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A Delta airlines plane made an emergency landing back in L.A. shortly after takeoff after its engine caught fire.
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Globe and Mail
34 minutes ago
- Globe and Mail
FFAI Marks Fourth Anniversary of Nasdaq Listing with Commitment to Accelerate FX Product Execution and Delivery, Uphold 'Stockholders First' Principle, and Continue the Counterattack Against Potential Illegal Short Selling
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or the 'Company'), a California-based global shared intelligent electric mobility ecosystem company, today announced the celebration of its fourth anniversary as a publicly listed company on Nasdaq. Marking this milestone, the Company reaffirmed its commitment to driving breakthroughs in both its business and capital fundamentals. FF also pledged to accelerate the execution and delivery of products under its second brand, FX, while advancing its dual-brand strategy. Upholding its 'Stockholders First' philosophy, the Company remains focused on delivering greater value to stockholders by expediting efforts to win the Counterattack Against Potential Illegal Short Selling and maximizing stockholder interests. This press release features multimedia. View the full release here: Faraday Future Marks Fourth Anniversary with a Reversal in Both Business and Capital Fundamentals Since its successful listing in 2021, FF has remained focused on disruptive innovation in the intelligent electric mobility ecosystem and is now advancing from the AIEV era to the next-generation EAI EV era. Following the return of the founding team—including Founder YT Jia—in April this year, the Company has implemented a comprehensive 'Ten Punch Combo' transformations, achieving a qualitative leap across key areas such as product development and delivery, manufacturing, supply chain, brand building, organizational governance, and system and capability buildup. On July 17, FF successfully unveiled in Downtown Los Angeles the FX Super One, alongside the Super EAI F.A.C.E. (Front AI Communication Ecosystem), and the FF EAI Embodied AI Agent 6x4 Architecture. The debut of the FX Super One made a striking market impression, fundamentally redefining the traditional luxury executive mobility experience long dominated by models such as the Cadillac Escalade. Compared to where the Company stood at the time of its IPO four years ago, FF has now achieved a dual turnaround in both business and capital fundamentals. The Company has established a strategic framework centered around dual home markets and dual DNA in U.S. and China, while also deploying its 'Third Pole' in Middle East. Through consistent delivery on its promises, more transparent communications, and a proactive and pragmatic corporate culture, FF has regained a vote of confidence from its stockholders. Since its debut, the FX Super One has attracted significant market attention, with over 10,000 paid pre-orders from both B2B and B2C customers. FF continues to refine its Co-Creation Ecosystem Online Direct Sales system, expand its multi-channel sales strategy, and elevate brand influence. The Company's 'B2B2C' co-creation ecosystem model now covers five core sectors: FX Par (Partners), car rental companies, live e-commerce MCN agencies, real estate brokerages, and home office industry. On July 21, the Company also announced a strategic partnership with HabitTrade, a global multi-market brokerage and digital asset infrastructure platform. Through this collaboration, FF seeks to build an integrated ecosystem combining EAI mobility, Web3, blockchain technology, crypto, and stablecoin applications. This initiative aims to bridge Web2 and Web3, connect on-chain and off-chain value flows, and expand the convergence between the real and virtual economies—creating new value for both users and the industry. In addition, the Company recently completed a new round of financing commitment totaling $105 million, which is expected to nearly cover the launch requirements of the FX Super One. Global institutional investor BlackRock has increased its holdings in FFAI for four consecutive quarters, reaching 5.39 million shares, signaling growing recognition and confidence among top-tier capital in the outlook of both FF and FX. Initial Victory in the Counterattack Against Potential Illegal Short Selling; FF Reaffirms Its Commitment to Protecting Stockholder Interests Since the appointment of Founder YT Jia as FF's Co-CEO, the Company has achieved initial success in its efforts to combat potential illegal short selling. The Company previously issued a public update on the identified illegal short selling and online market manipulation targeting FFAI, noting that certain individuals and online accounts involved had issued public apologies and taken down all content suspected of contributing to such manipulative activities. Recently, the Company identified additional indications of potential illegal short selling and the deliberate dissemination of false or misleading information aimed at disrupting the market. FF has issued a legal letter to the parties involved and reserves all rights to pursue legal remedies. On the occasion of its fourth anniversary as a publicly listed company, FF reaffirms its unwavering commitment to the 'Stockholders First' philosophy and its effort to continue to closely monitor the market for signs of potential illegal short selling and will take all necessary legal and regulatory actions to defend the rights and interests of its stockholders. Any attempts to undermine FFAI or harm investor interests will be met with appropriate consequences. FF also calls on regulators and the broader investment community to remain vigilant against such bad-faith efforts to distort capital markets. The Company urges collective resistance against the malicious attacks and defamatory campaigns launched by irresponsible entities targeting innovative enterprises. ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit 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 'plan to,' 'can,' 'will,' 'should,' 'future,' 'potential,' 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 the Super One MPV, Super EAI F.A.C.E., and EAI Embodied AI Agent 6x4 architecture, 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, among others: the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; 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 Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; uncertainties regarding the Company's legal remedies related to illegal short selling, market manipulation, or false information, and the unpredictability of judicial interpretations or regulatory responses; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its 'at-the-market' program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; 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-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.
