Business
Faraday Future Reports Financial Results for Fourth Quarter and Full Year 2021
– Continued Progress at Hanford Manufacturing Facility – – Launch of Community Outreach and Jobs Fair for Hanford Hiring Program – – Announcement of Munro &
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":"\n– Continued Progress at Hanford Manufacturing Facility –\n\n– Launch of Community Outreach and Jobs Fair for Hanford Hiring Program –\n\n– Announcement of Munro & Associates as Co-Creation Partner –\n\n– Additional Tier 1 Supplier Announcements –\n\n LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (\"FF”, “Faraday Future”, or “the Company\"), a California-based global shared intelligent electric mobility ecosystem company, today announced financial results for its fourth quarter and full-year ended December 31, 2021. Results were delayed as a result of the previously disclosed Special Committee review.\n\n“We made significant progress during the fourth quarter with several important milestones reached at our Hanford manufacturing plant and new Tier 1 supplier and partner agreements. In a challenging logistics and supply chain environment, we are working closely with our partners and remain on track for launch in Q3 2022,” said Carsten Breitfeld, Global CEO of Faraday Future.\n\nDr. Breitfeld continued, “After 2021 year-end we signed an agreement with Myoung Shin for FF 81 production in South Korea, securing our path to high volume production and cash flow breakeven. We also received our dealer license from the State of California, allowing us to sell our cars online nationally. We remain confident that we will launch the FF 91 in the third quarter of 2022, and when we do, we expect Faraday Future to redefine the state-of-the-art in intelligent, electrified mobility.”\n\nCOMMENT ON SPECIAL COMMITTEE REVIEW\n\nDr. Breitfeld added, “The Special Committee, made up of independent Board members, completed its previously announced review of past disclosures and allegations and submitted its findings and recommendations to the full Board. The Board accepted the findings, and implementation of remediation actions is well underway. On behalf of the entire management team, I want to thank the Special Committee, our financial and legal advisors, and my fellow Board members for their hard work and for their commitment to holding the Company to the highest standards of ethics and conduct. I also want to thank all of my fellow employees, our suppliers, and our investors for their support and confidence. I believe that this review and the changes we are making will help make us a better, stronger compan...