According to reports, the two companies are Master Investment Group and Siraj Holding LLC. The brand will also customize a limited edition FF 91 2.0 Futurist aiFalcon model for the Middle East market, scheduled for delivery in 2024.

Faraday Future founder Jia Yueting said that the implementation of FF’s Middle East strategy will be the third pole after FF’s dual home strategy in China and the United States. It is of great significance and will become an important springboard for FF’s next step into the European market.

The limited edition model FF 91 2.0 Futurist aiFalcon launched by Faraday Future for the Middle East market this time is called “tailor-made” for users. It will come standard with 1-to-1 customized private AI, Super AP 5G*3 for ultimate connectivity, and extreme racing training. and certification, Emirates Gold/Crystal badges and other premium identity features, as well as exclusive invitations to the FF “Futurist Spire Club”.

In addition, the car will come with a range of free maintenance and upgrade options, such as a carbon-ceramic brake kit, aerodynamics kit and racing-style wheels. This haute couture limited edition is now available for pre-order on the FF official website.

It was previously reported that according to Faraday Future’s third quarter financial report data, the company achieved revenue generation for the first time and raised a total of US$61.8 million through convertible notes, equity line of credit (ELOC) and ATM financing (Note: Currently approx. 442 million RMB).

Faraday Future claims that since the successful launch of the second phase of co-creation delivery on August 12, 2023, the company’s goal is to expand the production scale of FF 91 and start the third phase of delivery at the end of the first quarter of 2024, that is, to fully provide users with Delivery of vehicle. Based on current plant improvement and ramp-up plans, the company aims to achieve production of approximately 1,000 vehicles next year.

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Earlier this month, Faraday Future just delivered his new car to American singer, songwriter, dancer, actor and entrepreneur Chris Brown, and announced that he has officially become the FF car owner and developer co-creator.

Judging from Faraday Future’s third quarter financial report, the company achieved revenue generation for the first time – raising a total of US$61.8 million through convertible notes, equity line of credit (ELOC) and ATM financing.

In addition to the equity financing, FF successfully raised capital through the sale and leaseback of its manufacturing facility in Hanford, California. Through the transaction, FF released up to $12 million of non-dilutive equity capital earmarked for significant improvements and fundamental development of the plant.

Since the successful launch of the second phase of co-creation deliveries on August 12, 2023, FF aims to scale up production of the FF 91 and begin the third phase of delivery, i.e. full delivery of the vehicle to users, by the end of the first quarter of 2024. The company aims to achieve production of about 1,000 vehicles next year under its current plant improvement and ramp-up plan.

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▲ Picture source Faraday Future’s official website

It is reported that Faraday Future said that the final delivery time of its first model FF91 was delayed due to “time constraints of a supplier” and the completion time of the “extra system test” link in the vehicle’s “enhanced safety test”.

According to previous official information, in terms of delivery, FF91 is more “unique” than traditional car companies. Only by receiving vehicle use training can you “enjoy the qualification to drive this vehicle as a futuristic product hall” in the future. At this stage, in fact, users still cannot get their own real vehicles and need to wait for the “second stage FPO co-creation”. Delivery period”, which is August 2023.

▲ Picture source Faraday Future’s official website

Faraday Future emphasized that the company’s enhanced safety testing has nothing to do with what the U.S. Federal Motor Vehicle Safety Standards (FMVSS) require. Although the current official statement will be delivered in August, due to the precedent of Faraday Future FF91 skipping tickets several times, this delay may lead to short-term instability in the financing, so the specific delivery date remains to be judged.

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Faraday Future previously stated that during the release event on May 31, the company will review the history of FF, share the latest progress of the FF 91 model, demonstrate a new user experience, and announce the upgraded product and technical architecture, AI strategy, Ecological products, services and sales, co-creation and sharing platforms, etc., and introduce the delivery plan of FF 91.

It was previously reported that the first Faraday Future FF 91 mass-produced car was officially rolled off the production line on April 15, and the delivery time has not yet been announced. According to previous official statements, the FF 91 delivery plan is divided into three phases. The first phase is “industry expert Futuristic Product Officer (FPO) co-creation delivery”, which is expected to start at the end of May. At this stage, the FF 91 is fully paid for by the industry specialist FPO and trained to use the vehicle. They will get their pre-ordered FF 91 vehicles at the start of Phase 2. The second phase, “FPO co-creation delivery”, is expected to begin by the end of the second quarter of 2023, subject to the following conditions: timely availability of sufficient financing and parts, and completion of the necessary crash tests. At this stage, the FPO needs to pay for the FF 91 in full and get the FF 91 vehicle. The third phase is “full co-creation delivery”, which is expected to start after the second phase, provided that sufficient financing is obtained in a timely manner. At this stage, the company will deliver vehicles to all users who paid for the FF 91 in full. Faraday Future reiterated in its first-quarter earnings report that deliveries of the FF 91 will begin under a three-phase delivery plan starting at the end of May, subject to timely receipt of financing and parts.

