Faraday Future Delivers First FF 91 2.0 Futurist Alliance in the East Coast Market to Univest Securities
- Global President Jerry Wang helps deliver the vehicle and reaffirms the Company's commitment to the East Coast market.
- FF's entry into the East Coast market will pave the way for FX's potential mass-produced models.
- FF plans to design and develop AI hybrid extended-range (AIHER) electric powertrain systems, which are highly suited to both New York and the broader East Coast region.
Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) ("FF", "Faraday Future", or the "Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced that it delivered an FF 91 2.0 Futurist Alliance to Univest Securities, LLC, a boutique investment firm based in New York City. The delivery, which took place near Midtown Manhattan, is FF's first delivery in New York State and signifies a historic moment for the Company. FF went public on Nasdaq in 2021 and at the time studied the feasibility of expanding to this region. That possibility has now been realized, laying the foundation for not only additional sales of the FF 91 2.0 but also for potential future FX models.
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Faraday Future Delivers First FF 91 2.0 Futurist Alliance in the East Coast Market to Univest Securities
The East Coast market, including New York state, has long been on the Company's radar as part of its growing geographic market plans, and given its status as one of the world's largest and most influential economic hubs as well as a growth market for EVs, expanding into this market could enable FF and FX to establish and strengthen their positions within the U.S. EV industry and increase brand visibility. The FX Super One is anticipated to be unveiled in June of 2025, and the Company expects to start collecting reservations thereafter in preparation for the first planned FX to roll off the line by the end of 2025.
"I am thrilled to take part in this historic vehicle delivery to our newest user and Co-Creation Officer, and in not only one of the biggest financial hubs but also in one of the biggest markets for EV's," said Jerry Wang. "I hope we can further our partnership with Univest and expand our footprint in the East Coast in the coming years. This delivery opens the doors to our future, with not only FF but also FX."
ABOUT FARADAY FUTURE
Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91 2.0 Futurist Alliance, exemplifies its vision for luxury, innovation, and performance. The new FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91 2.0, targeting a broader market with middle-to-low price range offerings. For more information, please visit https://www.ff.com/us/.
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 geographic expansion, designing and developing AIHER electric powertrain systems, the future unveiling of the Super One, and collecting reservations, 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 secure the necessary funding to execute on the FX strategy, which will be substantial; the Company's ability to secure necessary agreements to license and/or produce FX vehicles none of which have been secured; the Company's ability to homologate FX vehicles for sale; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to continue as a going concern and improve its liquidity and financial position; and the Company's ability to pay its outstanding obligations. 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-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the "Risk Factors" section of the Company's first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.
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