Latest news with #FF
Business Wire
2 days ago
- Automotive
- Business Wire
Faraday Future Holds First Annual Stockholders' Day, Company Provides FX Product Updates, Confirms FX Super One Launch Timing, and Secures 600 New Deposits from Multi-Channel Network (MCN) Agencies
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or 'Company'), a California-based global shared intelligent electric mobility ecosystem company, held its first Annual Stockholders' Day on Saturday, May 31, at the Company's global headquarters in Los Angeles. Attendees included stockholders and other Company guests who experienced Company presentations and updates, and personalized FF and FX vehicle ride and drive experiences. The event also offered an open Q&A session with FF executives and a special private dinner after the event for stockholders, offering an exclusive opportunity to engage directly with Company leadership. Words of encouragement from some of the Company's newest B2B partners were also delivered at the event. 'I want to personally thank all of the guests for being here at our very first 'Annual Stockholders' Day. It was a genuine pleasure to extend a welcoming hand to everyone who attended this event,' said Co-CEO YT Jia. 'This was more than just another Company event, it showed our unwavering commitment to stockholder engagement, long-term value creation, and full commitment to our 'Stockholders-First' principle.' FX Product and Brand Updates The Company plans to host the first exclusive offline product launch event for the FX Super One on June 29, tailored for five key groups: FF stockholders and investors; B2B sales partners and prospects; global supply chain partners; media, influencers and KOLs; co-creation officers and celebrities. Subsequently, FX will host a large-scale public launch event on July 17, the 'Super One Online Global Product Launch,' targeting retail consumers and opening up the large-scale online B2C paid pre-orders. FX Super One has now officially entered the parts procurement and production preparation phase. Internally, we've already started the countdown sprint toward having our first production vehicle off-line by year-end. Development of our second model and future products is also progressing steadily and according to plan. The Company is seeing strong momentum with B2B pre-orders for the FX brand. With the latest paid pre-order agreements, totaling 600 units, signed with two MCN agencies: CreatoRev and Good Deal, total binding B2B deposits for FX Super One now cover over 2,500 non-binding pre-orders. This marks significant progress toward FX's goal to disrupt the market dominance of some leading market players such as the Cadillac Escalade. CreatoRev and Good Deal will also collaborate as paid co-creation partners, enhancing the AI-MPV experience. This deep co-creation with leading American MCNs marks a breakthrough and key innovation in FX's Co-Creation Ecosystem Online Direct Sales. Through this, we broke away from influencer advertising and pioneered an end-to-end B2B2C co-creation ecosystem model between an automaker and MCN-affiliated creators, a model that's never been seen before in the global auto industry. At this point, FX's B2B pre-orders now expand to three major categories: FF Par (Partner) program; commercial rental and livery companies; and livestream ecommerce MCN agencies. In the first phase, we are planning to expand our reach across eight U.S. states (California, New York, Florida, Texas, Washington, New Jersey, Neveda, and Massachusetts). FX is expecting to unveil the FX 4 product plan in Q3 2025 and begin accepting pre-orders before year end. Positioned as 'the disruptor of RAV4 in the AIEV era,' the FX 4 is the planned model with the greatest potential to become a true blockbuster and unlock the mainstream market within FX's current product lineup. Company Operation Updates On the user operations front, the Company is accelerating the digitalization, systemization, and IT integration of its user engagement ecosystem, a key accomplishment for the mass production and delivery of FX next year. On the after-sales service front, the Company is advancing the FX Service Par program, working to quickly establish collaborations with major automotive service providers, dealerships, and aftermarket partners. The Company is building a robust internal R&D system, especially