Faraday Future Announces New Strategy Plan and Unveils Futurist Testing Lab

LOS ANGELES, SEPTEMBER 19, 2019 - Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced the latest equity financing, IPO, and FF 91 delivery strategy at its annual 919 Futurist Day. According to the new plan, FF 91 will kick off its delivery in approximately 9 months following the closing of a successful equity funding. The newly announced FF 81 EV and development preparation for future models and next-generation core technologies will be completed as soon as possible.  FF will also target an IPO within 12-15 months following the conclusion of equity financing. The projected funding needs for this stage have been significantly reduced to $850 million from the original estimate of $2 billion.

The company’s Futurist Testing Lab (FTL) was also first introduced to the media and public today. The facility, located in South Los Angeles, near the company’s headquarters will be a key part of the company’s effort to push forward the goal of high quality, high efficiency and cost-effective production of the ultra-luxury “new species” FF 91. The company will be able to conduct various vehicle testing and validations at this facility and produce small batches of pre-production vehicles. The scalable production of FF 91 is still being planned at the company’s manufacturing facility located in Hanford, California.

Upon his recent appointment as FF’s new Global CEO, Dr. Carsten Breitfeld quickly fostered a series of key adjustments in product delivery planning, R&D and operational cost reduction and most importantly, financing strategy.  According to the new plan, FF will integrate all internal and external resources to facilitate its equity financing efforts.  FF 91 will be delivered in 9 months after the successful equity funding closing. 15 months after equity financing conclusion, FF plans to debut its next mass market luxury vehicle FF 81 pre-production car and finish up the development preparation of future models and next-generation core technologies. FF will also target an IPO within 12-15 months upon the conclusion of equity financing. Based on this new financing strategy, FF's projected funding needs are merely $850 million compared to the previous plan of $2 billion.

“FF has made amazing innovations in the fields of traditional electric vehicles, IOV, AI, mobility ecosystem, business models and user ecosystem innovations. FF 91 is very close to final production and delivery. 92% of the parts have been sourced. Moreover, we still have nearly 600 employees globally from various industries working together for the goal of delivering FF 91.  I am very confident that under this new plan, we will deliver FF 91 in a shorter time at a lower cost and higher quality,” said Dr. Breitfeld, “our Futurist Testing Lab will continue to help push forward the goal of FF 91 delivery.”

FF Founder and CPUO (Chief Product and User Officer) YT Jia said FF 91 is still leading in many core performance categories and functions. He will continue to lead the team to upgrade the IOV, Infotainment, UI/UX, AI, and autonomous driving to ensure that FF 91 is in leading position at delivery.

FTL will be used to fully support the high-quality delivery of FF 91 within 9 months after successful financing. The engineering team will continue to conduct testing and validations projects, and manufacture of some core components, including small batches of pre-production vehicles here.

Previously, FF announced the recent appointment of Dr. Carsten Breitfeld as Global CEO. Dr. Brietfeld is an auto industry veteran bringing a proven track record of leadership and innovation. He will lead FF to achieve strategic goals, develop industry leading technology and products, and prioritize ongoing fundraising efforts.