Faraday Future Provides Trading Update

– ieFactory California nearing completion –

– Ongoing fundraising effort with multiple parties –

– Start of production and deliveries expected in the fourth quarter of 2022 –

LOS ANGELES, August 29, 2022–(BUSINESS WIRE)–Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based global smart and shared electric mobility ecosystem company, provided a business update then that it strives to raise additional capital and launch the FF 91.

The company’s ieFactory California in Hanford, CA has made continuous progress in a challenging macro environment, and all equipment required to start production (“SOP”) is on site. Some equipment needed for the full production ramp-up is expected to arrive later this year as planned, and should not significantly affect the timing or pace of the production ramp-up. With the equipment in place, Faraday Future has made substantial progress in installing the equipment in the vehicle manufacturing areas of the plant. “The ieFactory California team is producing high quality production vehicles for testing and validation, and I am very pleased to see the progress we have made in preparing the production area for the SOP. I would like to thank our Hanford team and our exceptional contractors.Together, we are building a world-class luxury automotive factory,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future.

The company’s current business plan calls for it to launch (begin delivery) of the FF 91 in the fourth quarter of 2022, with testing, validation and certification also being completed in the fourth quarter. “We noted earlier some issues related to supply chain issues that affected our FF 91 schedule. We announced the successful raising of $52 million in convertible note commitments and are continuing financing discussions with several parties, but delays in our expected timeline to close these potential transactions also impacted our launch schedule,” continued Dr. Breitfeld. The Company has taken steps to preserve its cash position, including reducing expenses , extending payment cycles and implementing other similar measures As of August 26, 2022, the Company’s U.S. cash balance was $47.2 million and restricted cash was $1.5 million. The timing and amount of additional funds raised could impact the timing and pace of our production ramp, which for could have a significant impact on planned production volumes.

“The FF 91 will be the first premium, high-performance, luxurious and intelligent electric vehicle and will redefine customer expectations for the driver and passenger experience. When we launch in the fourth quarter, we will show consumers what the future of connectivity, smart mobility can be,” concluded Dr. Breitfeld.


Faraday Future is a class-defining luxury electric vehicle company. The company has launched many innovations regarding its products, technology, business model and user ecosystem since its inception in 2014. Faraday Future aims to continuously improve the way people move by creating a mobility ecosystem before -thinking that integrates clean energy, AI, the Internet and new models of use. Faraday Future’s first flagship is the FF 91 Futurist.


This communication will not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no 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 such jurisdiction.


The Company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card and other relevant documents with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies from the shareholders of the Company for the special meeting of shareholders. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR ADDITIONS) AND ALL OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain, free of charge, a copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by the Company with the SEC on the SEC website at www.sec.gov. Copies will also be available free of charge by contacting the Company’s Investor Relations Department at [email protected], as soon as reasonably practicable after such materials are electronically filed with or furnished to the SEC. .


The Company, its directors and certain of its senior officers participate in soliciting proxies from the shareholders of the Company with respect to matters to be considered at the special meeting of shareholders of the Company. Information regarding the direct and indirect interests, through stockholding or otherwise, of the directors and officers of the company is included in the company’s annual report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on May 13, 2022, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 15, 2022, and in the Company’s Current Reports on Form 8 -K filed with the SEC from time to time. Changes in the direct or indirect interests of directors and officers of the Company are set forth in documents filed with the SEC on Initial Beneficial Ownership Statements on Form 3 or Change of Ownership Statements on Form 4. These documents are freely available as described above. Updated information regarding the identity of potential participants and their direct or indirect interests, through stockholding or otherwise, in the Company will be set forth in the proxy statement for the special meeting of shareholders of the Company and other relevant documents to be filed with the SEC, if and when they become available.


This press release contains “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 “believe”, “expect”, “anticipates”, “anticipates”, “anticipates”, “plans”, “intends”, “believes”, “seeks”, “may”, “will”, “should”, “future”, “proposes “and variations of these words or similar expressions (or negative versions of these words or expressions) are intended to identify forward-looking statements and include (among other things) statements regarding the expected timing of the launch of the FF 91 and FF 81 vehicles and the planned production capacity of the Hanford company, a California establishment. These forward-looking statements 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 beyond the control of the Company, which could lead to actual results or results. differ materially from those discussed in the forward-looking statements. Important factors, among others, that could affect actual results or results include the Company’s ability to enter into the aforementioned convertible notes, raise additional convertible notes and/or other financings, the failure of which could cause the Company to seek protection under the Bankruptcy Code; the company’s ability to obtain financial viability exception or shareholder approval under Nasdaq Rule 5635 to issue all shares issuable upon conversion of the previously announced convertible note financing; the Company’s ability to remain in compliance with The Nasdaq Stock Market LLC (“Nasdaq”) listing requirements and SEC reporting obligations, and to continue to be listed on the Nasdaq; the outcome of the SEC’s investigation of the matters investigated by the special committee; the implementation of the actions of the Special Committee and the related internal review by the Company; the Company’s ability to execute its development and commercialization plans for its vehicles and the timing of these development programs; the Company’s estimates of the size of markets for its vehicles and the cost of bringing such vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and safety of the Company’s vehicles; potential litigation involving the Company; the outcome of future financing efforts and general economic and market conditions affecting demand for the Company’s products; and the Company’s ability to attract and retain 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and other filings. by the company from time to time. 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 place undue reliance on forward-looking statements, and the Company undertakes no 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. .

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220829005723/en/


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