- Signs strategic cooperation agreement with Master Investment
Group and Siraj Holding LLC, which will support FF beginning
operations in the Middle East Region in 2024.
- Unveils Limited Edition “FF 91 Futurist aiFalcon” Middle East
edition that will be available with exclusive colors and wheel
design.
- FF will showcase its FF 91 2.0 Futurist Alliance (North
American model) beginning November 24 at the Abu Dhabi Yas Marina
Circuit During Formula 1 Abu Dhabi Grand Prix Weekend.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
(“Faraday Future”, “FF” or “Company”), a California-based global
shared intelligent electric mobility ecosystem company, today
announced its entry into the Middle East market with the signing of
strategic cooperation agreements with Master Investment Group and
Siraj Holding LLC, and the launch of the FF brand.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231123316755/en/
Faraday Future Announces Entry into
Middle East with local partners. (Photo: Business Wire)
The Company plans to launch a limited-edition model, the FF 91
2.0 Futurist aiFalcon, tailored to the Middle East market, with
delivery targeted in 2024. A press conference held at the
Ritz-Carlton Abu Dhabi, UAE, was hosted by Matthias Aydt, Global
CEO of FF with a number of distinguished guests in attendance,
including members of the royal family, government officials,
entrepreneurs, local media, and FF partners. The FF 91 2.0 Futurist
Alliance (North American Model) will also appear on display at the
world-renowned Abu Dhabi Yas Marina Circuit beginning November 24
during the Abu Dhabi F1 Grand Prix week.
The Middle East market presents an exciting opportunity for
smart and autonomous vehicles and is well aligned with FF product
technology and brand positioning.
FF has made significant strides in 2023 by delivering vehicles,
generating revenue, and increasing production volume at its
manufacturing facility in Central California. The Company delivered
its first FF 91 2.0 Futurist Alliance in the United States in
August. Further strengthening FF’s entry into the EV market, the
Company has announced a number of influential Co-Creation partners
as the first owners of the vehicle. FF’s Co-Creation initiative
reflects an embodiment of the Company’s spirit to place its users
at the center of everything it does. The Company believes this
strategy provides a competitive edge, ensuring that FF’s vehicles
are both technologically advanced and deeply aligned with the
evolving desires and needs of FF’s target customers.
“We are delighted to form this strategic cooperation with Master
Investment Group and Siraj Holding LLC, which will open the door to
our global expansion in the Middle East market,” said Matthias
Aydt, Global CEO of FF. “FF continues to make tremendous progress
with our operations. The team’s collective expertise and passion
underscores our readiness to enter markets like the Middle East. We
look forward to this being our first of many future events and
collaborations around the globe.”
Embarking on a New Era of AI-Powered Mobility
Concurrent with its planned entry into the Middle East market,
Faraday Future has signed a strategic cooperation agreement with
Sheikh Abdullah bin Mohamed Al Qassimi, CEO of Master Investment
Group (https://miguae.com) and Mr. Mohamed Rusan Fyroze, CEO of
Siraj Holding LLC (https://www.sirajfinance.com). Sheikh Abdullah
bin Mohamed Al Qassimi also holds the position of Deputy Chairman
of RAK Customs Authority.
In this strategic cooperation agreement, Sheikh Abdullah bin
Mohamed Al Qassimi and the Siraj Holding LLC Chairman Mr. Ahmed
Khalaf Ahmed Khalaf Otaiba will join Faraday Future’s Global
Advisory Board as well as become board directors of FF Middle East.
They will support Faraday Future’s Middle East business operations,
including business developments, sales & marketing, strategic
financing and partnerships and more.
“Partnering with Faraday Future represents a significant stride
towards advancing sustainable mobility and embracing cutting-edge
AI technology. Together we aspire to spearhead regional development
and foster economic growth, positioning the UAE as a global leader
in shaping a cleaner, technology-driven future. We look forward to
this partnership and are confident in Faraday Future’s bright
outlook in the region,” said Sheikh Abdullah bin Mohamed Al
Qassimi.
