· 2024年爲公司取得多項關鍵進展的一年，包括成功獲得新融資、推進Faraday X（FX）品牌及產品戰略、車型測試取得階段性成果、中東市場拓展取得實質進展，以及FF 91 2.0持續交付。

· 計劃於2025年6月舉行FX Super One首次產品發佈會。

· FX目標2025年底首輛車下線，預計在二季度啓動付費預訂單收取。

· FX目標推出爆款產品，“AIEV時代下的RAV4”車型項目正式啓動。

· 首批FX 6僞裝車已運抵美國，FX品牌不斷取得進展。

· 公司近期將納斯達克股票代碼更改爲“FFAI”，以體現其在AI技術方向上的戰略聚焦。

· 美國近期的關稅政策變動有望爲FX品牌贏得更有利的成本優勢和競爭條件。

北京時間2025年3月28日（美國加州3月27日）—— 總部位於美國加州的全球共享智能電動出行生態公司Faraday Future Intelligent Electric Inc.（納斯達克股票代碼：FFAI）（以下簡稱“FF”或“Faraday Future”）今日公佈其2024年第四季度及全年財務業績。報告期內，公司於2024年9月、12月分別獲得兩輪總計超過7,000萬美元的融資承諾，用於支持FF及FX品牌的戰略發展。同時，FX產品開發也取得重大進展；此外，公司股票代碼近期更改爲“FFAI”，進一步凸顯了其對AI技術的聚焦。

2024年，公司在整體運營中大力推行成本優化措施，人員相關成本、專業服務費用以及租金與保險等一般性支出均大幅下降。在保持運營效率的前提下，公司實現了全年一般及管理費用同比下降約75%。

2024第四季度財務業績· 經營虧損：3,030萬美元，較2023年第四季度的6,780萬美元下降55.3%。

· 經營性現金支出：7,020萬美元，較2023年的2.782億美元下降75%，顯示公司持續聚焦成本控制及運營效率提升。

· 融資現金流入：2,500萬美元，超出同期經營性現金支出總額。

因此，相較2024年上半年末，公司整體財務穩定性顯著改善。

2024年全年財務業績

· 經營虧損：1.497億美元，較2023年（2.861億美元）同比下降約47.7%，反映公司在研發及一般管理費用方面持續推動成本控制。

· 經營性現金支出：7,020萬美元，較2023年（2.782億美元）大幅下降75%，反映了公司持續降本增效的成果。

· 營業成本：與去年同期相比增加4,140萬美元，主要由於新增生產設備投入使用，導致折舊費用較2023年增加2,930萬美元；這些新增設備進一步增強了公司在塗裝與車身製造等關鍵環節的產能。

研發費用：與去年同期相比減少1.068億美元，主要由於：

· 員工薪酬及人力資源優化帶來5,360萬美元的節省，部分研發人員已轉崗支持生產；· 工程、設計與測試費用減少3,520萬美元；

· 與Palantir就往年計提的研發費用達成和解協議，衝回計提負債並確認一筆1,490萬美元的收益。

銷售及營銷費用：與去年同期相比減少1,360萬美元，主要由於：

· 薪酬支出減少770萬美元。

· 一般及廣告支出合計減少530萬美元。

一般及管理費用：與去年同期相比下降3,970萬美元，主要由於：· 專業服務費減少2,320萬美元。

· 與董事與高管責任險相關的保險費用減少1,070萬美元。

非經營性虧損：2.064億美元，主要源於若干與會計處理有關的非運營性及非現金性質項目：

· 因現有及已結清的可轉換債券和認股權證公允價值調整，確認虧損1.883億美元。

· 利息支出1,660萬美元。

總體而言，FF在2024年財務狀況持續改善。繼三、四季度連續實現融資現金流入超過經營性現金支出後，公司整體現金流表現積極。疊加全年運營現金消耗同比下降75%，以及各項費用控制成效顯著，公司在優化成本結構、聚焦運營重點方面取得實質性進展，爲未來規模化發展與財務韌性打下堅實基礎。