centered on bringing much of the software and AI, bringing the core technologies, software, and AI capabilities in our $300,000 flagship FF 91 to the FX product line. In the second half of the year, our voice interaction system based on large language models and the full FF ecosystem of services could be deployed in the planned FX Super One and FX 4. The Company is working to complete the full-vehicle engineering, supply chain integration, testing and validation, mass production readiness, and U.S. regulatory compliance for the Super One and launching the hardware development of the FX 4. FF has successfully built a complete cycle for the FF 91—from product definition to after-sales support. Leveraging our 'Light, Swift, and Empowering' model, FX is able to complete this entire process in less time than the industry average. Middle East Updates As part of FF's global strategy, the Company's Middle East facility in Ras Al Khaimah Economic Zone (RAKEZ) is now ready for occupancy. The local team will be taking over shortly, bringing international production capacity another step closer to reality. In the second half of the year, and contingent on available funding, FX aims to begin production of the FX Super One in the Middle East. The Middle East strategy presents four key values: Faster and more streamlined compliance processes; A high concentration of high net-worth users with strong demand for luxury business-class vehicles like the Super One; A critical opportunity to train our teams and validate our operational systems in preparation for large-scale U.S. market execution; and Visibility from FX's production, sales, and delivery, which will demonstrate our value and could bring strategic investors to the region. 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 FF91, exemplifies its vision for luxury, innovation, and performance. The new 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 future partnerships, joint ventures and fundraising, plans and projections for the FX brand, including by not limited to the planned Super One and FX 4, future FX models, future FX reservations, use of capital and 10b5-1 purchase plans, 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 ability to convert pre-orders into sales, none of which are binding; market demand for MPVs and MPV rentals; 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 design and develop EREV technology; the Company's ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AI, and US geographic expansion; the Company's ability to secure necessary agreements to license third-party range extender technology and/or 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; and the Company's ability to secure necessary permits at its Hanford, CA production facility; the potential impact of tariff policy; each executive's ability to cancel or amend his 10b5-1 purchase plan; potential volume limitations under Rule 144 or Rule 145 of the Securities Act of 1933, as amended, or Regulation M; the possible suspension of purchases due to a trading suspension, legal, regulatory or contractual restrictions; a subsequent determination that a 10b5-1 plan does not comply with Rule 10b5-1 or other applicable securities laws; 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; 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 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.
Dublin Live
4 days ago
- Entertainment
- Dublin Live
Forbidden Fruit 2025 tickets, stage times, weather forecast, transport and everything you need to know
Forbidden Fruit returns to the heart of Dublin city this June Bank Holiday weekend as Ireland's summer festival season officially gets underway. Now in its 13th edition, Forbidden Fruit will take place this Saturday and Sunday set against the backdrop of Dublin 's Royal Hospital Kilmainham. This year's festival will see see Jamie xx play Forbidden Fruit for the third time - after being part of the first festival in 2011, and also playing the Dublin 8 venue in 2015. His set will be his only Irish headline show of the year. Born Slippy icons Underworld will make a long-awaited return to the capital at this year's festival, while Peggy Gou, another Forbidden Fruit veteran, will be on the main stage for the first time this year. Caribou, Mall Grab, Glass Beams, FCUKERS, BUNT, nimino, and Effy round out the main