Faraday Future ("FF" or “the Company”), a California-based
global shared intelligent electric mobility ecosystem company,
today announced that Jie Sheng has been appointed to FF’s Board of
Directors effective December 18, 2022. On the same date, the Board
also appointed Mr. Sheng as a member of the Nominating and
Corporate Governance Committee and the Compensation Committee of
the Board. Mr. Sheng is a designee of FF Top Holding LLC (“FF Top”)
pursuant to the Shareholder Agreement entered into by the Company
and FF Top.
Mr. Sheng, age 39, is currently the Head of Operations &
Finance Director of FF Global Partners LLC, a position he has held
since June 2022. FF Global Partners LLC, through its subsidiary FF
Top, is the Company’s largest stockholder. From October 2018 to
June 2022, Mr. Sheng served as Deputy Managing Director of China
Aviation Fuel (Europe) Limited, a wholly-owned subsidiary of China
Aviation Oil (Singapore) Corporation (“CAO”), a Singapore
Exchange-listed Company, which in turn is a majority-owned
subsidiary of China National Aviation Fuel Group Corporation
(“CNAF”), a Fortune 500 company, the largest Chinese state-owned
aviation fuel supplier which integrates the purchase,
transportation, storage, quality management, sales and into-plane
service of aviation fuel in China.
From October 2008 to October 2018, Mr. Sheng served as Executive
Director of Finance of North American Fuel Corporation, also a
wholly-owned subsidiary of CAO, which conducts aviation fuel
procurement, supplies jet fuel, and engages in general aviation
endeavors in North America. Mr. Sheng received a master’s degree in
accounting and financial economics from the University of Essex in
2008.
Mr. Sheng replaces Lee Liu on the Company’s Board. Mr. Liu
notified FF of his resignation from the Company’s Board effective
as of December 18, 2022. The Company thanks Mr. Liu for his
valuable service as a member of the Board.
“We are honored to have Mr. Sheng join our team during this
exciting and pivotal period of the Company,” said Xuefeng (“XF”)
Chen, Global Chief Executive Officer of FF. “Mr. Sheng will provide
valuable experience and leadership along with the rest of the Board
that will help guide us as we work towards the launch of the FF
91.”
The Company expects to start production of a saleable FF 91
Futurist at the end of March 2023, with deliveries before the end
of April, subject to the timely availability of $150 to $170
million of additional funding and timely stockholder approval of an
authorized share increase. The Company continues to make progress
with testing and validation of the FF 91 Futurist through the
Product and Technology Generation 2.0 program (PT Gen 2.0).
The Company also recently announced it has completed
manufacturing milestone #6, the completion of construction and
equipment installation in vehicle assembly areas. This marks six of
the seven milestones (the 7th milestone being SOP) that FF laid out
late in 2021 to mark its manufacturing achievements towards the
start of production of the FF 91 Futurist.
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, which
include statements regarding anticipated start of production (SOP)
and delivery timing for our FF 91 Futurist vehicle, additional
anticipated funding and timing for receipt thereof and FF
stockholder approval of an authorized share increase and the timing
thereof, 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 Company’s
ability to satisfy the conditions precedent and close on the
various financings previously disclosed by the Company and
anticipated additional financings, the failure of any which could
result in the Company seeking protection under the Bankruptcy Code;
the Company’s ability to amend its certificate of incorporation to
permit sufficient authorized shares to be issued in connection with
the Company’s existing and contemplated financings; 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 and other litigation involving the Company; 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 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 directors and employees. 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 filed on December 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/20221221005617/en/
Investors (English): ir@faradayfuture.com Investors
(Chinese): cn-ir@faradayfuture.com Media:
john.schilling@ff.com
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