The Company just filed its 2023 fourth quarter
and full year financial report, with the 2024 Q1 report preparation
underway.
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”,
“Faraday Future”, or “Company”), a California-based global shared
intelligent electric mobility ecosystem company, today announced
that it will share the details of the "US-China Automotive Industry
Bridge Strategy" in the next month or two. This will include a
phase 1 strategy of its "FF Automotive Industry Bridge
Strategy.”
During the earnings call held yesterday for its financial
results for its fourth quarter and full year ended December 31,
2023, the FF management team shared the major milestones and
initiatives that the Company made in 2023 and further plans for
business growth in 2024.
The "US-China Automotive Industry Bridge Strategy"
The Company is expecting to provide additional details adjusting
its corporate strategy by returning to the earlier two-brand setup
to distinguish market segments. This will enable the integration of
FF’s high value “Ultimate AI TechLuxury” solutions and features of
its I.A.I technology into vehicles in a more affordable mass market
product segments.
As part of FF's dual-home-market strategy, FF could leverage its
unique bridge value to integrate the strengths of the US automotive
industry with those of Chinese car companies and the respective
supply chains.
The Company has had preliminary discussions with several global
OEMs and suppliers about how FF can help build a bridge between US
and Chinese automotive industries through industrial coordination
and collaboration.
The platform would leverage FF’s expertise and capabilities in
product, technology, regulation processes, along with its
state-of-the-art manufacturing plant – the FF ieFactory in Hanford.
Furthermore, FF’s user ecosystem establishment could also be
included as part of this global initiative.
Compliance Updates
Moreover, the Company received a grant from Nasdaq for an
extended stay of the suspension pending a hearing with Nasdaq’s
Hearings Panel.
With the 10-K Financial Report filed successfully, the Company
fulfilled one of the listing compliance requirements, and work on
the quarterly report for the first quarter 2024 on form 10-Q is
actively progressing.
Quality Enhancement Campaign
With operational initiatives continuing to progress, the primary
focus of the Company in 2024 is the ramp up of the FF 91 vehicle
production.
The Company started a quality campaign accompanying the
production ramp. FF’s production successes in 2023 included
commissioning a robotic Body Shop & Paint Shop equipment and
streamlining vehicle assembly process to increase throughput
capability. Quality assurance has been enhanced in every phase of
the company to help embed a culture of continuous improvement.
The Company is building a stronger quality culture focused on
providing FF 91 owners with enhanced satisfaction. A focus on
attention to detail is part of all final quality checks, as each
vehicle undergoes comprehensive static, dynamic, and functional
inspections to ensure that the vehicle fulfills all of the quality
expectations.
As such, final Quality Customer Craftsmanship Audit (referred to
as CCA) improved by 50 percent compared to the Company’s initial
CCA scores. Significant vehicle improvements continue to be
implemented in terms of fit, finish, vehicle functionality and
quality.
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. FF remains dedicated to advancing electric vehicle
technology to meet the evolving needs and preferences of users
worldwide, driven by a pursuit of intelligent and AI-driven
mobility.
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 regarding the Company’s planned financings,
growth strategy in the U.S., China and the Middle East, and the
Company’s leasing program, 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
continue as a going concern and improve its liquidity and financial
position; the Company’s ability to pay its outstanding obligations;
the Company's ability to remediate its material weaknesses in
internal control over financial reporting and the risks related to
the restatement of previously issued consolidated financial
statements; the Company’s limited operating history and the
significant barriers to growth it faces; the Company’s history of
losses and expectation of continued losses; the success of the
Company’s payroll expense reduction plan; 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 Company’s ability to cover future warrant
claims; the success of other competing manufacturers; the
performance and security of the Company’s vehicles; current and
potential litigation involving the Company; the Company’s ability
to receive funds from, satisfy the conditions precedent of 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; the Company’s indebtedness; the Company’s ability to cover
future warranty claims; the Company’s ability to use its
“at-the-market” program; insurance coverage; general economic and
market conditions impacting demand for the Company’s products;
potential negative impacts of a reverse stock split; potential
cost, headcount and salary reduction actions may not be sufficient
or may not achieve their expected results; circumstances outside of
the Company's control, such as natural disasters, climate change,
health epidemics and pandemics, terrorist attacks, and civil
unrest; risks related to the Company's operations in China; the
success of the Company's remedial measures taken in response to the
Special Committee findings; the Company’s dependence on its
suppliers and contract manufacturer; the Company's ability to
develop and protect its technologies; the Company's ability to
protect against cybersecurity risks; 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 filed with the Securities and Exchange
Commission (“SEC”) on May 28, 2024 and other documents filed by the
Company from time to time with the SEC. Investors (English):
ir@faradayfuture.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529818390/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
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