names announced this afternoon. We have all the info you need ahead of the first festival of the summer, including what time each act are expected on stage, and how you can get your hands on last minute tickets. Tickets There are still a handful of weekend tickets available to this year's festival, although fans will have to act quick as these are expected to sell out ahead of the weekend. Two-Day Weekend tickets for Forbidden Fruit 2025 are priced at €184.50 each and are available to buy via Ticketmaster. There are also a small number of day tickets available. Day Tickets are priced at €107.05 each, and fans hoping to visit the festival on Saturday can grab their ticket here, while those looking to head to Day 2 on Sunday can purchase a ticket here. The public are being urged not to travel to the festival grounds unless they have a valid ticket and ID. Ticketholders are also being urged to add their ticket to their phone's wallet and keep it handy. Stage times - Saturday FF Main Stage 9.30pm - 10.45pm : Jamie XX 7.45pm - 9pm : Caribou 6.15pm - 7.15pm : Glass Beams 4.55pm - 5.55pm : Bricknasty 3.30pm - 4.30pm : Trinity Orchestra Undergrowth Stage 9.15pm - 10.35pm : Mall Grab 7.30pm - 9pm : Effy 6.15pm - 7.30pm : Sam Austin 5.15pm - 6pm : Clara La San 3.45pm - 4.45pm : Sarah Crean Lighthouse Stage 9.15pm - 10.35pm : Dart 7.45pm - 9.15pm : Kilimanjaro 6.45pm - 7.45pm : SPRAY (pres) SPRITZZ (live) 5.15pm - 6.45pm : LB AKA LABAT 3.30pm - 5.15pm : Puzzy Wrangle 2pm - 3.30pm : Menace Someplace Else Stage 8.15pm - 9.30pm : The Girls Room 7pm - 8.15pm : Slippery Slopes 5.45pm - 6.45pm : Vatican Jail 4.15pm - 5pm : Ahmed, With Love 3.10pm - 3.40pm : Fynch 2.30pm - 3pm : Avenue 68 RTÉ 2FM Rising Stage 9pm - 10pm: DJ Wax 7.45pm - 8.45pm : Fortune Igiebor 6.15pm - 7.30pm : MOIO 5.15pm - 6pm : Celaviedmai 4.25pm - 5.10pm : Bold Love 3.30pm - 4.15pm : Essiray 2.30pm - 3.15pm : Sweetlemondae Stage times - Sunday FF Main Stage 9.30pm - 10.45pm : Underworld 7.45pm - 9pm : Peggy Gou 6.30pm - 7.30pm : FCUKERS 4.55pm - 5.55pm : Khakikid 3.30pm - 4.30pm : Zaska Undergrowth Stage 9.15pm - 10.35pm : Jazzy 7.45pm - 9pm : Bunt 6.15pm - 7.30pm : Nimino 5pm - 6.15pm : Sahana 3.45pm - 4.45pm : Kayleigh Noble Lighthouse Stage 9.15pm - 10.35pm : X CLUB 7.40pm - 9.10pm : Juicy Romance 6.15pm - 7.40pm : Yaeji (DJ) 4.45pm - 6.15pm : In Parellel 3.20pm - 4.45pm : Jake Fitz 2pm - 3.20pm : Acushla Someplace Else Stage 8.15pm - 9.30pm : DIEBYVEG 7pm - 8.15pm : Jimbo Jones 5.45pm - 6.45pm : Spooklet 4.15pm - 5pm : Cable Boy 3.10pm - 3.40pm : BBFT 2.30pm - 3pm : Smithereens RTÉ 2FM Live Stage 9pm - 10pm: Dave Treacy 8pm - 8.45pm : Pastiche 7pm - 7.45pm : Shiv 5.30pm - 6.30pm : Cliffords 4.30pm - 5.15pm : F3MIII 3.30pm - 4.15pm : Negro Impacto 2.30pm - 3.15pm : Annie Dog What you need to know ahead of the festival Festival gates will open at 2pm on Saturday and Sunday and last entry to the festival is at 9pm on both days. The last act is scheduled to finish at 10.45pm each night. Festivalgoers are being told not to bring large bags with them and to keep them A4 or smaller. People without bags will be fast-tracked into the arena. Ticketholders are being warned that there's no re-admission. Once you're in for the day, you're in! Day tickets are valid to be scanned once upon arrival for the allocated day you purchased and Weekend tickets are valid to be scanned once upon arrival, each day you attend the festival. Ticketholders are also being advised to take note that the festival is a cashless event, so make sure bring your credit / debit cards and that your phone has plenty of battery. Forbidden Fruit Festival is an over 18s event. Driving licence, passport or garda card are all acceptable forms of identification. Anyone who appears under 18 years old may be asked for ID to enter the festival. The festival operates the Challenge 25 policy at all bars on site. This means that anyone who looks 25 years or under can expect to be asked for ID. How to get Royal Hospital Kilmainham The Royal Hospital Kilmainham is situated between Heuston Railway Station, the iconic Kilmainham Gaol and the world famous Guinness Brewery. It is twelve minutes from the M50 motorway and easy to get to from the airport. By Bus: To Heuston Station (five minutes walk via Military Road): 26 from Wellington Quay; 51, 79 from Aston Quay; 90 Dart Feeder Bus from Connolly