UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 7.01 Regulation FD Disclosure
On July 17, 2023, Faraday Future Intelligent Electric Inc. (the “Company”) provided a stockholder communication update. A script of the communication is included as Exhibit 99.1 and incorporated herein by reference. The information contained in this Current Report on Form 8-K (this “Form 8-K”), including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Forward-Looking Statements
This Form 8-K 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 Form 8-K, statements about the Company’s expectations with respect to its Phase 2 delivery, which may be indicated by the words or phrases “management expects” or “the Company expects,” “is anticipated,” or similar expressions, are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in these statements, including, among others: the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs (including timely receipt of parts and satisfactory safety testing); 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; potential 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, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. 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-Q filed with the Securities and Exchange Commission (the “SEC”) on May 12, 2023, the “Risk Factors” section of the Company’s Annual Report on Form 10-K filed with the SEC on March 9, 2023, 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.
Item 9.01. Financial Statements and Exhibits
| (d) | Exhibits. The following exhibits are filed with this Current Report on Form 8-K: |
| No. | Description of Exhibits | |
| 99.1 | Stockholder Update Script, dated July 17, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FARADAY FUTURE INTELLIGENT ELECTRIC INC. | ||
| Date: July 18, 2023 | By: | /s/ Xuefeng Chen |
| Name: | Xuefeng Chen | |
| Title: | Global Chief Executive Officer | |
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Exhibit 99.1
Investor Update Script
<Video plays>
Opening Video (1.5 min)
[Matthias Aydt speaks.]
Hello and thank you for joining me today for a Faraday Future investor update. I’m Matthias Aydt, and I’m the Global SVP of Product Execution. Before we begin, please note that during this event, we will be making forward-looking statements based on current expectations and assumptions, which are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. These statements reflect our views only as of today, should not be relied upon as representative of views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the Securities and Exchange Comission. During today’s Investor Update, we will discuss the following topics:
First, our FF 91 2.0 Futurist Alliance deliveries.
Second, our global CEO, Xuefeng Chen, or as we call him XF, will discuss recent business and operations.
And last, an introduction and welcome from Jonathan Maroko, our newly appointed interim CFO.
Let’s begin with an update on our FF ieFactory in Hanford, California. We continue to enhance our manufacturing capabilities. The facility is equipped for the production of the FF 91 2.0 Futurist Alliance.
I have to give a big thanks to FF’s supplier networks who have helped the Company make considerable progress and accomplish numerous key operational and strategic objectives in recent months. On April 14, 2023, the Company’s first production FF 91 2.0 Futurist Alliance rolled off the line at our FF ieFactory California.
Our teams have been working diligently to ensure the highest quality standards are met at every step of the manufacturing process. Please check our latest manufacturing video which will provide additional insight on our manufacturing operations.
<The following video plays>
https://icnk.io/u/uvN7hBUDMqBx/ (2 mins)
Since our inception, FF has been strongly supported by these global suppliers, as we continue to work to deliver the FF 91 2.0 Futurist Alliance We announced last month the successful completion of the Company’s first FF Developer Co-creation Mission event, which took place at Willow Springs International Raceway on Tuesday June 6th.
We also announced that the FF 91 2.0 Futurist Alliance set a remarkable new record in its class at Willow Springs Raceway, achieving the fastest lap time of 1 minute and 35 seconds among ultimate luxury production EVs weighing over 6,000 pounds, with no additional special track-specific modifications for this specific test. Truly an epic performance accomplishment for our car and engineering teams!
At our most recent Launch event, we officially unveiled the next-gen AI-powered technology architecture --“FF aiHyper 6x4 Architecture 2.0”, in which 6x4 refers to the vertical integration and horizontal penetration of FF’s six technology platforms and four technology systems.
Additionally, FF announced the launch of FF’s Generative AI Product Stack, which has been integrated in the FF 91 2.0. FF is one of the first automotive manufacturers to integrate and demonstrate generative AI capabilities in a vehicle. Through this Generative AI Product Stack, the Company has integrated its foundational AI capabilities with advanced models such as ChatGPT, GPT-4, and others from companies such as OpenAI and Microsoft.
Since the unveiling of the FF 91 in 2017, we have continuously carried out iterative upgrades in the field of I.A.I to ensure that the relevant features and configurations maintain a market-leading position. The FF 91 2.0 Futurist Alliance is essentially an entirely new vehicle from I.A.I perspective from the vehicle we produced six years ago ..
