Faraday Future Announces Masterplan to Achieve Sustainability and Further Stability, While Aiming to Reduce Dependence on External Funding Sources
October 16 2023 - 7:28PM
Business Wire
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 masterplan to support Company stability and help
achieve sustainability and profitability, while aiming to reduce
dependence on external funding sources.
While additional details will be provided at the upcoming
Investor Day, which will follow the Company’s third-quarter 2023
quarterly filing, highlights are included here:
- Primary near-term focuses are on appropriate operational cost
structures and organization, including meaningfully reducing people
cost and other general and administrative expenses that are not
directly related to FF 91 2.0 Futurist Alliance production, as well
as cost reductions for FF 91 2.0 Futurist Alliance materials and
production, which would be supported by insourcing
capital-intensive systems where feasible.
- Cease entering into new convertible note commitments with
structure similar to existing convertible notes and pause the
Equity Line of Credit (“ELOC”) program.
- Executing on this masterplan will support achieving cash-flow
positive and profitability.
As previously shared, in August 2023, FF entered a revenue
generation phase, and established a closed loop operation from user
acquisition and delivery to user operations. There have been
significant changes in FF’s business foundation, including the
addition of a new management team that is passionate about the
Company and collectively demonstrates the strongest capabilities in
the history of FF. The Company is continuing to take steps to
support its strategic objectives, including capacity ramp-up for
the FF 91 2.0 vehicle.
FF continues its forward momentum and has undergone a
fundamental transformation compared to the end of 2022. The Company
achieved two major milestones: (1) completed all compliance
procedures required for mass production and delivery in the United
States and (2) commenced delivering cars to users. Achieving these
two significant milestones changes the very nature of the Company,
shifting it from a task and project driven operation to an
operation focused on continuity and stability and, ultimately,
profitability. Producing and delivering our vehicles requires
highly motivated and passionately engaged employees, uniting to
pull the Company in one direction.
Users can preorder an FF 91 2.0 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 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/20231016930196/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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