Showcase of the FF 91 2.0 at F1 Abu Dhabi Yas Marina
Circuit
FF will showcase its FF 91 2.0 Futurist Alliance (North American
model) beginning November 24 at the Abu Dhabi Yas Marina Circuit
During Formula 1 Abu Dhabi Grand Prix Weekend. Yas Marina Circuit
is one of the most technologically advanced tracks in the world,
home to the annual Formula 1 Etihad Airways Abu Dhabi Grand
Prix.
FF 91 2.0 Futurist aiFalcon
The limited edition model, the FF 91 2.0 Futurist aiFalcon will
come standard with 1-on-1 bespoke private AI, ultimate
connectivity via Super AP 5G*3, extreme racing training and
certification, premium identity features such as UAE gold/crystal
badges and an exclusive invitation to the FF “Futurist Spire
Club”. This aiFalcon model will also be available with an array of
free maintenance and upgrade options such as carbon ceramic brake
kits and an aero dynamics KIT/racing style rims. Reservations for
this premium limited-edition model can be made now at
https://www.ff.com/ar/en/reservation/
FF All Hyper Global Racetrack Conqueror Plan
FF has announced its All-Hyper Global Racetrack Conqueror Plan,
including the ‘FF All Hyper Racing’ team that will be comprised of
six distinguished groups: world champion racers, leading automotive
engineering experts, top AI scientists, leaders of premier
automotive modification shops, celebrities, and the FF team.
Together, they will collaborate with FF to drive continuous
enhancements in the ‘FF aiHyper 6X4 Architecture 2.0’ and the
‘All-Ability aiHypercar,’ leading technology improvements in
Propulsion Hyper, Handling Hyper, and AI Hyper capabilities. FF
plans to take on the world’s most famous racetracks one by one.
Recently, the FF 91 2.0 Futurist Alliance set a new track record
time in its class at Willow Springs International Raceway in
California previously recorded by a Lamborghini Urus, with a time
of 1:28.130. The FF 91 2.0 Futurist Alliance also set a new track
record time in the SUV category in the Button Willow Raceway Park
in California. Users can preorder an FF 91 2.0 Futurist Alliance
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/
Those residing in the Middle East can reserve an FF 91 2.0
Futurist aiFalcon vehicle via UAE website:
https://www.ff.com/ar/en/reservation/
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI 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.
FOLLOW FARADAY FUTURE
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https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
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www.linkedin.com/company/faradayfuture/
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
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: the Company’s ability to continue as a
going concern and improve its liquidity and financial position; the
Company’s ability to remediate its material weaknesses in internal
control over financial reporting; risks related to the restatement
of the Company’s previously issued consolidated financial
statements; the Company’s limited operating history and the
significant barriers to growth it faces; the Company’s history of
losses and expectation of continued losses; increased operating
expenses; incorrect assumptions and analyses developed by
management; the market performance of the Company’s common stock;
the Company ability to comply with Nasdaq listing requirements; the
Company’s ability to execute on its plans to develop and market its
vehicles and the timing of these development programs; 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; the Company’s ability to receive funds from,
satisfy the conditions precedent of, and close on the various
financings described elsewhere by the Company; the result of future
financing efforts, the failure of any of which could result in the
Company seeking protection under the Bankruptcy Code; the Company’s
indebtedness; the Company’s ability to cover future warranty
claims; insurance coverage; the outcome of the Securities and
Exchange Commission (“SEC”) investigation relating to the matters
that were the subject of the Special Committee investigation; the
success of the Company’s remedial measures taken in response to the
Special Committee findings; the Company’s dependence on its
suppliers and contract manufacturers; the Company’s ability to
develop and protect its technologies; the Company’s ability to
protect against cybersecurity risks; general economic and market
conditions impacting demand for the Company’s products; risks
related to the Company’s operations in China; risks related to the
Company’s stockholders who own a significant amount of the
Company’s common stock; potential cost, headcount and salary
reduction actions may not be sufficient or may not achieve their
expected results; the ability of the Company to attract and retain
directors and employees; any adverse developments in existing legal
proceedings or the initiation of new legal proceedings; and
volatility of the Company’s stock price. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of the Company’s Annual Report on
Form 10-K/A for the year ended December 31, 2022 and Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023, as
well as in 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231123316755/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com
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