2024年總結

整體戰略：

FF構建了“四輕四快五賦能”的運營模式：

· 四輕：輕資本、輕資產、輕營銷、輕銷售；

· 四快：快速決策、快速行動、快速量產、快速迭代；

· 五賦能：產品、技術、研發和整車工程賦能；生產製造、合規認證准入賦能；用戶生態系統構建賦能；全球利潤和資本價值賦能；及FF品牌塔尖勢能和產品力助力FX快速開拓全球市場。

運營進展：

· FX與多家頂級主機廠簽署協議，推動產品開發與驗證。

· FF 91 2.0持續優化升級，搭載大量自主研發技術，完成約1,600項軟件功能更新（包括AI系統），爲FX後續產品打下技術基礎；。

· FF 91 2.0成功交付更多高端用戶及共創官，爲FX品牌未來拓展奠定基礎。

財務：

運營效率顯著改善：

· 2024年經營虧損爲1.497億美元，較2023年下降47.7%；

· 2024年經營性現金支出爲7,020萬美元，較2023年下降75%；

· 2024年淨虧損中有58.0%來自非經營性虧損及非現金支出，而非主營業務所致。

資本：

資本市場表現實現了根本性改善：

· 重獲納斯達克的完全合規；

· NOBO名單顯示個人投資者參與度顯著上升，登記股東數量自2023年年中至2025年1月增長約163%，反映出該類股東興趣和參與度的持續提升；

· 2024年總融資額爲7,670萬美元，超過公司當年運營和投資現金流出總和，進一步強化了資產負債表；

· 公司創始人賈躍亭向公司捐贈其持有的Grow Fandor（一家全球化IP商業化公司）10%股權。公司還與Grow Fandor簽署了獨家授權協議，就品牌生態產品的商業化展開合作。

2024年第四季度，FF在雙品牌戰略方面持續推進，取得了顯著進展。全年新增融資將爲2025年重點工作的開展提供有力資金保障，包括穩步推進FF 91 2.0的生產與交付，同時加快FX品牌下量產車型的研發與開發節奏。上述舉措不僅將進一步夯實FF在 AIEV市場的領先地位，也有望藉助FX品牌拓展更廣泛的主流消費市場。

2024年，公司在強化財務基本面方面取得關鍵突破，爲戰略落地奠定堅實基礎。2024年9月4日，納斯達克正式確認公司重新符合《上市規則》第5550(a)(2)條（最低股價要求）及第5250(c)(1)條（定期報告要求）。這一成果源於公司有針對性地推進一系列合規整改措施，體現了管理團隊的堅決執行力和對透明治理的堅定承諾，也進一步增強了市場對公司長期戰略方向的信心。

FX品牌與產品戰略

2025年1月，FX首款車型——FX Super One僞裝車亮相。這標誌着FX品牌產品陣容的進一步擴大，與此前公佈的FX 5與FX 6概念車形成互補。FX 5與FX 6分別定位於2萬至3萬美元、3萬至5萬美元兩個價格區間，計劃提供增程式與純電等動力版本。公司目標在2025年底前實現首輛車下線，最終進度取決於資金落實及相關合作協議的簽署。

FX產品開發已實現階段性成果。2024年11月，兩臺FX Super One僞裝車運往美國，標誌着該產品進入美國本土的全面開發和測試階段。後續測試將覆蓋包括高級駕駛輔助系統（ADAS）、自動駕駛功能、動力性能、智能座艙體驗和整體用戶交互等多個維度。

FX品牌戰略聚焦美國AIEV市場中的四大“藍海”機遇：增程式電動車；智能座艙；2萬至4萬美元的AIEV；豪華AI-MPV。

戰略合作與商務進展

2024年第四季度初，公司全資子公司Faraday X (FX) 與頂級主機廠簽署了合作協議。合作內容包括產品開發、測試、法規合規、供應鏈管理及生產籌備等多個關鍵環節，旨在推動兩款車型的落地。

FF與IP商業化公司Grow Fandor達成戰略許可協議。作爲FF生態系統產品的獨家被授權方，Grow Fandor將全面負責FF與FX品牌部分生態產品的設計、開發、銷售與運營。此次合作有望成爲FF未來增長的新引擎，且無需FF投入開發資源。