and Tara Street stations. To James Street (5 minutes walk via steps to Bow Lane onto Irwin Street and Military Road): 123 from O'Connell Street/Dame Street; 51B, 78A from Aston Quay. By Car : 10 minute drive from city centre. There is no parking at the venue. Traffic Restrictions will be in place on Military Road and Kilmainham Lane. The nearest public car park is Park Rite Parking Lot at 7 Queen Street, Dublin 7. By Foot : Approximately 30 minutes from the city centre. Pedestrian access is via East Gate, Military Road, Dublin 8 By Train : Five minute walk from Heuston Station; from Connolly and Tara Street Stations by 90 bus to Heuston Station. By Luas : Red line to Heuston Station, five minute walk to Museum entrance on Military Road. Prohibited items The following are a list of items not permitted to be brought into the festival grounds: Fireworks, Chinese Lanterns, flares, and high-power torches are not allowed. No bags over a4 size Liquids Alcohol Illicit drugs, legal highs or nitrous oxide are not allowed. Glass (except for small make-up items and perfume/aftershave) Animals (except guide dogs) are not allowed. Anything which could be considered an offensive weapon is not allowed. Gas Cylinders are not permitted. Petrol Generators or Liquefied Petroleum Gas is not allowed. BBQs are not allowed. Laser Pens are not allowed. Professional photographic equipment is not allowed. (this applies to cameras that have detachable lenses) Selfie Sticks are not allowed. Drones are not allowed. Umbrellas are not allowed. Spray canisters / Smoke Bombs / Gas canisters are not allowed. Megaphones are not allowed. High Vis Clothing is not allowed. No folding chairs/ Garden Furniture Weather forecast According to Met Eireann's latest forecast, Saturday will start off mainly dry, but rain will spread eastwards across the country through the morning and early afternoon. The rain will clear during the afternoon with sunshine and showers following for the rest of the day, with highest temperatures of 15C to 19C with moderate to fresh southwest winds, but becoming very windy later near Atlantic coasts, with strong to gale force and gusty southwest winds developing in the evening and continuing for a time on Saturday night along with further showers or longer spells of rain. Sunday is expected to be breezy with a mix of sunshine and showers. It will be cooler with highest temperatures of 13C to 17C and moderate to fresh and gusty westerly winds. Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. For all the latest news from Dublin and surrounding areas visit our homepage.
Irish Independent
4 days ago
- Business
- Irish Independent
New Garda Station for County Sligo town replacing existing premises dating from the 1960s
The Office of Public Works has confirmed that refurbishment works at a state-owned building will accommodate a new Garda Station building for Tubbercurry, that will be fully refurbished right next door to the current one. The news has been welcomed by local FF TD Eamon Scanlon 'I am delighted to receive this confirmation from the Office of Public Works. Their plans for the Garda station are exciting, and this is a long-standing issue which will now be addressed. 'I have worked on this issue for many years. I had the now Minister of State, Kevin Boxer Moran visit the current station back in 2016,' he said. 'The current station dates back all the way to 1960 and is now completely unfit for purpose." The work will consist of a deep retrofit to include a fabric/energy upgrade, new windows, solar water heating, PV panel installation and a fire escape, confirmed Scanlon. He said: 'Tubbercurry is the third busiest station in the Sligo-Leitrim division and this building no longer meets the needs of a functioning Garda Station. After the Statutory Submissions such as Part IX Planning submission, together with Fire Certification and Disability Access applications are granted, the project will progress to tender preparation. Deputy Scanlon said that the benefits of the provision of a new station for the people of Tubbercurry, the Gardaí based in the station, and the broader communities will be clear to see. 'This has been a long time coming, and the establishment of a new station will allow the enhancement of new facilities for staff, and in essence, that will be a great support for the local community.'
