Faraday Future said: “We firmly reiterate without reservation that all FF 91 2.0 vehicle deliveries are legal. The company has established a comprehensive internal control mechanism to ensure that the necessary full payment or down payment has been received before public announcement. Complete the Lease (lease sales) vehicle approval and Traffic Management Bureau registration process.”

Faraday Future solemnly declares that there is absolutely no falsehood in the company’s sales activities. FF remains committed to complying with legal and ethical standards, encourages employees to report any suspicious behavior, and will never retaliate against whistleblowers in good faith.

It was previously reported that on April 10, two internal whistleblowers at Faraday Future claimed that the troubled electric car company had lied about the small amount of delivery data it had received so far. Moreover, Faraday Future founder Jia Yueting has “weaponized” the company’s human resources department to retaliate against anyone who tries to expose the truth.

The two employees, Jose Guerrero and Victoria Xie, have filed a lawsuit against Faraday Future, Jia Yueting and the company’s human resources director Yang Nan in Los Angeles Superior Court, accusing them of illegal termination, Breach of contract and emotional distress.

Jia Yueting has denied the accusations. He responded on the social platform that the complaint contained a large number of false statements and slander for the purpose of conspiracy for revenge and extortion, and would file a countersuit against the two men.

The post Faraday Future Confirms: No ‘Early False Sales’ on FF 91, Urges Employee Reporting appeared first on TechGoing.

In this regard, Jia Yueting issued a statement on his Weibo: I believe that there are a large number of false statements and slander in this complaint for the purpose of conspiracy to retaliate and extort. I will file a countersuit against these two people!

It was reported today that two internal whistleblowers at Faraday Future claim that the troubled electric car company has been lying about the few sales figures it has announced so far. They also claim that founder Jia Yueting has “weaponized” the electric vehicle startup’s human resources department to retaliate against anyone who makes these allegedly false statements.

The two employees are Jose Guerrero and Victoria Xie, who served as Faraday Future’s senior director of sales and after-sales and the company’s launch project manager and release manager respectively.

The post Faraday Future Employee Alleges Sales Fraud, Jia Yueting Plans Countersuit appeared first on TechGoing.

The two employees, Jose Guerrero and Victoria Xie, filed the lawsuit in Los Angeles Superior Court against Faraday Future and Jia Yueting, as well as the company’s human resources director Nan Yang. The claims are made in a new lawsuit alleging wrongful termination, breach of contract and infliction of emotional distress.

Guerrero, who previously served as Faraday Future’s senior director of sales and after-sales, and Xie, the company’s go-to-market program manager and launch manager, said the company announced these deliveries before the sales process was complete. They claim that at least three of the four were never paid in full at the time the tip was filed, while the fourth was only paid “more than 60 days after the ‘sale’ was announced.” Faraday Future has since claimed to have delivered 10 vehicles throughout 2023.

Guerrero and Xie allege that when sales staff objected to these “premature” announcements, Jia’s unit’s leadership team continued to cite the need to announce the sales to boost the company’s stock price and retaliate against employees who raised compliance concerns Sexual HR Action. Faraday Future entered into these sales agreements with its initial customers without conducting pre-delivery inspections of the vehicles. They also claimed that Jia Yueting’s team was sending “non-road-approved software” to these early customers’ cars and that they failed to properly document or disclose the software’s release notes to the National Highway Traffic Safety Administration, which may have violated United States Law.

Xie said in the complaint that she was fired two days after the letter was submitted “in retaliation for her protected reporting,” and claimed that Jia and Yang were directly involved in her firing. Faraday Future also fired Guerrero on January 18 in retaliation for his outspokenness. They both filed arbitration proceedings against the company, but Faraday Future did not pay the required arbitration fees and they subsequently filed suit in the High Court.

According to previous reports, Faraday Future defaulted on lease payments of nearly one million U.S. dollars and was almost kicked out of the headquarters building by the landlord. It was sued and later reached an agreement with the landlord to settle.

“Faraday Future takes the allegations made by former employees in these two lawsuits very seriously,” a Faraday Future spokesperson said in an emailed statement to TechCrunch. Faraday Future believes that, on the merits, it has a robust defense to the alleged claims and will pursue all available avenues and remedies to protect and defend itself and the company’s dedicated employees against all allegations, including character attacks. Through their lawyers, Guerrero and Xie declined to comment on the allegations in the documents.

