- The Board of Directors appoints Xuefeng (“XF”) Chen as Faraday
Future Global CEO, succeeding Carsten Breitfeld who was removed as
Global CEO by the Board of Directors.
- The Board has requested that Mr. Breitfeld tender his
resignation from the Board in accordance with the Faraday Future
Corporate Governance Guidelines.
- XF possesses extensive hands-on experience with global luxury
automotive brands as well as vast experience in manufacturing,
product planning and execution and product delivery.
Faraday Future Intelligent Electric Inc., a California-based
global shared intelligent electric mobility ecosystem company
(NASDAQ: "FFIE") (“FF”, "Faraday Future" or "the Company"),
announced today that the FFIE Board of Directors has appointed FF
China CEO Xuefeng (“XF”) Chen as Global CEO of Faraday Future,
effective immediately. Mr. Chen replaces Carsten Breitfeld, who was
removed as Global CEO by the FFIE Board of Directors following a
comprehensive evaluation of the Company’s performance since it went
public in July 2021. Pursuant to the Company’s Corporate Governance
Guidelines, management directors are required to tender their
resignation from the Board upon their removal as an officer of the
Company. The Board has requested that Mr. Breitfeld tender his
resignation from the Board in accordance with such Corporate
Governance Guidelines. As Global CEO, Mr. Chen is tasked with
delivering the FF 91 Futurist to market, delivering on the promise
made to FF stockholders, investors, global partners, users and
employees.
"I believe the decision to appoint XF at this critical juncture
of the Company is a timely and correct one,” said FFIE Chairman of
the Board of Directors Adam He. “XF is a top talent in the global
automotive industry and possesses both a global perspective and
extensive hands-on experience across the global automotive
industrial chain. His years of experience at Ford and Jaguar Land
Rover will pave a solid foundation for his leadership of Faraday
Future’s global team. The Company’s top priority right now is to
deliver the FF 91 Futurist to our users with high quality and
minimal cost, and to successfully realize the US-China dual home
market strategy with the ultimate goal to maximize Faraday Future
stockholder interest,” added Mr. He.
As an automotive veteran with international and extensive
operational experience with luxury automotive brands, XF spent
nearly 20 years in the automotive industry and worked for Changan
Ford, Changan Mazda, Ford Asia Pacific Design Center and Chery
Jaguar Land Rover prior to joining FF. He led the Chery Jaguar Land
Rover team, overseeing program planning, program implementation,
manufacturing, and product delivery within two years and ramping up
the total sales volume of Jaguar Land Rover in China to hundreds of
thousands of units, and significantly enhancing the status and
reputation of the Jaguar Land Rover brand.
XF is acknowledged within the industry as one of the youngest
executives in charge of the China-side of business in automotive
joint ventures. Mr. Chen has well-rounded experience in vehicle
localization, construction and operation of production facilities,
vehicle production, supply chain management and cost control, and
branding marketing and sales. Mr. Chen is also well-versed in U.S.
markets and culture given his prior work for U.S. OEMs, which will
be invaluable to Mr. Chen as he seeks to deliver on Faraday
Future’s short, mid, and long-term global strategic goals.
"The FF 91 Futurist will deliver a unique user experience of the
Ultimate Intelligent TechLuxury. With the completion of the
manufacturing #6 milestone, we are just one step away from start of
production. I look forward to working closely with Faraday Future’s
global employees, external partners, stockholders and investors to
honor the promise we’ve made to users – to deliver the FF 91
Futurist with high quality,” said Mr. Chen. “With the support of
our stockholders, the trust of our board and the close
collaboration among our global employees, I am confident in FFIE’s
future,” Mr. Chen added.
The Company recently announced that it completed manufacturing
milestone #6, the completion of construction and equipment
installation in vehicle assembly areas. The Company also continues
to make progress with testing and validation of the FF 91 Futurist.
Recent performance metrics including range, 0-60 acceleration and
braking have exceeded expectations.
As the only next-gen Ultimate Intelligent TechLuxury EV product,
the FF 91 Futurist puts forward a unique intelligent internet EV
mobility experience with extreme technology, ultimate user
experience and complete ecosystem product DNA. The FF 91 Futurist
features an industry-leading 1,050 horsepower, an EPA-certified
range of 381 miles, 0-60 mph in 2.27 seconds, a unique rear
intelligent Internet system and a revolutionary user experience
designed to create a mobile, connected, intelligent, and luxurious
third Internet living space and user mobility ecosystem
platform.
Users can preorder an FF 91 Futurist 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 (English):
https://apps.apple.com/us/app/id1454187098 or
https://play.google.com/store/apps/details?id=com.faradayfuture.online,
(Chinese): http://appdownload.ff.com
ABOUT FARADAY FUTURE
Faraday Future is a class-defining luxury electric vehicle
company. The Company has pioneered numerous innovations relating to
its products, technology, business model, and user ecosystem since
inception in 2014. Faraday Future aims to perpetually improve the
way people move by creating a forward-thinking mobility ecosystem
that integrates clean energy, AI, the Internet, and new usership
models. Faraday Future’s first flagship product is the FF 91
Futurist.
FOLLOW FARADAY FUTURE:
https://www.ff.com/ http://appdownload.ff.com
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
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 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 the risk of litigation in connection
with the termination of Carsten Breitfeld as Global CEO; the
Company’s ability to satisfy the conditions precedent and close on
the various financings previously disclosed by the Company
(including an effective registration statement for the resale of
the ELOC shares described herein), the failure of any which could
result in the Company seeking protection under the Bankruptcy Code;
the ability of the Company to agree on definitive documents to
effectuate the governance changes with FF Top; the Company’s
ability to remain in compliance with its public filing requirements
under the Securities Exchange Act of 1934, as amended, and the
listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and
to continue to be listed on Nasdaq; the outcome of the SEC
investigation relating to the matters that were the subject of the
Special Committee investigation; 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; potential
litigation involving the Company; the result of existing and future
financing efforts and general economic and market conditions
impacting demand for the Company’s products; recent 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, including a replacement auditor. 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 registration statement on Form S-1/A filed on November 8,
2022, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221128005802/en/
Investors (English): ir@faradayfuture.com Investors (Chinese):
cn-ir@faradayfuture.com Media: john.schilling@ff.com Media:
tim.gilman@ff.com
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