FF 91 2.0項目持續推進，陸續向名人用戶交付，包括2025年1月向企業家及社羣領袖Luke Hans，以及2024年12月向時尚模特兼設計師Suede Brooks。

AI 戰略與創新

公司已於2025年3月10日正式將納斯達克股票代碼更改爲FFAI，並於3月16日舉辦了FF Open AI Day，彰顯公司在覈心AI戰略上的堅定承諾。FF在打造“All AI出行生態系統”方面取得顯著進展，重點推進個性化AI（Personalized AI）及定製化AI（Bespoke AI）計劃。基於大模型架構打造的AI車內交互系統，未來有望應用於FF 91 2.0以及FX車型。

製造與產品優化

製造方面，公司持續提升生產效率、產品質量與量產可行性。2024年，公司使用兩輛自主製造白車身的新車完成車身結構碰撞測試，來驗證自主生產的白車身結構。成功的測試有效驗證了公司的自主製造能力及整車的安全性、耐久性及性能表現。公司的加州漢福德工廠在2024年實現多項關鍵改進：生產週期縮短40%；客戶工藝審覈（CCA）評分提升50%；通過引入過程質量管控環節，質檢頻次提升了200%。上述成就體現出FF始終堅持“以質取勝”的製造理念，確保每一輛FF 91都達到卓越標準。

公司在阿聯酋工廠的推進亦取得重要進展，標誌着FF全球化佈局及未來增長邁出關鍵一步。FF已在拉斯海瑪經濟區（RAKEZ）預留了一處面積達10.8萬平方英尺的場地，並與RAKEZ進行了首次面對面會談，推動設施建設進度，並確保項目落地與當地利益相關方達成一致。此外，公司已完成設備供應商遴選工作，首階段設備採購合同授予阿聯酋本地供應商，並引入項目管理工具及項目章程，確保阿聯酋項目時間表獲得各方認可。

以上舉措爲未來設施打下堅實基礎，將有力支持公司長期增長和全球佈局。同時，公司還持續提升製造效能，開始在漢福德工廠自主生產FF 91 2.0的座椅的汽車座椅，以進一步優化運營、降低成本並提升產品品質。2024年12月，公司推出FF 91 2.0車載系統的新版本軟件，顯著提升車內諮詢娛樂體驗與用戶控制功能，包括導航系統優化、語音控制範圍拓展以及顯示界面的增強。

人事任命

公司做出關鍵人事變動並持續加強管理團隊建設，以支撐整體戰略及FX業務的發展佈局：Tin Mok被任命爲FF阿聯酋負責人，全面統籌該地區業務；Koti Meka出任首席財務官；Aaron Ma擔任EV研發代理負責人；Lei Gu博士被任命爲FX全球EV研發研究院院長；Xiao（Max）Ma被任命爲FX首席執行官；2025年，Jerry Wang被任命爲FF總裁。這些領導者的加入將爲公司注入深厚的行業經驗與戰略眼光，助力公司高效執行各項戰略目標。

2025年展望

整體規劃：

FX首款車預計於2025年底下線：公司計劃於2025年六月舉行FX Super One首次產品發佈會，並於二季度開始接受付費預訂單。

FF 91 2.0 Futurist持續交付：繼續爲塔尖用戶及共創官交付FF 91 2.0車型。

運營重點：

第二款FX車型啓動：第二款FX產品有望成爲定義新品類的高銷量AI電動SUV，定位於智能出行時代。公司計劃於2025年第二季度啓動研發工作。該車型對標行業爆款，如豐田RAV4，力爭在各方面與細分市場的爆款產品看齊。