Yahoo
4 days ago
- Automotive
- Yahoo
Faraday Future Secures Binding Deposit for 600 FX Super One MPV from New PBB Auto, and is Also Exploring a Partnership for an FX Par Location in the Los Angeles Area
The 600-unit pre-order demonstrates the growing recognition of FX's innovative co-creation ecosystem online direct sales with industry partners. FF and New PBB Auto are exploring the potential for deeper collaboration, including New PBB Auto potentially becoming the first FX Par strategic partner in the Los Angeles region. LOS ANGELES, May 30, 2025--(BUSINESS WIRE)--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 that it has signed another binding FX business-to-business (B2B) deposit agreement with Los Angeles based New PBB Auto Inc., which includes a non-refundable deposit and a non-binding pre-order for 600 units of the Company's highly anticipated FX model, the Super One MPV (multi-purpose vehicle). New PBB Auto is well-known in the automotive sales and maintenance sectors in the Los Angeles metro area. With a comprehensive range of services including new and used car sales, after-sales maintenance, and auto loans, the company has established itself in the Los Angeles region for nearly a decade. New PBB Auto paid a $60,000 non-refundable deposit, which it can use toward the purchase of one or more FX vehicles, and secures priority delivery of up to 180 FX vehicles for purchasers it identifies, subject to an additional payment. This B2B order highlights the strong appeal of the Super One on the West Coast, particularly in the Los Angeles area. With California leading the country in EV sales, the state represents a critical market for FX's business and overall success. The remaining reserved vehicles could be for additional users that New PBB Auto identifies. FX Super One will provide a superior user experience with the cutting-edge technologies and advanced luxury features that it will offer. New PBB Auto will also collaborate as a paid co-creation partner, enhancing the AI-MPV experience. The FX Super One is expected to launch as a pure electric vehicle, with a super AI hybrid extended range (AIHER) electric powertrain option to follow. The first Super One model is planned to roll off the production line by the end of this year. "Partnering with New PBB Auto marks a strategic move to localize our planned innovative MPV model by combining our Co-Creation Ecosystem online direct sales with their strong community-based offline services," said Liying Deng, Senior Director of Sales Management at Faraday Future. "This collaboration drives B2B sales innovation and expands access to premium, high-touch EV experiences for urban consumers." "We are thrilled to become a strategic partner with FX. New PBB Auto will leverage its nearly decade of experience in automotive sales and maintenance to fully support FX in achieving rapid success in the Los Angeles market," said Leo Li, Founder and CEO of New PBB Auto. "Faraday Future's advanced products, cutting-edge technology, and continuous spirit of innovation are truly impressive. We are confident that, together, we can deliver highly competitive and appealing products to our customers and achieve success side by side." 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 FF91, 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 ABOUT NEW PBB AUTO New PBB Auto is a comprehensive automotive service provider based in Los Angeles. The core services include new and used car sales, car rental services, bodywork and maintenance. Guided by the principle that "after-sales service is the beginning of sales," it is built on integrity and committed to long-term values. They have served thousands of customers and earned a strong reputation for trust and reliability. Whether it is car purchasing, rentals, or maintenance, they are dedicated to offering high-quality, one-stop services to clients. 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 "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" 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, the FX brand, the reservation by New PBB Auto, the creation of a fleet service by New PBB Auto and production and sales goals, 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 ability of New PBB Auto to successfully establish a premium fleet; the number of vehicles that New PBB Auto ultimately chooses to purchase from the Company, which may be as few as one; the ability of New PBB Auto to identify purchasers for the Super One; 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 design and develop EREV technology; the Company's ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AI, and US geographic expansion; the Company's ability to secure necessary agreements to license third-party range extender technology and/or 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; and the Company's ability to secure necessary permits at its Hanford, CA production facility; 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; 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. View source version on Contacts Investors (English): ir@ Investors (Chinese): cn-ir@ Media:
Yahoo
5 days ago
- Automotive
- Yahoo
Faraday Future Announces Results of Annual General Meeting
