Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”,
“Faraday Future”, or “Company”), a California-based global shared
intelligent electric mobility ecosystem company, today announced
personnel changes to help further the Company’s short- and
long-term business goals. On September 17, 2024, the Board of
Directors of the Company appointed Koti Meka as the Company’s Chief
Financial Officer and principal financial officer, effective
September 23, 2024. In his new position, Mr. Meka will oversee FF’s
Accounting and Finance business units and report directly to
Matthias Aydt, FF’s Global CEO. In addition, the Company recently
announced that Aaron Ma has been appointed as the Acting Head of EV
R&D, effective August 20, 2024. In this new role, Mr. Ma will
oversee the FF Global EV R&D business and will also report
directly to Mr. Aydt.
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Faraday Future appointed Koti Meka as the
Company’s Chief Financial Officer and principal financial officer,
effective September 23, 2024. (Photo: Business Wire)
On September 19, the Company officially kicked off its
dual-brand strategy by announcing its second brand, Faraday X (FX),
and its launch plan for the first batch of planned products,
including innovative ways in creating AIEV (Artificial Intelligence
Electric Vehicle) products with “twice the performance at half the
price” for our future users. Both Meka and Ma in their new roles
will drive forward the strategic goals for the FF and FX brands
including the R&D and maintaining cost efficiencies throughout
the development and launch of FX.
Meka, age 55, served as the Company’s Acting Head of Finance
Operations since November 2023, managing finance operations,
heading financial planning and analysis, and supporting process
improvement, target setting and cost-reduction efforts. Meka
replaces Jonathan Maroko, Interim Chief Financial Officer of the
Company, who resigned effective September 20, 2024. Maroko will
continue to work with the Company as a consultant.
Previously, Meka served as the Company’s Director of Finance
(FP&A) from July 2017 to November 2023, Operations Controller
from August 2016 to July 2017, and Senior Manager, Cost Estimating
from February 2016 to August 2016. Prior to joining the Company in
February 2016, Meka worked at Ford Motor Company from July 2002 to
February 2016 in cost optimization, product development finance and
corporate finance, including leading financial analysis at Ford
Business Services Center in Chennai, India from December 2009 to
July 2013. Meka holds an MBA from the University of
Michigan-Dearborn, an M.S. in Mechanical Engineering from Wayne
State University and a B.Tech. in Mechanical Engineering from
Jawaharlal Nehru Technological University, India.
Ma’s current position as the Global Vice President of the IAI
software R&D will remain unchanged, reporting to Rao Hong. In
this role, he has demonstrated exceptional strategic vision and
leadership. He has successfully led the IAI product, UI, and core
application development teams, significantly enhancing product
performance and user experience through innovative solutions and
strategic initiatives.
Before joining FF, Ma spent five years at LeEco, driving product
innovation and market expansion through strategic leadership, and
seven years serving as vice president of R&D at Meizu where he
significantly contributed to research and development management by
spearheading the launch of groundbreaking products crucial to the
company's growth and competitive success in the tech industry. Ma’s
over 20 years’ extensive experience and proven leadership
capabilities make him exceptionally well-suited to lead FF’s EV
R&D business as it enters the next phase of growth and
innovation. The Company believes that with Ma’s leadership and
Aydt’s direction, the FF R&D platform will accelerate
innovation, drive transformative advancements, and solidify FF’s
position at the forefront of the electric vehicle industry.
"We are excited to welcome Koti and Aaron to their new roles
within FF. Both bring many years of experience gained at both FF as
well as at their previous roles outside of FF. They have made
significant contributions to our organization and have been
reliable partners in all my various roles here," said Aydt. "I look
forward to Koti leveraging his experience to drive necessary
changes in our finance operations. And with Aaron, we are confident
that under his guidance, the EV R&D team will continue to
achieve new milestones and advance our strategic objectives.”
Aydt also expressed gratitude to Maroko for his ongoing
contributions to FF, stating, "I am thankful that Jonathan will
continue to support us in a consulting capacity. His insights have
been instrumental in developing our cost optimization and reduction
strategies, ensuring our continued success."
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 a second brand (FX), future growth and
innovation, milestones and strategic objectives 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 secure
the necessary funding to execute on the FX strategy, which will be
substantial; the Company’s Global Automotive Industry Bridge
Strategy, which is subject to numerous risks and uncertainties; 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 warranty 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 SEC on May 28, 2024, as amended
on May 30, 2024, and June 24, 2024, as updated by the “Risk
Factors” section of the Company’s first quarter 2024 Form 10-Q
filed with the SEC on July 30, 2024, and other documents filed by
the Company from time to time with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240925772215/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
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