Faraday Future Announces Employee Incentive Plan as it Sprints Towards FF 91 Futurist Start of Production

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) ("Faraday Future," “FF,” or "Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced the Company’s start of production (SOP) and start of delivery (SOD) incentive plan which will allow the granting of cash bonuses and equity incentive awards to all active FF employees of the Company upon the commencement of the start of production of the Company’s FF 91 Futurist on or prior to March 31, 2023 and the commencement of the start of delivery of the Company’s FF 91 Futurist on or prior to April 30, 2023.

The Incentive Plan includes the grant of certain equity incentive awards to employees of the Company, including various Company executives. Such a large-scale and powerful award reflects the commitment and encouragement of the Board of Directors of FFIE to all FFIE employees, and further lays the foundation for completing the SOP and SOD objectives on time.

Executives also spent time at the meeting, which was held at the Company’s Los Angeles HQ, and included employees at all of its offices, including those based in China, bringing employees up to speed on the Company’s most pressing issues related to its upcoming SOP/SOD deliverables and readiness.

FF is targeting a SOP date for its flagship FF 91 Futurist of March 30, 2023, assuming timely receipt of funds from the Company’s investors, at the Company’s Hanford, California manufacturing facility, “FF ieFactory California.” The Company expects the first vehicles built at its FF ieFactory California to be coming off the assembly line in early April, with deliveries to its first users before the end of April, assuming timely receipt of funds from the Company’s investors.

“These incentives will help our employees be extremely focused on our SOP/SOD milestone dates,” said Xuefeng Chen (XF), Global CEO of FF. “I would like to thank all of our dedicated employees, especially the FF veterans who have stayed with us through thick and thin and I hope that those who love, believe in, and work hard for the Company will be fairly incentivized.”

FF is completing its testing and validation of the FF 91 Futurist through the Product and Technology Generation 2.0 program (PT Gen 2.0). The generational upgrade from PT Gen 1.0 to PT Gen 2.0 consists of significant upgrades of systems and core components in both the vehicle and the I.A.I area – the advanced core, which stands for Internet, Autonomous Driving, and Intelligence. PT Gen 2.0 was achieved through upgrades of 26 major system and components, with 13 key upgrades throughout powertrain, battery, charging, chassis, interior from EV areas, and 13 key upgrades in computing, sensing, communication, user interaction, and performance of the FF 91 Futurist.