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Faraday Future Receives Powerful Endorsements from California Politicians Supporting FF’s Global Automotive Bridge Strategy, the FX Brand and Company Founder YT Jia’s Appointment as Co-CEO of FF
Anthony Rendon, former Speaker of the House for the State of California, and Lou Martinez, the current Mayor of Hanford, CA, where FF’s Manufacturing facility is located, both offered congratulatory messages to YT as well as their unwavering support for FF during this major transformation period for the Company.
LOS ANGELES, April 28, 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, recently received congratulatory messages and unwavering outpouring of support from California political leaders on the Company’s Bridge Strategy, it’s FX brand and the recent appointment of YT Jia to the position of Co-CEO of the Company. The remarks were made at the Company’s recent ‘FF Stockholder Community and FX Co-Creation Day’ event held at FF’s headquarters in Los Angeles. During the meeting, both government as well as Company leaders gave pertinent updates on FF, the FX brand as well as congratulatory messages on YT’s appointment as Co-CEO. YT also gave a number of new business updates and key transformational aspirations for the Company moving forward.
The event was also meant to further increase transparency and real-time communication with FF’s stockholders in an effort to close the information gap, eliminate misunderstandings, and highlight the Company’s fundamental progress. This event was a unique opportunity for all stakeholders to experience FF’s vision, value, and strategy firsthand and was held in conjunction with the Company’s employee all-hands meeting and was open to registered guests, including stockholders, followers and fans of FF.
Lou Martinez, Current Mayor of Hanford, CA stated: "I want to personally congratulate YT Jia in his new role as Co-CEO of FF and wish him and the Company much success. The ramp up of the FX production is especially exciting, and Hanford remains committed to partnering with Faraday Future to bring connected AI-rich vehicles to the world. We look forward to the day when FX vehicles are delivered from Hanford."
Anthony Rendon's, former speaker of the House for the State of California, full remarks from the event are as follows: "At this pivotal moment, I would like to extend my heartfelt congratulations to Faraday Future (FF) and its founder, YT Jia. The appointment of YT as a Co-CEO by the FF Board of Directors signifies the return of the founding team and spirit, heralding a new era of energy and value for FF.
"Over the years, FF has invested over $3 billion in California, focusing on the research, development, and manufacturing of next-generation Artificial Intelligence Electric Vehicles (AIEVs). This endeavor not only represents a commercial breakthrough but also underscores America’s forward-looking leadership in the field of new energy mobility. FF is undoubtedly a pioneer in the global new energy industry, making significant contributions in technological innovation, talent acquisition, and the construction of a technological ecosystem.
"Notably, FF stands as the only domestic automotive company with both its headquarters and manufacturing facilities located in California. In an era where many enterprises are relocating manufacturing to other states or overseas, FF’s steadfast commitment to California reflects its trust and dedication to this land of innovation.
"California has consistently been a staunch supporter of global new energy initiatives. As the world’s fourth-largest economy, the state boasts a comprehensive green policy framework and unwavering belief in free trade and global collaboration. FF’s 'Global Automotive Industry Bridge' strategy exemplifies the globalization and open cooperation spirit we advocate.
"I would also like to pay tribute to YT Jia personally. His innovative spirit, sense of responsibility, and unwavering determination are truly admirable. These qualities embody the entrepreneurial spirit our era and industry most urgently require.
"I sincerely wish FF rapid progress in advancing the FX project, ushering in a new phase of development. From its roots in California, may it journey to the world stage."
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 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 Faraday X, future management and operational changes, building stronger financial and compliance systems, production and sales goals, financial and capital goals, potential reverse stock splits, launching a global AI and AIEV technology M&A strategy, potential collaborations with participants in the global auto industry, the development and commercialization of AIHER and EREVs, and AI-related investment and developments, 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 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.
