57 slides from Faraday Future Intelligent Electric's SPAC merger presentation, February 2021
Slide 1: Faraday Future Investor Presentation
Faraday Future Investor Presentation FEBRUARY 2021 © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL
Slide 2: Legal Disclaimers
Legal Disclaimers CONFIDENTIALITY AND BASIS OF PRESENTATION The information in this presentation is highly confidential. The distribution of this presentation by an authorized recipient to any other person is unauthorized. Any photocopying, disclosure, reproduction or alteration of the contents of t
Slide 3: Legal Disclaimers
Legal Disclaimers FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differentl
Slide 4: Today's Agenda
Today’s Agenda 1. Introduction and transaction summary 2. Future of automotive industry 3. Why Faraday Future (“FF”) will win 4. Software, Internet, Intelligence and EV DNA 5. World class leadership team 6. Disruptive products 7. Deep, differentiated, valuable and protected technology 8. Established
Slide 5: Introduction
Introduction “…the 1,050-horsepower Faraday Future FF 91 is a rocket ship-like vehicle unlike anything we’ve ever driven…” – DIGITAL TRENDS 5
Slide 6: Proposed Transaction Summary
Proposed Transaction Summary Property Solutions Acquisition Corp (“PSAC”), in partnership with Riverside Management Group (“RMG”), has identified Faraday Future as a highly attractive business, whose industry-leading technology and disruptive products will enable it to play a leading role in the fut
Slide 7: Faraday Future: A Differentiated and Compelling Investment Opportunity
Faraday Future: A Differentiated and Compelling Investment Opportunity — More than $2 billion invested to date — Expected launch within twelve months of merger supported by 40+ prototypes and preproduction assets and a robust hybrid manufacturing strategy — 300+ employees led by CEO Dr. Carsten Brei
Slide 8: The Faraday Future Opportunity
“…[FF 91 is an] electric car with Bugatti Veyron-rivaling power…” – AUTOBLOG The Faraday Future Opportunity © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 8
Slide 9: Future of Automotive Industry
Future of Automotive Industry FF is setting new standards in luxury and performance that will enhance quality of life and redefine the future of intelligent mobility ecosystems — The auto industry is experiencing disruption across the value chain – from product and technology, to manufacturing, sale
Slide 10: Internet and Intelligent EV Company
Internet and Intelligent EV Company Company Overview Product Portfolio Introduction — First production vehicle and flagship model Company History: Founded in May 2014 by visionary YT Jia, FF had a fully developed electric vehicle Beta prototype by August 2016 — Class defining luxury, performance, te
Slide 11: Led by a Team with Decades of Proven, Executive Experience
Led by a Team with Decades of Proven, Executive Experience Leadership and deep bench expertise from automotive, software, internet, consumer electronics, and AI to break industry boundaries, create eco-chemistry, and lead the transformation of automotive industry Dr. Carsten Breitfeld Zvi Glasman Ro
Slide 12: Supported by a Deep Bench of Industry Experts
Supported by a Deep Bench of Industry Experts Leadership and deep bench expertise from automotive, software, internet, consumer electronics, and AI to break industry boundaries, create eco-chemistry, and lead the transformation of automotive industry Tin Mok Morris Gao Philip Bethell User Ecosystem
Slide 13: The FF 91 to be Built with Innovative, Class Redefining Features
The FF 91 to be Built with Innovative, Class Redefining Features Select Anticipated Features Overwhelming User Interest — 378 miles EPA / 700 km NEDC range from 130 kWh battery(1) To date, Faraday Future has received — DC fast charging capability among industry leaders 14,000+ reservations — 0–60 mp
Slide 14: FF 91 Real World and On-Road Validation
FF 91 Real World and On-Road Validation Range Testing LAS VEGAS January 2020: Faraday Future’s CEO Dr. Carsten Breitfeld and 270 miles covered, most Product Execution SVP Robert Kruse drove 270 of which was uphill miles from Los Angeles to Las Vegas, with 110 miles remaining from the original charge
Slide 15: Jalopnik quote on EV program development
“…traditional automakers would kill to have an EV program with the level of development and interior technology that Faraday is offering…” – JALOPNIK © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 15
Slide 16: Electrek quote on FF 91 cabin