We believe “All-AI, All-Hyper, All-Ability, and Co-Creation” will emerge as major transformation trends in the Intelligent Ultimate AI TechLuxury mobility industry, this fully reflects the genes of our Company, I.A.I is an important driving force for supporting this.
I want to reiterate our third quarter August phase 2 delivery target is on track. The team continues to gain confidence to solving any outstanding challenges related to reaching this milestone and expect to deliver the FF 91 2.0 Futurist Alliance next month in the quarter.
Now I’d like to invite XF to provide additional insight on FF’s business and operations.
<Video plays> All Ability All-in-One video
[Xuefeng Chen speaks.]
Thank you Matthias and thank you all for joining us today. As part of ongoing efforts to align our interests with shareholders and stakeholders we wanted to provide this update.
First and foremost, I want to express my pride in the remarkable achievements that FF has accomplished thus far in the development and certification of the FF 91 2.0 Futurist Alliance. It is important to recognize that when pioneering a groundbreaking product like the FF 91 2.0 Futurist Alliance, challenges and changes are very normal while conducting the strict testing which is imperative to the development of product like the FF 91 2.0 Futurist Alliance. Continuous testing constitutes an integral aspect of the product development process, and it is not uncommon to encounter issues that necessitate the utmost attention and resolution to meet exacting high internal quality standards.
Our team is actively working to solve any remaining issues utilizing rapid manufacturing methodologies which allows us to fabricate physical samples facilitating assessments encompassing fit, form, and function. This technical approach has allowed us to further refine and validate our approach to issue resolution, creating a blueprint for the future.
We continue to give industry expert FPOs the chance to reserve the FF 91 2.0 Futurist Alliance and we will continue to hold developer co-creation events in the future.
From a financial perspective and specifically as it relates to the previously communicated restatement of past financial statements, we believe it demonstrates the Company’s commitment to improve its internal controls and procedures and uphold the highest standards of financial reporting. Faraday Future remains steadfast in its commitment to acting in the best interests of its shareholders, employees, and the future of intelligent electric mobility. By further reinforcing our internal controls and procedures, Faraday Future seeks to provide a solid foundation for future growth and success.
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Now I want to reiterate growth plans. We started with Phase 1, with the goal to deliver the FF 91 2.0 Futurist Alliance, the FF 91 2.0 Futurist and the FF 91 2.0 with high quality and unbeatable product power, thereby disrupting traditional ultra-luxury brands, and aspiring to claim the top place in the global ultra-spire user market.
Phase 2 focuses on the introduction of future models with growth in smart device sales, and to create a mobility ecosystem to ultimately increase eco revenues. It is FF’s intention to establish itself as the leader of the spire market.
FF’s phase 3 target is to sustain the growth of its smart device revenues while achieving growth in eco revenues, which include internet apps, software, and sharing. FF’s eco revenues are expected to constitute an increasingly substantial portion of the overall profit. FF will aim to establish itself as a major player in the high-value user market.
After nine years, FF has established globally integrated operations across R&D, supply chain, production, and sales. “Born in California Global DNA” is deeply imprinted in our globally distributed staff.
As Matthias just mentioned, AI is the soul of our product. More developers and third parties are invited to participate in R&D through an open technology platform, fostering co-creation of the technology architecture. Please stay tuned for our “FF Developers Co-Creation AI Festival” that will be held in the second half of 2023.
We continue to add to our experienced global personnel, and this is a good segue into welcoming one of the latest leaders to our growing organization:
I’d like to take this opportunity to introduce our new Interim CFO, Jonathan Maroko. I’m excited to have Jonathan join our team. With his capital markets background, Jonathan helps to further strengthen our finance team. Yun Han, who was previously in this role, remains as FF’s Chief Accounting Officer and will oversee all of FF’s accounting functions. Ed Darwick, our head of finance is in charge of all our financial planning and analysis, and Jonathan will focus much of his efforts on the capital markets. With that, I’d like to turn it over to Jonathan.
[Jonathan speaks.]
“Thanks, XF. Hi everyone, I’m extremely happy to be joining FF.
I’ve worked in the financial services industry for 17 years, most recently as strategic advisor and external CFO to venture-backed, fast-growing companies.
I joined Faraday Future because I believe the company is at a very exciting inflection point in its history. EV’s are the future and FF’s next-generation intelligent, connected, electric vehicle is incredibly unique and innovative. Given my background in working with public and/or growing companies, I look forward to contributing and adding value in FF’s efforts to emerge as an intelligent EV leader.”
Thank you all for your time today!
***
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