持續推進FF AI技術研發：涵蓋AI賦能的智能座艙、AI混增系統、自動駕駛以及美國市場合規相關開發，計劃於2025年第二季度啓動。

FX車型將實現“高性能EV普及”：致力於讓高性能電動車更普及、更具性價比。

財務目標：

營收目標：公司計劃FX車型自2025年起產生收入。

正毛利目標：在持續融資加持下支持生產，力爭FX車型較快實現正毛利。

資本規劃：

提升股東價值：FFAI股票市場表現預期在2025年持續改善。

維持納斯達克合規：預計無需合股即可滿足納斯達克上市標準。

優化融資成本：計劃通過更高效、成本更低的融資方式，滿足FX與FF業務發展的資金需求。

增強投資者互動：計劃開展更頻繁的互動活動，包括將年度股東大會與投資者社區日結合，並引入更多互動環節。

展望2025年，FF將持續專注於交付FF與FX品牌旗下的高性能AIEV，強化製造能力，推進技術和AI發展，提升財務穩定性。公司重點目標包括：確保FX首車於2025年底正式下線，並於第二季度起接受預訂訂單；藉助FX戰略，讓高性能、技術先進、AI加持的電動車型更加普及。與此同時，FF也將繼續交付FF 91 2.0車型，服務最新的塔尖用戶與共創者。

在全球貿易環境持續演變背景下（包括美國近期宣佈的汽車關稅政策），FX靈活且前瞻性的商業模型使公司能夠迅速響應政策變化，同時優化成本效率與供應鏈敏捷性。

此外，FF已啓動AI混增電驅技術研發工作，未來有望應用於FX車型。公司近期宣佈設立全資子公司“Future AIHER AI Hybrid Extended-Range Electric Powertrain Systems Inc.”（簡稱“Future AIHER”），該子公司將專注於AI混增與AI增程系統與解決方案開發，面向增程式電動車（EREV）市場。

FF還致力於優化融資成本，確保在不造成過度股權稀釋的前提下獲取所需資本。同時，致力於在不執行合股的情況下維持納斯達克合規狀態。

公司首代AI Agent賦能的智能座艙系統有望在2025年底前於FF 91 2.0全面部署，並做好向FX車型集成的準備。

在自動駕駛領域，FF秉持前瞻性技術路線，開展包括基於大規模AI模型的端到端自動駕駛技術預研，並制定FX系列及下一代車型的自動駕駛技術發展路徑。

總結：2025年將是FF發展的關鍵之年。公司將堅持技術創新與財務管理並重的原則，穩步推進長期增長戰略，全力爭取在AIEV市場中實現突破發展，並持續爲機構及個人投資者創造更高價值。

財報電話會

FF管理層於北京時間2025年3月28日早上8點（美東時間2025年3月27日晚8點 / 美西時間下午5點）舉行線上財報電話會議。會後，電話會議回放也將在公司官網上線，感興趣的投資者及相關方可登錄公司投資者關係官網 https://investors.ff.com/ 收聽。

會後，電話會議回放也將在公司官網上線，供投資者查閱。關於FF 2024年第四季度及全年財務數據的更多詳細信息，待正式提交後可在FF投資者關係官網及SEC公開文件頁面查看：https://investors.ff.com/financial-information/sec-filings。

FARADAY FUTURE REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FULL YEAR 2024

·        Successful 2024 marked by new funding, Faraday X (FX) brand and product strategy, advances with prototype mules testing phase, Middle East expansion, and continued FF 91 2.0 deliveries.

·        Net loss from operations in 2024 was significantly reduced vs. 2023, including a 55.3% improvement in Q4 vs the prior year quarter.

·        The FX Super One is anticipated to be unveiled in June of 2025, and expects to start collecting paid reservations thereafter in preparation for the first planned FX to roll off the line by the end of 2025.

·        The second potential FX product has benchmarked leading products in its potential segments, including the Toyota RAV4, and plans to have a product that equals the leaders in its segment.

·        First two FX 6 prototype mules shipped to the U.S. showing progress for FX brand ramp up.

·        Recently changed Company Nasdaq ticker symbol to "FFAI" reflecting strategic focus on AI technology.

·        Recent U.S. automotive tariff policy changes may help create favorable conditions for FX, to further strengthen its market positioning and price competitiveness.

