- The Company plans to initiate the delivery process this
week.
- The Company continues to recruit Developer Co-Creation
participants for its first Developer Co-Creation Festival to be
held in Pebble Beach, California during Monterey Car Week later
this month.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
("Faraday Future", “FF” or "Company"), a California-based global
shared intelligent electric mobility ecosystem company, today
announced a new round of financing to support the Company’s phase 2
Co-Creation delivery of its Ultimate AI TechLuxury FF 91 2.0
Futurist Alliance, along with its Developer Co-Creation
strategy.
On August 4, 2023, the Company issued $16,500,000 aggregate
principal amount of its unsecured convertible senior promissory
notes (the “Note”) together with a common stock purchase warrant to
Streeterville Capital, LLC . The Note is subject to an original
issue discount of $1,500,000. This new round of funding will
support the Company’s phase 2 delivery and sales and service
preparation of its Ultimate AI TechLuxury FF 91 2.0 Futurist
Alliance.
The Company continues to recruit Developer Co-Creation
participants by invitation and recommendation for its first
Developer Co-Creation Festival which will be held in Pebble Beach,
California during Monterey Car Week later this month. The Company
plans to initiate the delivery process this week and hold the FF 91
2.0 Futurist Alliance delivery ceremony next week.
The Company also announced the Developer Co-Creation projects.
The Co-Creation business model is an open UP2U (User Planning to
User) business model that allows users or Co-Creators to become FF
partners and enable value Co-Creation. It is also an extension of
FF’s internal and external partner strategy. The ultimate goal is
to collaborate with external Co-Creators to create value for the
Company.
The Developer Co-Creation projects include:
- FPO (Futurist Product Officer): Provides valuable feedback and
helps the Company with product enhancements and improvements.
- FMO (Futurist Marketing Officer): Leverages personal platforms,
networks and resources to help the Company for brand &
communications efforts.
- FSC (Futurist Spire Club): Mainly composed of celebrities,
entrepreneurs, and industry stars, focuses on word-of-mouth
building and circle marketing of FF products among spire
users.
- FTO (Futurist Technology Officer): Provides valuable feedback
and helps the Company with technology enhancements and
improvements.
- FSO (Futurist Service Officer): Uses their own platforms and
resources to help the Company improve service quality and
experience.
- FOO (Futurist Operation Officer): Provides valuable advice and
feedback on corporate operations.
Through collaborative partnerships with external Developer
Co-Creators, the Company believes that substantial value will be
brought to the Company across various aspects such as product
development and quality enhancement, brand marketing and
communications, elite group engagement, including celebrities and
influencers, technological development and advancement, after-sales
services, as well as overall Company operations.
Up to now, several industry elites have collaborated with FF as
Developer Co-Creators, providing valuable feedback to the Company.
These initial Developer Co-Creators have also assisted the Company
in aspects such as brand marketing and user acquisition, among
others.
The Company plans to recruit additional Co-Creation participants
with the launch of the second phase of Developer Co-Creation
delivery. Potential Developer Co-Creators must receive at least one
recommendation from an existing FF Developer Co-Creator or an FF
pre-order holder as well as pass a Company evaluation to qualify as
a Developer Co-Creator in the second phase.
“It is a great pleasure to be able to obtain new financing
support at the critical moment when the FF 91 2.0 Futurist Alliance
starts the second phase of Co-Creation delivery. Through the
Developer Co-Creation project, we expect to receive support from
external Co-Creators at multiple levels including, but not limited
to, product and technology improvement, brand and marketing
communications, word of mouth and user service, which is crucial to
the realization of the Company's strategic goals in the next
stage,” said Xuefeng Chen (XF), Global CEO of FF.
The FF 91 2.0 Futurist Alliance is built on the AI-powered FF
aiHyper 6x4 Architecture 2.0, and its unique Hyper Multi-Vectoring
and Magic All-In-One make it possible to conquer racetracks and set
new lap records. The 1050 horsepower and the Hyper Multi-Vectoring
integrated multi-axis torque technology system for AI propulsion,
steering and braking deliver the following benefits: 1. Extreme
acceleration and power, 2. Handling precision and agility, and 3.
Integrated braking that combines traditional braking and
regenerative braking.
The Magic All-In-One All-Terrain AI Body Control Technology
System of the FF 91 2.0 Futurist Alliance provides the following
benefits: 1. Ultra-low center of gravity, high visibility, and
enhanced precision, stability, and traction of the suspension
achieved through the unique moat body structure and moat battery
pack structure. 2. Extraordinary grip and traction delivered by the
22-inch wheels and high-performance tires. 3. Exceptional
aerodynamics despite the vehicle’s full size.
With All-AI, the FF 91 2.0 Futurist Alliance defines the
Ultimate AI TechLuxury by integrating traditionally perceived
contradictory attributes. It flawlessly combines performance,
weight, and safety, while seamlessly blending technology with
luxury. The acceleration-to-weight ratio of the FF 91 2.0 Futurist
Alliance is only 0.78, which is twice as efficient as Ferrari’s
1.59. The performance-safety index is 2, far superior to peers. The
FF 91 2.0 Futurist Alliance boasts an impressive range-to-weight
ratio of 136, delivering the undisputed best-in-class performance,
surpassing its competitors by a large margin.
Users can preorder an FF 91 vehicle via the FF Intelligent App
or through our website (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 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/
https://www.instagram.com/faradayfuture/
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, which
include statements about the FF 91 2.0 Futurist Alliance delivery
timeline and the Company’s Developer Co-Creation delivery strategy
and projects, 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 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 execute on its plans to develop and market
its vehicles and the timing of these development programs
(including timely receipt of parts and satisfactory safety
testing); 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 result of future financing efforts and 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-Q filed with the
Securities and Exchange Commission (“SEC”) on May 12, 2023, the
“Risk Factors” section of the Company’s Annual Report on Form 10-K
filed with the SEC on March 9, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807964999/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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