“…FF 91 is more like a Bentley or a Rolls-Royce, with a long, lean, spacious cabin complete with a zero-gravity reclining seat…” – ELECTREK © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 16
Slide 17: Digital Trends quote on passenger experience
“The passenger experience is heaven. The back seat is a dream. I don’t need my hotel room, I thought. I can sleep here…” – DIGITAL TRENDS © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 17
Slide 18: Revolutionary, All-New Immersive, Intelligent and Connected Driving Experience
Revolutionary, All-New Immersive, Intelligent and Connected Driving Experience Designed from the Ground Up with the Driver Top of Mind — Redefining engagement with Seamless Entry technology that identifies user upon approach and reconfigures vehicle preferences and settings — Six driver-specific scr
Slide 19: Third Internet Living Space Powered by I.A.I
Third Internet Living Space Powered by I.A.I(1) Unique Rear Internet System for the Ultimate Passenger Experience — Facial recognition in each seating zone automatically loads FFID(2) profiles and user-specific personal preferences — Individual sound and climate zones to personalize experience — NAS
Slide 20: The FF 91 is a Leader in Performance
The FF 91 is a Leader in Performance Horsepower 5.7 0 to 60 mph 1,050 (seconds) 4.7 4.5 4.4 750 605 643 2.6 2.4 2.3 394 408 408 E-TRON 55 E-TRON 55 I-Pace QUATTRO Polestar 2 Model S ES8 Taycan FF 91 QUATTRO Polestar 2 I-Pace ES8 Taycan FF 91 Model S Range Charge Time: 20%-80% 402 (miles) 378 60 (min
Slide 21: The FF 91 is a Leader in Comfort
The FF 91 is a Leader in Comfort Comfort Features Differentiate FF 91 in EV Market Rear Leg Room (inches) — FF 91 introduces 3 features which cannot be found elsewhere 48.9 in the market: 39.1 39.3 40.0 40.9 37.6 38.4 35.4 — Personalization — Spa Mode — On-Screen Gestures — Connectivity and In-Vehic
Slide 22: Why FF Wins – Differentiated Technology and Flexible Manufacturing Platforms
Why FF Wins – Differentiated Technology and Flexible Manufacturing Platforms 1 Variable Platform 2 Industry Leading 3 Internet, Autonomous 4 Manufacturing Architecture Propulsion Technology Driving and Intelligence USA Manufacturing: Hanford, CA Only ~$90mm of capital required to complete plant reno
Slide 23: Industry Leading VPA Enables Next-Gen Passenger Vehicles and LMD Offerings
1. Industry Leading VPA Enables Next-Gen Passenger Vehicles and LMD Offerings 6 STRING 5 STRING 4 STRING 3 STRING 2 STRING 130KWH CAPACITY 108KWH CAPACITY 87KWH CAPACITY 65KWH CAPACITY 43KWH CAPACITY 1-3 MOTORS (UP TO 1050HP) 1-3 MOTORS (UP TO 1050HP) 1-2 MOTORS (UP TO 1 MOTOR (350HP) 1 MOTOR (350HP
Slide 24: Next Generation Passenger Vehicle Offerings Leveraging VPA
1. Next Generation Passenger Vehicle Offerings Leveraging VPA Vehicle FF 91 Futurist FF 91 FF 81 Futurist FF 81 FF 71 Futurist FF 71 Class defining luxury, performance, connectivity Mass market vehicles with leading Premium mass market electric vehicles and personalized user experience technology an
Slide 25: Building the FF Brand to Stand Out versus Competitors
1. Building the FF Brand to Stand Out versus Competitors Brand perception of select premium EV and traditional brands (1) — Differentiated premium brand positioning — FF products designed for different vehicle segments, sharing common brand DNA — Modern design: styling and interior materials — Super
Slide 26: Purpose Built Smart Last Mile Delivery Vehicles Leveraging VPA
1. Purpose Built Smart Last Mile Delivery Vehicles Leveraging VPA High growth opportunity; FF LMD expected to launch Q4 2023 — Targeting customers in Last Mile Delivery and distribution segments in Europe, China and US — Strong expected market growth driven by increasing e-commerce, tightening emiss
Slide 27: Unique Transformative Propulsion Technology Developed In-House
2. Unique Transformative Propulsion Technology Developed In-House Battery Pack Inverter Drive Unit Industry-leading proprietary and patented battery Patented modular inverter integrated directly into Powerful, efficient and compact integrated electric pack system with 187 Wh/kg (without coolant)(1)
Slide 28: Superior Real World Performance Makes the FF 91 One-of-a-Kind
2. Superior Real World Performance Makes the FF 91 One-of-a-Kind Electric Drivetrain Performance(1) Battery Pack Performance Power-to-weight ratio, rear electric drive unit (kW/kg) Battery Pack-Level Energy Density (Wh/kg) FF 91 3.6 FF 91 187(2) Tesla Model S 3.0 Kreisel 168 Tesla Model 3 2.6 Tesla
Slide 29: Advanced Internet, Autonomous Driving and Intelligence (I.A.I) Technology
