- Max Will be Responsible for Executing the FX Strategy and
Driving the Success of the New Brand.
- FF and FX Have Established Relationships with Four Chinese
OEMs, Having Already Entered into Two Strategic Framework
Agreements and Two Memoranda of Understanding.
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”,
“Faraday Future”, or the “Company”), a California-based global
shared intelligent electric mobility ecosystem company, today
announced that long-time Company employee Xiao (Max) Ma has been
appointed Global CEO of Faraday X aiEV Inc., a wholly owned
subsidiary of the Company, effective immediately. In this role, Max
will report directly to both FF Global CEO Matthias Aydt and
Founder & CPUO YT Jia. Max will be responsible for executing
the FX strategy and driving the success of the FX brand. Appointing
Max, who is a member of the FF founding team to lead the FX brand,
will facilitate mutual empowerment between the two brands and
better implement the “Light and Swift” model. His previous roles as
Head of Product & Mobility Ecosystem (P&ME) and Head of
Corporate Strategy will remain unchanged.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20241110853462/en/
Faraday Future’s FX Subsidiary Appoints
Xiao (Max) Ma Global CEO of Faraday X. (Photo: Business Wire)
Following the September 19 launch event for the FX brand, FX has
made new significant progress, this is an integral part of the
Company's Global Automotive Industry Bridge Strategy. The Company
has entered into two strategic framework agreements and two
memoranda of understanding, with a goal of promoting range-extended
AIEV in the U.S. and the Middle East and further integrating global
automotive components and supply chains along with energizing
B-AIEV and RE-AIEV products in these markets.
Max has been with FF for nearly a decade, playing a pivotal role
throughout various stages of the Company’s growth, including
guiding FF through challenging periods and financial hurdles. His
expertise in corporate strategy, as well as his experience in
P&ME, has provided him with a thorough understanding of both
FF’s overarching strategic goals and FX’s mission to collaborate
with global suppliers in creating cost-effective, high-quality
products. This combination of experience uniquely positions Max to
lead FX through this important phase of development.
Max’s deep industry knowledge, coupled with his strong sense of
responsibility and accountability, has earned him the trust of key
stakeholders, particularly in China. His clear vision for the
future of FX products has also enabled him to accelerate the
momentum of the initiative. Max’s pioneering leadership and
hands-on approach have been instrumental in overcoming challenges
and keeping the program aligned with the Company’s objectives.
“The appointment of Max as FX CEO lays the foundation for FX’s
organizational structure and as one of the earliest and core
drivers of the FX project, he has made tremendous contributions to
breaking ground and advancing the FX initiative,” said Matthias
Aydt, Global CEO of Faraday Future. “His appointment will inspire
him to make even greater contributions, and we anticipate that,
under his leadership, the organizational structure of FX will
accelerate.”
The first planned FX models, the FX 5 (targeted price range of
$20,000-$30,000) and FX 6 (targeted price range of
$30,000-$50,000), are anticipated to offer two types of
powertrains, both a range-extended AIEV and battery-electric AIEV.
The planned target to roll off the assembly line is as early as the
end of 2025, subject to securing necessary funding.
The FX brand has also begun hiring for key positions. Job
openings for FX include Production Planning Director, Quality
Planning Director, Head of FX Vehicle Engineering, and Head of FX
EV R&D. If you are interested in exploring career opportunities
with FX to help manifest the Company’s next generation of mobility
AIEV products, we encourage you to visit our career page at
https://www.ff.com/us/careers/.
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 second brand (FX), 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 ability to secure agreements with OEMs
that are necessary to execute on the FX strategy; 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/20241110853462/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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