Announced a definitive agreement for a series of financings, as well as significant amendments to key terms of the warrant provisions in the original FF Secured Facility Agreement. Following satisfactory execution on time, the Company will have raised all necessary funding for the FF 91 Futurist Start of Production (“SOP”). At the same time, the company announced that it will hold an extraordinary general meeting on February 28, 2023.
The company announced arrangements for the execution of a definitive agreement for a $135 million convertible secured note facility, subject to the satisfaction or waiver of certain conditions. This round of financing plus the $33.4 million ($30.6 million after deducting original discounts and transaction costs) received by the company after the “FF Global Investor Business Update Conference” on December 15, 2022, including the Ltd. to provide an advance payment of US$10 million), indicating that the Company has received a full financial commitment for the mass production of the FF 91 Futurist SOP, provided the funds arrive in a timely manner. As mentioned earlier, after the company receives all financing as expected, the company expects to start mass production of the marketable FF 91 Futurist at the end of March 2023, roll off the assembly line in early April, and deliver before the end of April.
Faraday Future has continued to make progress towards final testing and validation of the FF 91 Futurist through the Product and Technology Generation 2.0 (PT Gen 2.0) project in recent months. The replacement content from PT Gen 1.0 to PT Gen 2.0 includes a major upgrade of the vehicle and IAI (Intelligent. Autonomous. Internet) system (the core advanced system of FF 91 Futurist, namely intelligence, autonomous driving and Internet). PT Gen 2.0 includes 26 major system and component upgrades. Through 13 key upgrades in the field of electric vehicles, including powertrain, battery, charging, chassis, and interior, as well as 13 key upgrades from computing, sensing, communication, user interaction to the latest technology of IAI, FF 91 Futurist has achieved remarkable All-round performance improvement.
With this round of financing, FF is approaching the seventh manufacturing milestone, the SOP. The company had earlier announced the achievement of its sixth manufacturing milestone, the completion of construction and equipment installation of the vehicle assembly area. This marks the completion of six of the seven milestones FF set for late 2021. This also represents FF’s achievements in mass production of FF 91 Futurist.
As the only next-generation ultra-intelligent and luxurious smart Internet electric car product, FF 91 Futurist is benchmarked against Ferrari, Maybach, Rolls-Royce and Bentley. With extreme technology, ultimate user experience and complete ecological product DNA, it brings A unique smart Internet electric vehicle travel experience. FF 91 Futurist has an industry-leading 1,050 horsepower, an EPA-certified cruising range of 381 miles, an acceleration of 0-60 miles in just 2.27 seconds, and a unique rear-seat intelligent Internet system, providing a revolutionary user experience and aiming to create a mobile, connected , intelligent and luxurious third Internet living space and user travel ecosystem platform.