National Post
2 hours ago
- National Post
Auto industry says environment minister won't relent despite calls to scrap EV mandate
Article content 'Minister Dabrusin and Environment Canada seem to be committed to having an (electric vehicle) mandate in place, and we continue to make the case to them that there are no changes that you could make to this mandate that will solve the current situation that we're in,' he told National Post, on a call while he attended the premiers meeting in Ontario's cottage country. Article content Any changes the government might consider would take time to implement, he said, adding that there was 'deep frustration' within the industry as it must decide how to meet the upcoming targets, with one option being to restrict sales of internal combustion engine vehicles. Article content 'This is urgent,' Kingston said. 'This isn't a tomorrow problem.' Article content Under the policy, companies could earn credits either by selling zero-emission vehicles, which include plug-in hybrids or ones powered by hydrogen, purchasing credits from another electric vehicle maker, or spending money on building out charging infrastructure. Article content Should they fail to meet the targets, they could face penalties under the Canadian Environmental Protection Act. Article content 'The environment minister does not want to scrap the mandate— that was made very clear to us, and that is extremely problematic for the industry. That option cannot be off the table. It is the most effective and fastest way to address this current problem,' Kingston said. Article content In a statement, a spokesperson for Dabrusin said the policy was implemented to give Canadians access 'to affordable zero-emission vehicles to fight climate change with Canadian innovation.' Article content 'The standard is currently in place, and we are continuing to meaningfully engage with industry and explore flexibility to make sure that our measures reflect (the) times we are in,' spokesperson Jenna Ghassabeh wrote. Article content Flavio Vlope, president of the Association of Automotive Component Manufacturers, who was also at the premiers' gathering, said he had spoken to around half a dozen ministers regarding the mandate and that the government was consulting 'heavily' with industry. Article content Article content With the environment minister not appearing to entertain the question of scrapping the targets, he said the 'pressure is on' Dabrusin's department to make them 'mean something.' Article content 'Because right now, all they mean is a setup for failure,' he said. Article content 'There are lots of ways to help the industry here move along the immutable march to electrification, but as currently configured, all it does is punish them, and nobody needs religion right now.' Article content He added that any change to the mandate would ultimately need Carney's approval. Article content 'The prime minister is a student of math, and this should be a very easy case to make,' Volpe said. 'Ministers, including the minister responsible, are more in the weeds with other stakeholders.' Article content 'The challenge for them is to make a distinction between which stakeholders employ Canadians in sustainable jobs and which ones are just fans of (electric vehicles).' Article content Earlier this month, Clean Energy Canada, a climate policy program based out of Simon Fraser University, released a statement, defending the policy as being meant for consumers and not industry.
CBC
2 hours ago
- CBC
Time to say goodbye to this 100-year-old CN Rail bridge in Ottawa
It's the end of an era for a century-old CN Rail bridge on Carling Avenue. CBC's Sannah Choi takes one final look at the infamous underpass.