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Rich Schmidt succeeds Mathias Hofmann, Senior Vice President, Global Supply Chain, FF, who has also served as Head of Manufacturing Operations for the past eight months, and Mathias will continue in his role as Senior Vice President, Global Supply Chain, FF.

On April 14, FF announced that it had completed production of its first mass-produced vehicle, the FF 91 Futurist electric vehicle, and rolled off the production line at the company’s FF ieFactory California production line in Hanford, California. Prior to this, FF had just announced the start of production of FF 91.

Officially, Schmidt Rich Schmidt began his career at Toyota Motor in Georgetown, Kentucky, USA, where he worked for 16 years, primarily in manufacturing and engineering. After Toyota, he led the start-up and smooth operations of several major OEMs in North America. He has worked in manufacturing and engineering at companies including Nissan, Hyundai, Volkswagen, and Tesla. Rich Schmidt left Tesla to start his own consulting firm and spent many years consulting with JD Powers, Kia Motors, Honda Motor, Plastic Omnium, Gibson Guitar, and many other valuable partners. Additionally, Rich Schmidt has held manufacturing leadership roles at Lordstown Motors and Canoo.

“As the production scale of FF ieFactory California gradually expands, we are very pleased to welcome Rich Schmidt to our growing team,” said Chen Xuefeng, FF Global CEO, “Rich Schmidt brings a wealth of experience to FF, and he will help oversee FF’s flagship electric the manufactures and delivery of the FF 91 will help ensure that FF provides the best products for every valued user.”

As of press time, Faraday Future’s U.S. stocks rose by more than 18%.

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Today, Faraday Future announced that the 2-day countdown to the release of the first mass-produced car of FF 91 will be held at 6:00 pm on April 14th, Los Angeles time is officially offline.

Faraday Future founder, partner, chief product and user ecology officer Jia Yueting later said that after nine years of unyielding, the first mass-produced car of FF 91 is finally about to roll off the assembly line. It is a step closer to the dream of “the pioneer of the ultra-smart technology luxury super spire market in the era of smart trams and the subversive of traditional ultra-luxury car civilization”.

Faraday Future said that some of the company’s suppliers informed the company that they would not be able to meet the company’s time requirements, so the company has updated the delivery start time of the FF 91 car, as well as the previously announced three-phase delivery plan. The company will start the first phase of the delivery process detailed below at the end of May, up from April. The three-phase delivery plan aims to continuously implement the company’s core philosophy and corporate vision, which is co-creation and co-sharing.

The delivery plan of FF 91 is divided into three phases, the first phase is “Industry Expert Futuristic Product Officer (FPO) Co-Creation Delivery”, which is expected to start at the end of May. At this stage, the FF 91 is fully paid for by the industry specialist FPO and trained to use the vehicle. They will get their pre-ordered FF 91 vehicles at the start of Phase 2. The second phase, “FPO co-creation delivery”, is expected to begin by the end of the second quarter of 2023, subject to the following conditions: timely availability of sufficient financing and parts, and completion of the necessary crash tests. At this stage, the FPO needs to pay for the FF 91 in full and get the FF 91 vehicle. The third phase is “full co-creation delivery”, which is expected to start after the second phase, provided that sufficient financing is obtained in a timely manner. At this stage, the company will deliver vehicles to all users who paid for the FF 91 in full.

FF stated that this three-phase delivery plan can provide maximum flexibility for its manufacturing operations and market needs, while providing users with the highest quality products. This will also help to alleviate the gap between insufficient production capacity and market demand.

According to previous reports, FF ieFactory California officially launched the production of FF 91 Futurist, and a release event was held on-site. FF Global CEO Chen Xuefeng, FF Founder and CPUO Jia Yueting, FF Global Product Executive Senior Vice President Matthias Aydt and others gave speeches and showed the FF ieFactory California factory site. This is the first time Faraday Future has officially announced the start of production of the FF 91 Futurist.

Faraday Future officials previously stated that the first mass-produced FF 91 Futurist will roll off the production line in early April and be delivered to customers by the end of April 2023. The company is also planning to host the ultimate FF 91 Futurist launch event on April 26.