Los Angeles, CA (March 27, 2025) -- Faraday Future Intelligent Electric Inc. (Nasdaq: FFAI) ("FF", "Faraday Future", or the "Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced its financial results for its fourth quarter and full year 2024, highlighted by securing two rounds of funding commitments in September and December 2024, a total of more than $70 million, to support its FF and FX strategic developments. FF also made significant progress in FX product development with two prototype mules shipped to the U.S. in November 2024, and the recent change of its ticker symbol to "FFAI" reflecting its focus on AI technology.

During 2024, the Company implemented significant cost reduction measures across its operations, including a substantial decrease in personnel-related costs, professional services expenses, and general expenses such as rent and insurance. These initiatives contributed to a 75% reduction in year-over-year general and administrative expenses compared to 2023, while maintaining operational effectiveness.

RESULTS FOR FOURTH QUARTER 2024

·      Net Loss from Operations: $30.3 million, a 55.3% improvement from $67.8 million in Q4 2023.

·      Operating Cash Outflow: decreased by 51.3% to $18.4 million, compared to $37.8 million in Q4 2023.

·      Financing Cash Inflow: totaled $25 million, exceeding operating cash outflows.

As a result, financial stability improved significantly relative to the end of the first half of 2024.

RESULTS FOR FULL YEAR 2024

·      Net Loss: $355.8 million, 58.0% of which was driven by a $206.4 million in non-operating loss and non-cash expenses rather than core business performance.

·      Net Loss from Operations: $149.7 million, a 47.7% reduction from $286.1 million in 2023, reflecting ongoing efforts to control R&D and G&A expenses.

·      Operating Cash Outflow: $70.2 million, a 75% reduction compared to $278.2 million in 2023, highlighting FF’s continued focus on cost control and operational efficiency.

·      Cost of Revenue: increased by $41.4 million year-over-year, driven by depreciation expenses that were $29.3 million greater than in 2023, as additional equipment was placed into service to enhance production capabilities, particularly in paint and body .

·      R&D Expenses: decreased by $106.8 million year-over-year, primarily driven by:

-       $53.6 million reduction due to salary and headcount reductions because many R&D personnel were reassigned to production roles.

-       $35.2 million reduction in engineering, design, and testing costs.

-       $14.9 million gain from the settlement of prior year accrued R&D expenses with Palantir.

·      Sales and Marketing Expenses: decreased by $13.6 million year-over-year, primarily due to:

-       $7.7 million reduction in compensation expense.

-       $5.3 million total reduction in general expenses and advertising expenses.

·      General and Administrative Expenses: decreased by $39.7 million year-over-year, primarily driven by:

-       $23.2 million reduction in professional service fees.

-       $10.7 million reduction in insurance costs, primarily related to directors’ and officers’ insurance.

·      Non-Operating Loss: $206.4 million, primarily driven by accounting-related, non-operating and non-cash items:

-       $188.3 million valuation true-up related to existing and settled convertible notes and warrants.

-       $16.6 million in interest expense.

Overall, FF saw a clear trend of improving financial stability. In both Q3 and Q4 of 2024, financing cash inflows exceeded operating cash outflows. This positive cash flow dynamic, combined with a 75% year-over-year reduction in operating cash burn and meaningful cost reductions across R&D and SG&A, reflects the tangible progress FF has made in aligning cost structure with operational priorities, while positioning it for long-term scalability and financial resilience.

2024 SUMMARY

OVERALL:

FF built Light, Swift, and Empowering Model: Light: Resource-efficient in assets, capital, and marketingSwift: Agile decision-making, execution, and productionEmpowering: Products, team members, users, and our global strategy

OPERATIONS:

FX Cooperation Agreements with Major OEMs: Established collaborations with several leading OEMs, enabling the launch of potential FX product development and testing.

FF 91’s In-House Development and Upgrades: Features extensive proprietary technology and nearly 1,600 software upgrades, including the vehicle’s AI system, laying the groundwork for FX’s future empowerment.

Top-Tier User and Co-Creator Deliveries: Delivering FF91 to high-end users sets the stage for FX’s potential future market success.

FINANCIAL:

Largely Improved Operation Efficiency:

·      2024 operating loss: $149.7 million, reduced 47.7% from 2023.

