliance.”
The Company recently announced the continuation of its
Co-Creation program and preliminary upcoming FF 91 2.0 Futurist
Alliance deliveries for October as part of its ongoing ‘Delivery
Co-Creation Day’ plans. Specifically, the Company recently
delivered the FF 91 2.0 Futurist Alliance to its founder YT Jia and
expects to deliver to global superstar and entrepreneur Chris
Brown, and world champion race car driver Justin Bell next.
Large-scale deliveries remain one of the Company's top strategic
goals.
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.
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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/20231019444038/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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