Judging from the FF official App booking page, the FF 91 series can provide three models: the regular version FF 91, the FF 91 Futurist version (FF 91 Futurist), and the FF 91 Futurist Alliance version. Among them, the reservation amount of FF 91 Futurist Alliance Edition is 50,000 CNY, and the reservation is currently over; the reservation amount of FF 91 Futurist Edition is 20,000 CNY; the reservation amount of FF 91 Regular Edition has not yet opened.

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Jia Yueting, founder, partner and chief product and user ecology officer of Faraday Future, then said that after nine years of perseverance, the first production vehicle of FF 91 will finally come off the production line. It is one step closer to the dream of “pioneer of the ultra-intelligent technology luxury super-tower market and disruptor of traditional ultra-luxury car civilization in the era of intelligent trams”.

As previously reported, FF ieFactory California officially launched production of FF 91 Futurist at 7:30 a.m. Beijing time on March 30, with a launch event featuring speeches by FF Global CEO Chen Xuefeng, FF Founder and CPUO Jia Yueting, and FF Global Product Executive Senior Vice President Matthias Aydt. and showcased the FF ieFactory California factory site. This is the first time Faraday Future officially announced the start of production of FF 91 Futurist.

Faraday Future officials previously said that the first production FF 91 Futurist will roll off the production line in early April and be delivered to customers by the end of April 2023. The company also plans to host the FF 91 Futurist’s ultimate launch event on April 26.

From the official FF App booking page, the FF 91 series is available in three models: the regular FF 91, the FF 91 Futurist and the FF 91 Futurist Alliance. Among them, the FF 91 Futurist Alliance Edition has a pre-order amount of 50,000 CNY, and the pre-order is already closed; the FF 91 Futurist Edition has a pre-order amount of 20,000 CNY; and the FF 91 Regular Edition is not open for pre-order yet.

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A daily updated countdown is available at http://www.ff.com and on the FF Intelligent App.

Officially, the start of production (SOP) on March 29, 2023 U.S. time marks the completion of the final manufacturing milestone, Milestone 7, for the FF 91 Futurist. It also marks the ultimate achievement for the hundreds of FF employees who have invested so much hard work, dedication and determination to change the future since the company was founded in 2014.

We have been moving toward this SOP milestone in recent months, thanks to our dedicated team and the investors and suppliers who have supported us,” said FF Global CEO Chen Xuefeng. It’s great to see the results of years of tireless work as we work to achieve our sole goal of bringing the FF 91 Futurist, the ultimate in smart technology luxury, to market.”

Officials also said that as the only next-generation, ultra-intelligent technology luxury smart Internet EV product, the FF 91 Futurist is benchmarked against Ferrari, Maybach, Rolls-Royce and Bentley to deliver a unique smart Internet EV mobility experience with extreme technology, ultimate user experience and complete ecological product DNA. With an industry-leading 1,050 horsepower, an EPA-certified range of 381 miles, 0-60 acceleration in 2.27 seconds, and a unique rear intelligent Internet system, the FF 91 Futurist delivers a revolutionary user experience designed to create a mobile, connected, intelligent and luxurious third Internet living space and user mobility ecosystem platform.

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Since January 2022, Ms. Li Han has served as the General Counsel of Mirana Corp., a global investment firm focused on third-generation Internet (Web3) technologies. Ms. Li Han is an experienced business consultant and practical lawyer who has led multi-billion dollar mergers and acquisitions and capital raising transactions, venture capital, private equity and fund investments, and supervised information disclosure of listed companies in the judicial field, Extensive experience in governance and corporate compliance programs. Ms. Han Li was a partner in the Hong Kong office of O’Melveny & Myers, and she was also the former general counsel of Shanda Group. Additionally, Ms. Li Han has practiced as an attorney at Sullivan & Cromwell LLP and Davis Polk & Wardwell LLP, among other positions. She holds a Juris Doctor degree from Columbia University, a Master of Arts degree from Peking University, and a Bachelor of Arts degree from Fudan University.

The following issues will be discussed at FF’s annual general meeting:

1. Election of the seven directors named in the accompanying proxy statement for a term through the 2024 Annual Meeting of Stockholders.
2. Approves the selection of Mazars US LLP as the Company’s independent registered public accounting firm through December 31, 2023.
3. To consider other matters that may be properly submitted to the annual general meeting for consideration.

The above items are more fully described in the company’s proxy statement filed with the SEC on March 17, 2023.

Faraday Future recently stated that FF plans to start production at its manufacturing plant “FF ieFactory California” in Hanford, California on March 30, 2023, subject to timely receipt of funds from the company’s investors and suppliers meeting supply chain requirements. The flagship model FF 91 Futurist, the first cars will roll off the assembly line in early April 2023 and be delivered to customers by the end of April 2023.