·      2024 operating cash outflow: $70.2 million, reduced 75% from 2023.

·      58.0% of 2024 net loss driven by non-operating losses and non-cash expenses, rather than business performance.

CAPITAL:

Capital market performance underwent a fundamental improvement:

·      Regained Nasdaq full compliance.

·      Surge in retail investor participation—registered stockholders (based on NOBO list) grew by approximately 163% from mid-2023 to January 2025, suggesting rising retail investor interest and engagement.

·      Total Capital Raised (2024): $76.7 million—surpassing the Company’s operating and investing cash outflows and strengthening the balance sheet.

Grow Fandor Initiatives: The Company’s founder, YT Jia, donated a 10% equity stake in Grow Fandor, a global IP commercialization company, to the Company as a gift, and the Company entered into an exclusive licensing agreement with Grow Fandor relating to the commercialization of the Company’s merchandise.

The fourth quarter of 2024 represented continued progress for FF with significant advancements in its dual-brand strategy. New capital raised in 2024 will help fund critical initiatives in 2025, including ongoing production and deliveries of the FF 91 2.0 while simultaneously advancing development of the potential mass-market FX lineup. This approach strengthens FF's position in the premium AIEV segment while accelerating FF's potential expansion into the broader consumer market through its FX brand.

In 2024, FF saw significant progress in strengthening its financial position, which has been critical to advancing FF’s strategic goals. On September 4, 2024, Nasdaq officially confirmed that FF had regained compliance with its bid price requirement in Listing Rule 5550(a)(2) and the periodic filing requirement in Listing Rule 5250(c)(1). This achievement followed a series of strategic actions to address previously identified deficiencies. Restoring compliance reflects the resilience and determination of our team, along with our unwavering commitment to transparency and strong governance. It also strengthens investor confidence in our ability to deliver on our long-term strategic vision.

FX BRAND DEVELOPMENT AND PRODUCT STRATEGY

FF unveiled the FX Super One concept in January 2025, an innovative first-class AI-MPV, expanding a potential product lineup alongside the previously announced FX 5 and FX 6 concept models. Targeting distinct price segments, the FX 5 (target base price of $20,000-$30,000) and FX 6 (target base price of $30,000-$50,000) could feature two dual powertrain options: range-extended AIEV and battery-electric AIEV. With aggressive development timelines, FX aims to have one of these models roll off the line by the end of 2025, contingent on securing appropriate funding and finalizing necessary agreements.

The Company has achieved significant milestones in FX product development, with two Super One camouflaged prototype mules shipped to the U.S. in November 2024, marking the commencement of comprehensive development and testing operations on U.S. soil. These prototype mules will undergo rigorous validation across multiple systems, including ADAS capabilities, autonomous driving functions, propulsion performance, intelligent cabin features, and holistic user experience evaluation.

The FX brand strategy aims to seize what the Company has identified as "four blue ocean markets" in the U.S. AIEV market: range-extended vehicles, intelligent vehicles defined as mobile living spaces, AIEV’s priced between $20,000 to $40,000, and luxury AI-MPVs.

STRATEGIC RELATIONSHIPS AND COMMERCIAL MILESTONES

Earlier in the fourth quarter of 2024, the Company's wholly owned subsidiary, Faraday X (FX), signed agreements with top original equipment manufacturers (OEMs) relating to two planned products. These collaborations aim to jointly advance plans for the development, testing, regulatory compliance, supply chain, and production planning of two potential models.

FF entered into a strategic licensing agreement with Grow Fandor, an IP commercialization company. As FF's exclusive licensee for ecosystem products, Grow Fandor will manage the design, development, sales, and operations for certain ecosystem products bearing the FF and FX brands. This collaboration represents a potential new growth driver without requiring FF to contribute any resources for development.

The FF 91 2.0 program demonstrated continued momentum with successful deliveries to high-profile customers, including entrepreneur and community leader Luke Hans in January 2025, and influential fashion model and designer Suede Brooks in December 2024.