3. Advanced Internet, Autonomous Driving and Intelligence (I.A.I) Technology Integrated technology stack created by team with deep industry experience in developing and deploying large scale internet services and applications I.A.I Hardware I.A.I Software, Cloud & AI Applications Autonomous Driving
Slide 30: Deep, Differentiated, Valuable and Protected Technology
3. Deep, Differentiated, Valuable and Protected Technology Granted FF Patents by Category Fully submerged battery cells improves safety and thermal Automatic seamless hands-free entry Parallel IGBT Inverters for power and efficiency(1) ~880 ~550 ~330 GLOBAL PATENTS FILED GLOBAL GRANTED PATENTS GLOBA
Slide 31: Flexible Manufacturing Strategy Provides a Clear Path to Production
4. Flexible Manufacturing Strategy Provides a Clear Path to Production Faraday Future has renovated an existing facility which significantly reduced both costs and lead time Primary Manufacturing Facility for FF 91 Contract Manufacturing for Future Models Hanford, CA, USA | Factory Complete T + 9 mo
Slide 32: FF, Geely Holding and a Tier 1 Chinese City Provide Possible Upside Opportunity
4. FF, Geely Holding and a Tier 1 Chinese City Provide Possible Upside Opportunity in China Investment Framework(1) — Contemplated JV among FF, Geely Holding and a Tier 1 Chinese City to support FF China production and FF China headquarters — Total annual expected production capacity of 100,000–250,
Slide 33: More Than 94% of Key Components Have Already Been Sourced
More Than 94% of Key Components Have Already Been Sourced In-Sourced Critical Components Key Global Suppliers Inverter, Motor & Gearbox FF has established relationships with global world-class tier 1 suppliers from North America, Europe, and Asia — Inverter is completely designed, patented and assem
Slide 34: The FF 91 Has Already Completed Most of the Vehicle Development Hurdles
The FF 91 Has Already Completed Most of the Vehicle Development Hurdles T=0 (TRANSACTION CLOSE) FEASIBILITY PHASE CONCEPT PHASE DEVELOPMENT PHASE (ENGINEERING VALIDATION AND VERIFICATION) PRODUCTION PREPARATION T - 44 T - 36 T - 25 T-1 WORKING / FUNDED MONTHS FF 91 USER START OF SALES EXPERIENCE LAU
Slide 35: Comprehensive Online to Offline Sales Ecosystem
Comprehensive Online to Offline Sales Ecosystem Direct sales model utilizes online and offline channels to drive sales and user operations and continuously create value FF ONLINE FOR PROCESSING OF PURCHASES FF SELF-OWNED STORES FOR BRAND FF PARTNER-OW NED STORES FOR ASSET- ESTABLISHMENT LIGHT SALES
Slide 36: Premium After-Sales Differentiation
Premium After-Sales Differentiation Premium Multi-Channel Aftersales Service System Overview of Formel D MOU Service Centers — US / CN / EU (Formel D): 15+ of the major US cities, 10+ of the major China cities and 25+ of the major European cities — Integrated with FF Stores as flagship service cente
Slide 37: Financial Overview
“With consumer consciousness on the rise and market Financial Ov erview forces gaining momentum, EVs are quickly becoming the future of the automotive industry and a darling for investors who recognize this growth potential.” – FORBES 37
Slide 38: The Market Potential for Smart EVs is Massive and Growing
The Market Potential for Smart EVs is Massive and Growing Passenger EV Market (~7.7mm annual units sold by 2025E)(1) LMD EV Market (~470k annual units sold by 2025E) (2) (Units in millions) (Units in thousands) United States Europe China U.S., Europe, and China ~30% CAGR 12.6 ~49% CAGR 1,680 ~29% CA
Slide 39: Volumes and Revenue
Volumes and Revenue Key commentary B2C – Vehicle Unit Sales (Units actual) 266,800 Primarily targeting consumers and businesses in the two largest EV FF 91 Series markets (US and China) FF 81 Series FF 71 Series 105,300 38,600 – 2,400 — Significant ramp of FF Series volumes once production begins 20
Slide 40: Profitability
Profitability Key commentary Contribution margin FF Series — Targeting 30%+ contribution margin across FF Series and 20%+ Smart Last Mile Delivery 30% 31% contribution margin for Smart Last Mile Delivery 25% — Significant investment completed at Hanford manufacturing 15% 22% 20% 21% facility and fle
Slide 41: FF 91 12-Month Budget After Equity Financing
FF 91 12-Month Budget After Equity Financing Key Commentary NTM Estimated Capital Requirement to Launch the FF 91 ($ in millions) Clear, well-defined program budget to start of production: — Complete FF 91 production tooling and remaining pre-production $32 test & validation — Certification and vali
Slide 42: Transaction Overview
Transaction Ov erview 42
Slide 43: Transaction Overview