According to reports, through the Product and Technology Generation 2.0 (PT Gen 2.0) project, FF is completing the final testing and verification of the FF 91 Futurist. The upgrade from PT 1.0 to PT 2.0 includes major upgrades of systems and core components in the fields of vehicles and I.A.I. (Core Advanced Systems, i.e. Intelligence, Autonomous Driving and Internet). PT 2.0 is achieved through 26 major system and component upgrades, with 13 key upgrades spanning powertrain, battery, charging, chassis and interior, and another 13 from computing, sensing, communications, user interaction and FF 91 Futurist performance.

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The “paper car” overlaid with financial deterioration

FF said in a regulatory announcement filed Monday that it will delay production of the FF 91 electric SUV in the U.S., with manufacturing scheduled to begin in the third or fourth quarter of this year, after the company had previously said it would go into production this month. for its part, FF said it needs to raise $325 million to produce the car and fund the business to sustain it through the end of this year, and that the company is in talks with potential investors.

FF sources made similar statements to Beijing Business News, saying, “Due to the previously disclosed delays caused by supply chain issues, we need additional funds to release the FF 91 and the SOP timeline has been affected. the SOP and the delivery of the first car are currently expected to be completed in the third or fourth quarter of this year, depending on funding arrangements and the resolution of supply chain issues “. The so-called SOP is a standard operating procedure, which is the mass production expected by the market.

In fact, as early as 2017, Faraday Future’s first car FF 91 has been launched, priced as high as 2 million yuan, its high-end route to earn market attention, but now nearly six years have passed FF is still stuck in the “paper car” stage.

While the mass production of cars is frequently rescheduled, Faraday Future’s financial situation has also deteriorated, with the financial report showing that FF’s net loss for 2020 will be US$147 million, and the net loss for 2021 will expand to US$517 million, with the increase in loss due to a “significant increase in operating expenses”. In the first quarter of this year, FF’s net loss reached $153 million due to increased engineering, design and testing services to advance the FF 91 project. As of March 31, 2022, the company’s accumulated losses have reached $3 billion and will continue to incur significant operating losses for the foreseeable future.

In fact, at the beginning of FF’s listing, the U.S. capital market had hopes for it, and FF was officially listed on NASDAQ in 2021 with a market value of $4.5 billion at that time.

Confidence is fading amidst questioning

Many institutions have lost confidence in FF’s behavior.

In October last year, J Capital Research, a short-selling agency in the US, released an assessment of FF. Through on-site research, analysis of the company’s financial data and technical capabilities, the agency said, “We think FF will never sell a car. So far, it is just a bucket to raise funds from US investors”. In response to this statement, Jia Yueting disliked the company in a high-profile circle of friends, saying that it was “hot and cold, nonsense” and that “July 2022, Hanford, California, the birth of a new species! See you on the day”. Now the July date has come and gone, and FF is unfortunately hit by short-selling agencies.

Shen Meng, chief strategist of Guangke Consulting, told Beijing Business News that “only a very few people still want to believe that Jia Yueting is serious about building cars, which is an important pillar for Jia to survive and keep scavenging his wealth.”

Shen Meng said that both Jia’s seven ecosystems created when he was in charge of LeTV and his personal bankruptcy in the United States are able to show the market that he is good at manipulating concepts and difficult to put into practice.

As for the FF side of the “potential investors” whether it is again a pavilion in the air? Industry experts believe that some well-known institutions did invest in FF, for example, FF had received $40 million investment from BNP Paribas Energy Transition Fund on behalf of BNP Paribas Asset Management; Palantir, an American data mining company, had invested $25 million in FF; Pioneer Pilot, a public fund, had bought 39,000 shares of FF and once became the fifth largest shareholder of FF.

However, for any large-scale investment institution, its funds will always be allocated to countless projects, including some projects that do not hold much hope, while some companies take this opportunity to “endorse” well-known institutions in order to harvest the next group of investors, but such a routine can not be repeated indefinitely after all.

Another expert analysis from the market point of view, that FF turnaround chances are slim, looking at the current new energy vehicle market, the United States has Tesla, China has “Wei Xiaoli”, and Europe has Chevrolet Voltlander, France Renault Zoe. The sales of new energy passenger cars in the narrow sense, such as plug-in, pure electric and fuel cell, amounted to 1.13 million units, up 95% year-on-year.

Liang Zhenpeng, a veteran industrial economist, said that for new energy vehicle manufacturers, regardless of domestic or foreign, brand size, as long as mass production is achieved and finished products are running on the road, there is an opportunity to achieve product iteration and upgrade. Those companies that only build cars in theory, want to grasp the ever-changing market environment is destined to be much more difficult.

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