AI STRATEGY AND INNOVATION

FF changed its Nasdaq ticker symbol to "FFAI" on March 10, 2025, and hosted an "FF Open AI Day" on March 16, 2025, reflecting the Company's unwavering commitment to its core AI strategy. The Company is making significant progress in developing its All-AI Mobility Ecosystem, including Personalized AI and Bespoke AI initiatives. The AI-driven in-vehicle interaction system, built on large-model architecture, could be integrated into the FF 91 2.0 and into potential FX models.

MANUFACTURING AND PRODUCT IMPROVEMENTS

In manufacturing, the Company made significant strides in improving efficiency, quality, and scalability. In 2024, FF used two newly manufactured vehicles for crash tests to validate its self-produced body-in-white. The successful testing validated FF’s self-manufacturing ability and helped to ensure the safety, durability, and performance of FF’s vehicles. The Company’s Hanford, CA factory made several key improvements in 2024, including: reduced production cycle time by 40%; improved Customer Craftsmanship Audit (CCA) scores by 50%; and enhanced quality control with in-process quality gates, increasing quality checks by 200% times. These advancements reflect FF’s unwavering focus on quality over quantity, ensuring that every FF 91 meets the highest standards of excellence.

UAE Factory Progress was another critical milestone in 2024, as FF expands its footprint and prepares for potential future growth. FF reserved a 108,000 sq. ft. facility in the Ras Al Khaimah Economic Zone (RAKEZ), marking a significant step in our international strategy and also held the first of multiple face-to-face meetings with RAKEZ to advance the completion of the facility, ensuring alignment with local stakeholders. FF has also completed the equipment supplier selection phase, awarded Phase 1 equipment procurement to a UAE-based supplier, and introduced program management tools and a project charter, securing stakeholder approval for the estimated UAE program schedule.

These steps lay the foundation for a facility that could support our long-term growth and global ambitions. The Company continued to improve manufacturing efficiency by announcing plans to insource the manufacturing of its FF 91 2.0 vehicle seats at its Hanford, CA factory. This initiative represents FF's ongoing efforts to optimize operations, reduce costs, and improve product quality. In December 2024, FF released new in-car software updates for the FF 91, enhancing both the in-vehicle infotainment experience and user-focused control features, including improved navigation, expanded voice controls, and enhanced display interfaces.

LEADERSHIP APPOINTMENTS

The Company has also made key personnel appointments and strengthened the leadership team to drive the Company and the FX strategy: Tin Mok was appointed as Head of FF UAE, overseeing our operations in the region; Koti Meka was named Chief Financial Officer;  Aaron Ma became Acting Head of EV R&D; Dr. Lei Gu was named as President of the FX Global EV R&D Center; Xiao (Max) Ma was named as CEO of FX; and in 2025, Jerry Wang was named as President of FF. These leaders bring deep expertise and vision to their roles, supporting FF’s execution of its strategies with precision and innovation.

2025 OUTLOOKOVERALL:

FX First Vehicle to Roll Off the Line by 2025: First FX vehicle targeted to start by the end of 2025. The Company plans to hold the first vehicle launch event and start to collect refundable paid reservations in Q2 2025.

FF 91 2.0 Futurist: Continue to maintain deliveries to spire users and co-creators.

OPERATIONS:Second Potential FX Product Kick Off: A second FX product could be a category-defining, high-volume electric SUV, designed for the age of intelligent mobility. The Company plans to kick off development in Q2 2025. FX has benchmarked some of the best products in the segment, including the Toyota RAV4, and plan to have a product that equals the leaders in this segment on all merits.

Continuing FF AI Technology Development: Including AI-Powered Smart Cabin, AI Hybrid System, Autonomous Driving and U.S. regulatory compliance with a planned start in Q2 2025.

Democratizing Hyper Cars in Future FX Models: Making high-performance vehicles more accessible and affordable.

FINANCIAL:

Revenue Generation: The Company is targeting for the FX vehicles to start generating revenue in 2025.

Targeting Positive Gross Margins: Aiming for FX models to achieve positive gross margins relatively quickly, with upcoming funding to support production costs.