The post Faraday Future Employees Allege Falsified Sales, Retaliation and Firings appeared first on TechGoing.

As of April 1, all FF 91 2.0 vehicles sold in the U.S. market have had the software updated and this recall completed.

A brief summary attached:

In March of this year, Faraday Future issued its first recall plan, which included all FF91 cars (11 vehicles) produced last year. Faraday’s recall information filed with the National Highway Traffic Safety Administration (NHTSA) shows that the recall mainly involves the issue of the FF91 airbag warning light. It is said that if there is a problem with the vehicle’s airbag, a bug in the software system may prevent the warning light from turning on.

According to FF data, FF completed the delivery of 10 FF 91 2.0 Futurist Alliance vehicles in 2023, which means that Jia Yueting has only delivered 10 vehicles in 9 years of building cars. It is worth noting that one of them belongs to Jia Yueting himself. Among these car owners are American real estate tycoon and Netflix reality show star Jason Oppenheim, as well as famous singer Chris Brown.

The post Faraday Future: FF 91 has completed the vehicle recall for the US market through OTA appeared first on TechGoing.

In early March this year, Jia Yueting’s FF released its first recall plan. The recall involves all 11 FF 91 cars produced last year. According to recall information filed with the U.S. National Highway Traffic Safety Administration (NHTSA), the recall is mainly due to a problem with the FF 91’s airbag warning light. If there is a problem with a vehicle’s airbags, a bug in the software system may cause the warning lights to not work properly.

Officials stated that this updated software has completed large-scale testing and implemented improvement measures to ensure that the vehicle meets FF’s safety standards. This highlights the company’s commitment to user safety and its ability to proactively address potential issues.

It is reported that the user notification letter regarding this upgrade was sent on March 28, 2024. The software update can be performed remotely through OTA technology. As of April 1, 2024, all FF 91 2.0 vehicles sold in the U.S. market have updated their software and completed this recall.

The post Faraday Future has completed vehicle recall in the US market through OTA upgrade appeared first on TechGoing.

Faraday’s recall information filed with the U.S. National Highway Traffic Safety Administration (NHTSA) shows that the recall mainly involves the FF91’s airbag warning light issue. It is said that if there is a problem with the vehicle’s airbag, a bug in the software system may prevent the warning light from turning on.

According to the report, Faraday Future will arrange for concierges to pick up the vehicles and “redeliver” the vehicles to the owners involved. The recall notice is expected to begin notifying customers on March 15. Faraday Future is currently trying to keep its Los Angeles headquarters, and the recall occurred at a time when the company was desperately short of cash.

Faraday Future has repeatedly defaulted on rent, and the landlord of its Los Angeles headquarters is trying to “evict” the company. In response to the news that the landlord was suing for arrears of rent, Faraday Future responded last month by saying that it was actively working with the San Jose office and the California office. The landlord of the Diener headquarters cooperates and conducts friendly negotiations on the current situation to resolve it as soon as possible.

According to FF data, FF completed the delivery of 10 FF 91 2.0 Futurist Alliance vehicles in 2023, which means that Jia Yueting has only delivered 10 vehicles in 9 years of building cars. It is worth noting that one of them belongs to Jia Yueting himself. Among these car owners are American real estate tycoon and Netflix reality show star Jason Oppenheim, as well as famous singer Chris Brown.

The post Faraday Future recalls all FF91 cars produced last year over airbag warning light issue appeared first on TechGoing.

It is reported that one of the highlights of this upgrade is the in-vehicle sports event recommendation aggregation product. It seamlessly integrates sports event guides with live content from Internet streaming services, allowing users to quickly find their favorite content, truly bringing a family living room-like experience into FF 91.

This remote (OTA) upgrade significantly enhances the interaction between the user’s smartphone and the vehicle, making the functions more intuitive and user-friendly. In addition to supporting regular functions such as controlling doors, air conditioning, and charging, drivers and passengers can also control the in-car screen more smoothly through their phones, thus improving the in-car entertainment and work application experience.

As one of the most comprehensive smartphone-car interaction systems in the industry, users can control each door of the vehicle simultaneously or individually through their smartphones and watches. Combined with the vehicle’s double-door design, the FF 91 2.0’s new vehicle control features will provide an impressive experience. This upgrade also greatly improves the in-car interaction and experience: the one-touch zero-gravity seat adjustment function allows users to quickly relax, and the 60-degree inclination angle of the FF 91 2.0 rear seats provides users with the most luxurious, Unparalleled comfort. In addition, this upgrade also includes further optimization and improvement of the functions of the artificial intelligence assistant FF aiPal.

