- The Company plans to initiate the delivery process this week.
- The Company continues to recruit Developer Co-Creation participants for its first Developer Co-Creation Festival to be held in Pebble Beach, California during Monterey Car Week later this month.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) ("Faraday Future", “FF” or "Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced a new round of financing to support the Company’s phase 2 Co-Creation delivery of its Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance, along with its Developer Co-Creation strategy.
On August 4, 2023, the Company issued $16,500,000 aggregate principal amount of its unsecured convertible senior promissory notes (the “Note”) together with a common stock purchase warrant to Streeterville Capital, LLC . The Note is subject to an original issue discount of $1,500,000. This new round of funding will support the Company’s phase 2 delivery and sales and service preparation of its Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance.
The Company continues to recruit Developer Co-Creation participants by invitation and recommendation for its first Developer Co-Creation Festival which will be held in Pebble Beach, California during Monterey Car Week later this month. The Company plans to initiate the delivery process this week and hold the FF 91 2.0 Futurist Alliance delivery ceremony next week.
The Company also announced the Developer Co-Creation projects. The Co-Creation business model is an open UP2U (User Planning to User) business model that allows users or Co-Creators to become FF partners and enable value Co-Creation. It is also an extension of FF’s internal and external partner strategy. The ultimate goal is to collaborate with external Co-Creators to create value for the Company.
The Developer Co-Creation projects include:
- FPO (Futurist Product Officer): Provides valuable feedback and helps the Company with product enhancements and improvements.
- FMO (Futurist Marketing Officer): Leverages personal platforms, networks and resources to help the Company for brand & communications efforts.
- FSC (Futurist Spire Club): Mainly composed of celebrities, entrepreneurs, and industry stars, focuses on word-of-mouth building and circle marketing of FF products among spire users.
- FTO (Futurist Technology Officer): Provides valuable feedback and helps the Company with technology enhancements and improvements.
- FSO (Futurist Service Officer): Uses their own platforms and resources to help the Company improve service quality and experience.
- FOO (Futurist Operation Officer): Provides valuable advice and feedback on corporate operations.
Through collaborative partnerships with external Developer Co-Creators, the Company believes that substantial value will be brought to the Company across various aspects such as product development and quality enhancement, brand marketing and communications, elite group engagement, including celebrities and influencers, technological development and advancement, after-sales services, as well as overall Company operations.
Up to now, several industry elites have collaborated with FF as Developer Co-Creators, providing valuable feedback to the Company. These initial Developer Co-Creators have also assisted the Company in aspects such as brand marketing and user acquisition, among others.
The Company plans to recruit additional Co-Creation participants with the launch of the second phase of Developer Co-Creation delivery. Potential Developer Co-Creators must receive at least one recommendation from an existing FF Developer Co-Creator or an FF pre-order holder as well as pass a Company evaluation to qualify as a Developer Co-Creator in the second phase.
“It is a great pleasure to be able to obtain new financing support at the critical moment when the FF 91 2.0 Futurist Alliance starts the second phase of Co-Creation delivery. Through the Developer Co-Creation project, we expect to receive support from external Co-Creators at multiple levels including, but not limited to, product and technology improvement, brand and marketing communications, word of mouth and user service, which is crucial to the realization of the Company's strategic goals in the next stage,” said Xuefeng Chen (XF), Global CEO of FF.
The FF 91 2.0 Futurist Alliance is built on the AI-powered FF aiHyper 6x4 Architecture 2.0, and its unique Hyper Multi-Vectoring and Magic All-In-One make it possible to conquer racetracks and set new lap records. The 1050 horsepower and the Hyper Multi-Vectoring integrated multi-axis torque technology system for AI propulsion, steering and braking deliver the following benefits: 1. Extreme acceleration and power, 2. Handling precision and agility, and 3. Integrated braking that combines traditional braking and regenerative braking.
The Magic All-In-One All-Terrain AI Body Control Technology System of the FF 91 2.0 Futurist Alliance provides the following benefits: 1. Ultra-low center of gravity, high visibility, and enhanced precision, stability, and traction of the suspension achieved through the unique moat body structure and moat battery pack structure. 2. Extraordinary grip and traction delivered by the 22-inch wheels and high-performance tires. 3. Exceptional aerodynamics despite the vehicle’s full size.
With All-AI, the FF 91 2.0 Futurist Alliance defines the Ultimate AI TechLuxury by integrating traditionally perceived contradictory attributes. It flawlessly combines performance, weight, and safety, while seamlessly blending technology with luxury. The acceleration-to-weight ratio of the FF 91 2.0 Futurist Alliance is only 0.78, which is twice as efficient as Ferrari’s 1.59. The performance-safety index is 2, far superior to peers. The FF 91 2.0 Futurist Alliance boasts an impressive range-to-weight ratio of 136, delivering the undisputed best-in-class performance, surpassing its competitors by a large margin.
Users can preorder an FF 91 vehicle via the FF Intelligent App or through our website
(English): https://www.ff.com/us/preorder/
or (Chinese): https://www.ff.com/cn/preorder/
Download the new FF Intelligent App: http://appdownload.ff.com
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem.
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FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements about the FF 91 2.0 Futurist Alliance delivery timeline and the Company’s Developer Co-Creation delivery strategy and projects, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include , among others: the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs (including timely receipt of parts and satisfactory safety testing); the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price.. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on May 12, 2023, the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2023, and other documents filed by the Company from time to time with the SEC. . These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Contacts
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