Stockholders approve proposals designed to enhance the Company's financial stability and empower strategic execution for FX vehicle production and the launch of FX Super One by the end of 2025. The Company thanks all stockholders for their support and for recognizing the company's strategy, business direction, and the new management team. The 29% increase in authorized shares reflects the Company's commitment to maintaining a prudent approach to managing dilution. The Company remains committed to honoring its no-reverse-split pledge, subject to continued Nasdaq listing requirements, and upholding its "Stockholders First" declaration. The 2025 FFAI Annual Stockholders' Day will be held in Los Angeles on May 31, aiming to foster transparent and close communication with investors. LOS ANGELES, May 29, 2025--(BUSINESS WIRE)--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 results of its Annual General Meeting of Stockholders (the "Annual Meeting") where stockholders approved a series of proposals to enhance FF's financial stability and empower the leadership team to execute its strategic plan to launch FX vehicle production by the end of 2025. "We are pleased with the overwhelming support from our stockholders at the recent Annual Meeting," said YT Jia, Faraday Future's Founder and Co-CEO. "As owners of our Company, our stockholders see the value in our long-term strategy and have provided us the tools we need to execute our plan and bring forth strong results as we realize our vision to lead the intelligent electric vehicle (EV) industry." FF Stockholders approved the following proposals at the Annual Meeting: 1. Election of Directors Each member of the Company's Board of Directors – Matthias Aydt, Chad Chen, Chui Tin Mok, Jie Sheng and Lev Peker – was reelected with 95% or more votes in favor. The reelection of these qualified, experienced business leaders as directors helps ensure continuity and strategic oversight in pursuit of FF's long-term strategic goals. 2. Private Placement Stockholders approved the issuance of Common Stock to holders of certain convertible notes and warrants, in accordance with Nasdaq Listing Rule 5635(d). This proposal will help the Company strengthen its financial stability, enhancing its ability to fulfill its financial obligations, maintain compliance with Nasdaq listing standards, and position the Company for future financing to advance its strategy. 3. Share Authorization Proposal (without Affecting Current Total Shares Outstanding) Stockholders approved an amendment to the Company's charter to increase the number of authorized shares as follows: the number of authorized shares of the Company's common stock by 38,000,000 from 129,245,313 shares to 167,245,313 shares, and the number of authorized shares of the Company's preferred stock by 2,900,000 shares from 10,000,000 shares to 12,900,000 shares, so that the total number of authorized shares of Company's Common Stock and the Preferred Stock, will be increased from 139,245,313 shares to 180,145,313 shares. The approval of the increased share authorization proposal helps support strategic growth, including the planned launch of the FX Super One by the end of the year, and allows the Company to explore M&A opportunities, joint ventures, and future fundraising in alignment with FF's strategy to enhance the FF and FX brands and promotion of the FX Bridge Strategy. With the strong support of stockholders, FF's team is making progress in achieving the Company's long-term strategic plan, including its FX strategy. FF is working toward having the first FX vehicle roll off the line by the end of 2025 with key achievements: FX prototype mules have been approved for public road testing, and FF has started testing several prototype mules in a variety of complex road environments, including testing of advanced driver assist systems in a real-world environment. The Company's introduction of FX's planned first production model, the Super One, is on target to debut this summer. FF has received considerable positive reaction to the Super One, including from U.S. consumers, dealers, fleet operators, and car rental partners. The Company reaffirmed its commitment to stockholders in achieving greater transparency and market communication, as well as enhancing stockholder value. The Company reiterated its effort to optimize its capital structure, with an unwavering commitment not to pursue a reverse stock split unless required to maintain its Nasdaq listing. FF plans to strategically deploy equity and convertible debt offering proceeds to support business development balancing maximum value creation and measured dilution. Finally, FF's leadership demonstrated their confidence and shared commitment to stockholder value creation with the announcement of 10b5-1 purchase plans covering $610,000 in common stock by FF Founder and Co-CEO YT Jia and FF Global President Jerry Wang. 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 FF91, 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 future M&A opportunities, joint ventures and fundraising, the FX brand, the Super One MPV, future FX models, future FX reservations, use of capital and 10b5-1 purchase plans, 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: market demand for MPVs and MPV rentals; 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 design and develop EREV technology; the Company's ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the UAE, bridge strategy, or FX, EREV, AI, and US geographic expansion; the Company's ability to secure necessary agreements to license third-party range extender technology and/or 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; and the Company's ability to secure necessary permits at its Hanford, CA production facility; the potential impact of tariff policy; each executive's ability to cancel or amend his 10b5-1 purchase plan; potential volume limitations under Rule 144 or Rule 145 of the Securities Act of 1933, as amended, or Regulation M; the possible suspension of purchases due to a trading suspension, legal, regulatory or contractual restrictions; a subsequent determination that a 10b5-1 plan does not comply with Rule 10b5-1 or other applicable securities laws; 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; 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 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. View source version on Contacts Investors (English): ir@ Investors (Chinese): cn-ir@ Media: Sign in to access your portfolio