Officials bluntly stated that the feedback from FF co-creators has contributed to many upgrades. For example, an FF co-creator who picked up a car last year proposed the need to watch videos in the front and back rows at the same time to achieve shared viewing and a three-screen experience for family members in the car. This OTA upgrade successfully realized this Function. In addition, users can now provide feedback on vehicle improvements through screen recording in the car.

To record the contributions of FF co-creation officers, FF launched a co-creation application. In addition, FF also optimizes the performance of vehicle control applications to provide users with a smoother vehicle control experience.

The post FF 91 2.0 first OTA update added 752 new features and 846 optimized features appeared first on TechGoing.

Jia Yueting issued an article on December 31, saying that this year is a “milestone” in the development history of Faraday Future: the company has formed a closed-loop operation and officially entered the stage of delivering revenue. At the same time, Faraday Future has completed a series of tasks such as SOP (small batch production), the first car rolling off the production line, the final release, the start of co-creation delivery, and the launch of the Middle East strategy.

Jia Yueting said, “We will continue to move forward with determination in 2024 and fully accelerate the promotion of China and the United States as dual home stadiums, a new chapter in the third pole of the Middle East!”

It is worth mentioning that Faraday Future received a notice from Nasdaq on December 28 regarding delisting or failure to comply with continued listing rules or standards. As of the time of publication, Faraday Future’s US stock price was US$0.20, with a market value of only US$25.596 million.

According to the notice, Faraday Future failed to comply with listing rules requiring a minimum closing share price of $1. And it must raise its share price to the required level for at least 10 consecutive days by June 25 next year to regain compliance.

Faraday Future Global CEO Matthias Aydt also said last month: “Based on the current analysis results of ShareIntel, we are deeply concerned that FF may have become the target of market manipulation and illegal short selling. The FF board of directors and management attach great importance to the interests of shareholders, and we will Take all necessary actions to prevent FF from being the target of market manipulation. We will continue to work with ShareIntel to combat potential manipulation and egregious illegal short selling and trading activities to help ensure fair market conditions.”

In the third quarter of this year, Faraday Future generated revenue for the first time – raising a total of $61.8 million through convertible notes, equity line of credit (ELOC) and ATM financing.

The post Faraday Future delivers FF 91 2.0 to Jim Gao, delivering ten vehicles throughout 2023 appeared first on TechGoing.

Note: ADIO helps local, regional and international investors develop in the UAE capital by working with government partners, sovereign investors and national champion enterprises.

It is understood that Faraday Future held the “FF Middle East Strategy Conference” in Abu Dhabi, the capital of the United Arab Emirates, on November 23, and signed strategic cooperation agreements with two companies with UAE royal backgrounds. It will also customize a limited edition of FF for the Middle East market. 91 2.0 Futurist aiFalcon model, scheduled for delivery in 2024.

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

The post Faraday Future to establish regional headquarters, manufacturing plant in Abu Dhabi appeared first on TechGoing.

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.

Financial Highlights:

 Cost of sales was $16.1 million. Of that amount, $10.4 million was tool and equipment depreciation. Most of the remainder is manufacturing overhead, followed by labor and material costs. The higher cost of sales stems from natural inefficiencies in early vehicle production – namely, higher component costs due to initial manufacturing inefficiencies and lower volumes.

 Operating losses were $66.4 million, compared with a loss of $80 million a year earlier. The narrowing of operating losses was mainly due to lower research and development expenditures, followed by improvements in administrative expenses.

 Net loss was $78 million, compared with a net loss of $119.9 million in the same period last year. The narrowing in net loss was primarily due to lower operating expenses and gains on changes in the fair value of notes payable and warrant liabilities, offset by the non-cash settlement of convertible notes recorded during the quarter.

 From January to September this year, net cash outflows from operating activities were US$240.4 million, compared with US$355.1 million in the same period last year; capital expenditures were US$10.8 million, compared with US$112.1 million in the same period last year; net cash inflows from financing activities were US$237.6 million, compared with US$112.1 million in the same period last year. for $40.9 million.

 The company's cash balance was $8.6 million, including $1.9 million in restricted cash.

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