Faraday Future Regains Compliance with Nasdaq Timely Reporting Requirements

Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company today provided a business update, highlighting significant strategic developments and operational progress, including regaining compliance with Nasdaq timely reporting requirements.

Overview

• Financial Update – First Quarter 2024
• China-U.S. Automotive Bridge Strategy
• Fundraising and Expense Initiatives
• Investor Community Day
• Nasdaq Listing Compliance

Financial Update – First Quarter 2024

The Company continued its efforts to control costs and reduce operating expenses:

• Operating expenses declined significantly to $22.9 million compared to $95.8 million in the same prior year quarter.
• Loss from operations declined to $43.6 million compared to a loss of $95.8 million in same prior year quarter.
• Cash from operating activities improved meaningfully to a loss of $14.7 million compared to negative $103.0 million in first quarter 2023.
• The Company had $499.9 million of assets, $298.4 million liabilities and a book value of $201.5 million at quarter end March 31, 2024.
• Shares of Class A common stock outstanding on July 30, 2024 were 441.3 million, as compared to Class A shares outstanding on May 17, 2024 of 439.7 million.

"The start of 2024 marked a transformative period for the Company,” said Matthias Aydt, Global CEO of Faraday Future. “Our new China-U.S. Automotive Bridge Strategy positions us to leverage our cutting-edge AI and software technologies across multiple market segments, potentially accelerating our mass-market entry while maintaining our ultra-luxury offering. Coupled with our fundraising efforts, Nasdaq compliance efforts, and the success of our first Investor Community Day held recently, these developments underscore our commitment to innovation, sustainable growth, and stockholder value. As we move forward, we remain focused on executing our global strategy and bringing our unique vision of intelligent electric mobility to a broader audience."

China-U.S. Automotive Bridge Strategy

FF has unveiled its innovative China-U.S. Automotive Bridge Strategy, marking a return to a two-brand approach. As part of its dual-home-market strategy, FF could leverage its unique bridge value to integrate the strengths of the U.S. automotive industry with those of Chinese car companies and their respective supply chains. This strategy aims to establish a second mass market-focused brand by collaborating with China-based OEMs and parts suppliers. FF plans to enhance procured components with its proprietary AI and Vehicle Software technology, creating a compelling value proposition for the AI EV mass-market.