LOS ANGELES, October 25, 2018 – Faraday Future (FF) today obtained a decisive victory on its application for emergency relief against Evergrande Health Industry Group Ltd. (Evergrande) filed in the Hong Kong International Arbitration Centre. Specifically, the arbitrator concluded that Evergrande can no longer prevent FF from seeking funding through other channels.
Among other points, the arbitration ruling concluded:
- FF established a prima facie case of succeeding on the merits with respect to its underlying claim that Evergrande’s parent breached its funding commitment to FF’s parent, paving the way for FF to seek damages and terminate the agreement with Evergrande.
- Some of Evergrande’s arguments were viewed with skepticism, including the argument that FF’s parent had not performed its obligations under the parties’ agreements and that Evergrande would act reasonably if presented with alternative financing proposals.
- The ruling also included an order that Evergrande pay the vast majority of FF’s legal costs associated with the emergency application.
Evergrande’s breach in its funding obligations, and its attempts to prevent FF from obtaining other investments or even using its assets to obtain short-term financing, caused a serious and unexpected cash shortfall that led us to take immediate steps to re-evaluate business priorities.
As a result, we were a forced to take unfortunate drastic measures to reduce salaries and to let go of some of our valued employees. FF recognizes that our dedicated employees are the primary driver of our success and incredible progress, and we regret having to part with any of our colleagues under these circumstances. In solidarity with all FF employees, FF’s co-founder and CEO YT Jia and many senior executives have agreed to take $1 salaries until our funding shortfall is resolved.
Today’s ruling definitively enables FF to accept new funding from investors around the world, and we welcome all investors who share our vision. FF’s first FF 91 pre-production vehicle was presented to its employees ahead of schedule on August 28, and we are just a few steps away from delivering this transformative “new species” of EV to our paid reservation holders in 2019, which will be produced at our manufacturing plant in Hanford, California.
ABOUT FARADAY FUTURE
Faraday Future (FF) is a California-based global shared intelligent mobility ecosystem company.
Established in May 2014, the company is headquartered in Los Angeles with R&D centers and offices in Silicon Valley, Beijing, Shanghai, and Guangzhou. FF's vision is: create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe and live freely.
The 1,000+ “Futurists” at FF bring experience from best-in-class companies spanning the consumer electronics, auto, Internet, and energy industries. With over 4 years of R&D development, the FF team has achieved milestones with unprecedented speed, including having successfully turned the original FF 91 concept into a production ready vehicle in approximately 2.5 years.
FF has brought to life three product revolutions - an “all-in-one” car, a third internet living space, and a super car-robot. The company has developed six technological revolutions, including vehicle platform, computing platform, autonomous driving, powertrain, Internet, and AI.
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