LOS ANGELES, November 13, 2018 – Faraday Future (FF) this week outlined its path forward, as it looks to secure the final round of financing that will provide the liquidity to begin production of its hyper-performance FF 91 luxury vehicle and secure its medium- and long-term strategies.
FF’s executive team detailed its plan this week during a company-wide meeting, informing employees—Faraday Futurists—of changes in short-term business objectives while assuaging employees that long-term objectives remain the same and supplier relationships remain strong.
Collaborating with full-service brokerage and investment banking firm Stifel, Nicolaus & Co., as well as Miller Buckfire & Co., FF is actively pursuing $500 million in additional financing from outside investors. The firms are working with FF to secure supplier relations, with FF now in the very last stages needed to bring the 1,050-horsepower FF 91 EV to life.
“I would like to thank the supply chain team and suppliers for their support,” said YT Jia, founder and CEO of FF. “Before successful financing, I am willing to take out my personal equity as a pledge and guarantee for all suppliers. We will not let them have any payment risks.” All of FF’s 177 suppliers representing 1,524 unique parts remain committed to delivering FF 91.
In August, FF welcomed its first pre-production FF 91 from its Hanford, California, facility, validating the very last of its production parts needed. Through November and December, FF is planning to build additional pre-production units for testing and validation purposes.
The first of these new testing units is scheduled to be completed next week, and additional units will have a functional FFAI telematics and infotainment system, complementing FF’s “Third Internet Living Space” interior concept.
With the additional capital, FF will jumpstart production of FF 91 in Hanford, as well as help launch FF 81, the company’s second planned offering. Utilizing FF’s scalable Variable Platform Architecture will allow FF 81 to share components with FF 91 and be built in the same manufacturing facility. Additional details about this exciting product offering from FF will be announced in the near future.
With a new, leaner organizational structure, the FF executive team is receiving interest from investors from around the world who see strong value in FF’s seasoned tech and automotive management; its nearly 400 patents; and more than 1,000 patents pending. Turning its situation into an opportunity, FF is considering various equity- and debt-backed financing plans, culminating with a proposed IPO run-up, which FF is exploring for 2020.
Jia said that FF’s recent financial crunch, which was brought about by investor Evergrande Health refusing to make scheduled payments, has helped fortify new leaders in the company and refocus its goals as a nimbler startup at the cusp of disrupting the automotive and mobility industries.
“Now, we not only have the ‘new species’ FF 91 near production, but also all employees who have the same dreams and entrepreneurial attitude,” said Jia. “You are the cornerstone of FF's dream. With you, I have the confidence to lead the team to overcome the temporary cashflow difficulties. We will pursue this venture together and build shared smart mobility ecosystem, truly realizing our values and dreams.”
ABOUT FARADAY FUTURE
Established in 2014, Faraday Future is a clean-energy intelligent mobility company with headquarters in Los Angeles, California. Our global team leverages the talents of leading thinkers and passionate creators to break the boundaries and standard business models of the automotive, internet, new energy, AI, and technology industries. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe and live freely. Our first vehicle, the FF 91 ultra-luxury EV, aims to bring these concepts to reality.
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For more Information about Faraday Future, contact: press@ff.com
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John Schilling, Director, Public Relations
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