Transaction Overview — Business combination between FF Intelligent Mobility Global Holdings Ltd. (“Faraday Future”, “FF” or the “Company”) and Property Solutions Transaction Acquisition Corp. (NASDAQ: PSAC), a publicly traded special purpose acquisition company Structure — The transaction, inclusive
Slide 44: Transaction Structure and Pro Forma Equity Ownership
Transaction Structure and Pro Forma Equity Ownership Sources & Uses Enterprise Value Build ($ in millions) ($ in millions) Sources Uses TEV Build Faraday rollover equity $1,625 Faraday rollover equity $1,625 Share price $10.00 Rollover existing net debt 671 Debt converted to equity (4) 671 (x) Share
Slide 45: Market Capitalization / Volume Benchmarking
Market Capitalization / Volume Benchmarking Market Capitalization at IPO / Announcement versus Current Recent Electric Vehicle SPACs Recent Battery SPACs Electric Vehicle OEMs $17.00 $14.86 $23.66 $1,043,775 $109,434 $48,632 $32,131 $21,263 $7,127 $8,956 $7,778 NA NA $2,448 $4,420 $2,940 $4,916 $1,6
Slide 46: Valuation Benchmarking at IPO / Announcement
Valuation Benchmarking at IPO / Announcement EV / T+4 & T+5 Revenue where T = 0 is Year of IPO / Announcement Implied at Deal Recent Electric Vehicle SPACs Recent Battery SPACs Electric Vehicle OEMs Value $17.00 $14.86 $23.66 1.3x 1.0x 0.8x 0.9x 0.6x 0.6x 0.7x 0.6x 0.7x 0.5x 0.5x 0.3x 0.2x 0.1x 0.2x
Slide 47: Operational Benchmarking at IPO / Announcement
Operational Benchmarking at IPO / Announcement T+2 – T+5 Revenue CAGR where T = 0 is Year of IPO / Announcement Recent Electric Vehicle SPACs Recent Battery SPACs Electric Vehicle OEMs 450% 249% 180% 92% 85% 68% 59% 38% 38% 39% Faraday Future Canoo Fisker Lordstown QuantumScape Romeo Tesla NIO Xpeng
Slide 48: Faraday Future vs Recent Electric Vehicle Opportunities
Faraday Future vs Recent Electric Vehicle Opportunities FF is currently ahead of majority in “time-to-market” Employee Headcount ~300 ~300 ~49 ~79 Funding Prior to SPAC Transaction ~$2,000mm ~$480mm ($130mm cash available) ~$15mm ~$15mm SPAC Transaction Value ~$2.6bn ~$1.8bn ~$1.9bn ~$1.0bn Target P
Slide 49: FF is setting new standards in luxury and performance
FF is setting new standards in Leading new product on Industry leading luxury and performance that will the market technology enhance quality of life and redefine the future of intelligent Proceeds from the SPAC Highly experienced mobility ecosystems transaction will culminate management team well-
Slide 50: WWW.FF.COM
WWW.FF.COM © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 50
Slide 51: Risk factors
Risk factors These risk factors are being provided to certain sophisticated institutional investors for potential investment in Property Solutions Acquisition Corp. (“PSAC”) as part of a proposed business combination between FF Intelligent Mobility Global Holdings Ltd. (“Faraday Future”, “FF,” “we”,
Slide 52: Risk factors – (cont'd)
Risk factors – (cont’d) — We will depend on revenue generated from a limited number of models of vehicles in the foreseeable future. — The market for our vehicles is nascent and not established. In particular, the market for ultra-luxury electric vehicles may not develop in accordance with our expec
Slide 53: Risk factors – (cont'd)
Risk factors – (cont’d) — Substantial aspects of our business and operation may be based in China, which will be subject to economic, operational and legal risks specific to China. Further, if our operations and markets are substantially based on in China, we may need to rely on dividends and other
Slide 54: Risk factors – (cont'd)
Risk factors – (cont’d) — We have elected to protect some of our technologies as trade secrets rather than as patents, however, this approach risks the wrongful disclosure and use of our trade secrets by departing employees and others. Also, if another person has filed or files in the future a paten
Slide 55: Risk factors – (cont'd)
Risk factors – (cont’d) — Developments in new energy technology, such as advanced diesel, ethanol, fuel cells, or compressed natural gas, or improvements in the fuel economy of internal combustion engines, may materially and adversely affect our business, prospects, financial condition and results o
Slide 56: Risk factors – (cont'd)
Risk factors – (cont’d) — We are subject to legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against Faraday Future in a reporting peri
Slide 57: Risk factors – (cont'd)
Risk factors – (cont’d) — Following the consummation of the Business Combination, the combined company will incur significant increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations. — We may