Faraday Future Announces Updated Master Plan 1.1 to Strategically Position Itself for Growth in 2024

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today released an open letter from Matthias Aydt, Global CEO of FF, to share an updated master plan 1.1 for the growth of Faraday Future in 2024.

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Faraday Future Announces Updated Master Plan 1.1 to Strategically Position Itself for Growth in 2024. (Photo: Business Wire)

Opportunities and Accomplishments

I’m issuing this letter to align expectations as to where FF stands today and where we hope to lead FF in 2024. FF has made great strides in the past 12 months, under limited funding and strong headwinds from the markets, including the changing landscape of the EV business.

FF entered the revenue generation phase in 2023 and established a closed-loop operation from user acquisition and delivery to user operations while launching the process of adding industry leaders and partnering with our first users and Co-Creation Officers. There were significant changes in FF’s business foundation, including the addition of a new management team that we believe collectively boasts the strongest capabilities in the history of FF. We believe that during this critical period for business growth, the Company is now structurally best positioned for the next development phase since its inception.

• FF is only one of five new EV companies globally that has passed US homologation requirements, others include Tesla, Lucid, Rivian, and Fisker.
• $3 billion invested capital to date to create an industry leading EV platform, I.A.I. technology, product development and manufacturing capabilities.
• 660 patents filed or issued utility and design patents for both EV and I.A.I. technology competitiveness.
• 10,000 capacity - future potential annual production capacity at FF's self-operated manufacturing facility in Hanford, California with $200+ million invested.
• Dual Home Deep cultural roots in both the US and China provide competitive advantage across two of the largest EV markets with anticipated movement into the Middle East Markets in 2024.
• High-profile vehicle owners and Co-Creation Officers such as Chris Brown, Motev and others, demonstrating strong brand power.
• Direct sales online with anticipated targeted in-person experience centers and FF partner stores across target markets such as the US, China, Europe, and the Middle East.
• Phase Two of the Company's Three-Phase Delivery Plan for the Company’s FF 91 2.0 Futurist Alliance launched in the third quarter 2023.

FF also signed an agreement with the Abu Dhabi Investment Office (ADIO) to unleash generative AI and advanced EVs for Abu Dhabi's SAVI cluster. Abu Dhabi’s SAVI cluster builds on the strength of Abu Dhabi’s industrial base and supports the UAE’s target of half of all cars on the roads being electric by 2050.