CAPITAL:

Enhancing Stockholder Value: Targeted FFAI stock market performance improvements continue through 2025.

Maintaining Nasdaq Compliance: Anticipated meeting of Nasdaq requirements without a reverse stock split. Optimizing Funding Costs: Plan to secure funding with a reduced cost compare to historical, to meet the needs of both FX and FF.

Increased Investor Interaction in 2025: Planning higher-frequency engagement activities, including connecting the Annual Shareholder Meeting with an Investor Community Day with more interactive events.

Looking ahead to the remainder of 2025, the Company’s focus remains on delivering high-performance, intelligent electric vehicles of both FF and FX brands, while strengthening manufacturing capabilities, advancing technology and AI initiatives, and enhancing financial stability. As FF looks to the future, the Company’s focus is clear. First, the Company plans for the first FX vehicle to roll off the line by the end of 2025 and start taking refundable prepaid orders from Q2 2025. With the FX strategy, the Company expects to make high-performance, technology and AI equipped vehicles more accessible and affordable. In the meantime, the Company will continue to deliver the FF 91 2.0 to serve the newest spire users and co-creators. 

As global trade dynamics continue to evolve, including the recent announced U.S. automotive tariff, FX’s flexible and forward-driven model positions the Company to respond swiftly to regulatory changes while optimizing cost efficiency and supply chain agility.

FF has also committed to initiate AI Hybrid Extended-Range Electric Powertrain development which could be applied to potential FX models pre-production. The Company recently announced the establishment of Future AIHER AI Hybrid Extended-Range Electric Powertrain Systems Inc. (“Future AIHER”). This newly formed wholly owned indirect subsidiary of FF is dedicated to the design and development of AI-driven range extender systems and solutions for Extended Range Electric Vehicles (EREVs).

Additionally, FF is focused on optimizing funding costs—ensuring the Company secures the capital it needs without excessive dilution. FF is also committed to maintaining Nasdaq compliance without a reverse stock split.    

The completion of the Company’s first-generation smart cabin, powered by AI Agent technology, could be fully deployed in the FF 91 and prepared for integration into its potential FX series models, by the end of 2025.

FF is taking a forward-looking approach to self-driving technology, focusing on: preliminary research into end-to-end autonomous driving using large-scale AI models; and defining the autonomous driving technology roadmap for the FX series and next-generation models.

In summary, 2025 will be a pivotal year for FF. With a strong focus on driving technological innovation, and maintaining financial discipline, the Company is positioning itself for long-term growth and success in the EV market. And above all, fighting to enhance stockholder value for both institutional and retail investors.

EARNINGS WEBCAST

Faraday Future management will host a webcast today, March 27, 2025, at 8:00 p.m. Eastern time (5:00 p.m. Pacific time). Interested investors and other parties can listen to a webcast of the conference call by logging onto the Investor Relations section of the Company's website at https://investors.ff.com/. A replay of the webcast will be available on the Company's website shortly thereafter. More detail on FF’s 2024 Q4 and full year financials, when filed, can be found in our SEC filings and online at https://investors.ff.com/financial-information/sec-filings

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. For more information, please visit https://www.ff.com/us/.

FORWARD LOOKING STATEMENTS

This communication 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 but are not limited to statements regarding the Company’s Bridge Strategy, the Company’s growth strategy and the development of the markets in which it operates and/or plans to operate, the continued production and delivery of the FF 91, the Faraday (FX) brand, the Company’s capital raising strategy, the development and commercialization of EREVs, integrating existing third-party range extender technology into the FX vehicles, future compliance with Nasdaq listing requirements, optimizing funding costs, increasing investor interaction, and enhancing stockholder value, 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 the necessary funding to execute on the FX strategy, which will be substantial; the Company's ability to secure necessary agreements to license and/or produce Super One, FX 5 or FX 6 vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate the Super One, FX 5 or FX 6 for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company’s ability to successfully design and develop an EREV; 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 warrant 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 May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.

CONTACTS

Investors (English): ir@faradayfuture.com

Investors (Chinese): cn-ir@faradayfuture.com

Media:  john.schilling@ff.com

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