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FF releases business progress update All equipment required for mass production is in place
· FF ieFactory California in California is nearing completion
· Is conducting financing activities with multiple parties
· Expected to start mass production and delivery in the fourth quarter of 2022
Los Angeles, CA, USA (August 29, 2022) - Faraday Future Intelligent Electric Inc, a global shared smart electric mobility ecosystem company headquartered in California, USA. (NASDAQ: FFIE) ("FF", "Faraday Future" or the "Company") today released a business progress update, with the financing campaign and the launch of the FF 91 electric vehicle in progress.
The company's FF ieFactory California in Hanford, California, USA, continues to make progress in a challenging macro environment, with all the equipment needed to begin mass production ("SOP") in place. In addition, other related equipment needed to ramp up production across the board is expected to arrive at the plant later this year, and the company does not expect these to have a material impact on the timing or speed of the ramp-up. With the equipment in place, Faraday Future has made substantial progress in the installation of equipment in the main manufacturing area of the factory vehicles. "The FF ieFactory California team is continuing to produce high-quality production vehicles for final testing and validation, and I am delighted to see the factory making continued progress on the road to production (SOP). Together we are building a true A world-class luxury car factory, where I would like to thank the outstanding Hanford team and engineering contractors at FF," said Dr. Bi Fukang, Global CEO, Faraday Future.
Currently, the company's business plan envisages starting deliveries of the FF 91 electric vehicle in the fourth quarter of 2022. Related testing, validation and certification work will also be completed in the fourth quarter. “Previously, we noticed some challenges in the supply chain that impacted the FF 91 mass production schedule. We have announced a successful $52 million secured note financing and are continuing with multiple parties for further financing But at the same time we are in the process of closing these potential transactions, which also affects the production lead time of the FF 91 electric vehicle”, Dr. Bi Fukang continued, “The company has taken actions to protect cash flow, including reducing expenditure, extending payment cycle and Implement other similar measures, etc. As of August 26, 2022, the company has a cash balance of $47.2 million in the U.S. and a restricted cash of $1.5 million. The timing and amount of additional capital raised may affect the amount of plant production ramp-up timing and rate, which could also significantly impact expected yields."
"FF's flagship electric vehicle, the FF 91, will be the first high-end, high-performance GeekWire luxury electric vehicle on the market and will redefine the driving experience for users. When we launch the FF 91 in the fourth quarter, we will Show consumers the future of smart, connected mobility," concluded Dr. Bi Fukang.
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