Faraday Future Intelligent Electric Inc. · NASDAQ:FFAI
Faraday Future Intelligent Electric — Faraday Future — SPAC Merger (January 2021)
57 slides from Faraday Future Intelligent Electric's SPAC merger presentation, Jan 28, 2021
Slide 1: Faraday Future Investor Presentation
© 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Faraday Future Investor Presentation JANUARY 2021
Slide 2: Legal Disclaimers
Legal Disclaimers © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 2 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, disc
Slide 3: Financial Information; Non-GAAP Financial Measures
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 differently in, any pro
Slide 4: Today's Agenda
Today’s Agenda © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 4 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, differentia
Slide 5: Introduction
“…the 1,050 - horsepower Faraday Future FF 91 is a rocket ship - like vehicle unlike anything we’ve ever driven…” – DIGITAL TRENDS Introduction 5 5
Slide 6: Transaction Structure
© 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Transaction Structure — Property Solutions Acquisition Corp. has proposed to enter into a business combination with Faraday Future (“FF”) — Target filing initial S - 4 by early February 2021 with transaction close expected in Q2 2021 — Proceeds from
Slide 7: Faraday Future: A Differentiated and Compelling Investment Opportunity
Faraday Future: A Differentiated and Compelling Investment Opportunity © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 7 — 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
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 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
Not e : (1) (2) Patents data as of October 2020. Performance may vary depending on selected motor configuration. VPA = Variable Platform Architecture. Internet and Intelligent EV Company Future FF 91 Milestones Q1 2021: P R OG R AM RESTART SUPPLY CHAIN RAMP UP FACTORY C O M PLE T E +12 MONTHS: START
Slide 11: Led by a Team with Decades of Proven, Executive Experience
Led by a Team with Decades of Proven, Executive Experience Benedikt Hartmann SVP, Supply Chain Previous Experience — VP Purchasing and Supplier Quality, BMW Brilliance — VP Purchasing Production and Development Partners, BMW AG — VP Purchasing Powertrain and Chassis, BMW AG — 33 years in industry Ma
Slide 12: Supported by a Deep Bench of Industry Experts
Supported by a Deep Bench of Industry Experts Tin Mok User Ecosystem Previous Experience — CEO, 18 Financial — VP, LeEco Connie Zhao I.A.I Software Previous Experience — Senior Director of SW Engineering, Motorola Xiao Ma Product & Mobility Ecosystem Previous Experience — Regional KAM, Mercedes - Be
Slide 13: The FF to be Built with Innovative, Class Redefining Features
The FF 91 to be Built with Innovative, Class Redefining Features Select Anticipated Features — 378 miles EPA / 700 km NEDC range from 130 kWh battery (1) — DC fast charging capability among industry leaders — 0 – 60 mph in less than 2.40 seconds — 1050 HP powered by 3 high performance electric motor
Slide 14: FF 91 Real World and On-Road Validation
(1) At time of test; Tesla Model 3 currently holds this record. © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL FF 91 Real World and On - Road Validation APPROACH TO PIKE’S PEAK LAS VEGAS LOS ANGELES 270 miles covered, most of which was uphill Range Testing January 2020: Faraday Future’s CEO Dr.
Slide 15: Press quote: Jalopnik
“ … traditional automakers would kill to have an EV program with the level of development and interior technology that Faraday is offering … ” – JALOPNIK PROPRIETARY AND CONFIDENTIAL© 2021 FARADAY FUTURE 15 15
Slide 16: Press quote: Electrek
“ … 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 PROPRIETARY AND CONFIDENTIAL© 2021 FARADAY FUTURE 15 16
Slide 17: Press quote: Digital Trends
“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 1 1 7 7
Slide 18: Revolutionary, All-New Immersive, Intelligent and Connected Driving Experience
Revolutionary, All - New Immersive, Intelligent and Connected Driving Experience N ote: (1) © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 18 The above description is a selected list of attributes and does not reflect the total feature set. FF 91 is hardware - ready for L3 autonomous driving. De
Slide 19: Third Internet Living Space Powered by I.A.I
Third Internet Living Space Powered by I.A.I (1) N ote: (1) (2) (3) The above description is a selected list of attributes and does not reflect the total feature set. I.A.I = Internet, Autonomous Driving and Intelligence. FFID is a unique Faraday Future user profile that ensures a consistent experie
Slide 20: The FF 91 is a Leader in Performance
5.7 4.7 4.5 4.4 2.6 2.3 394 408 408 605 643 750 1,050 FF 91 Model S ES 8 T a y c an I - P ace E - TRON 55 QUATTRO 2.4 FF 91 Model S ES 8 T a y c an I - P ace E - TRON 55 QUATTRO 201 204 225 234 261 402 60 45 30 24 15 T a y c an I - P ace Model S 378 FF 91 E - TRON 55 QUATTRO ES8 Polestar 2 T a y c a
Slide 21: The FF is a Leader in Comfort
2,900 2,928 2,959 2,997 3,106 The FF 91 is a Leader in Comfort 35.4 37.6 38.4 40.0 40.9 F i x ed F i x ed 27 36 40 44 S – M a y b a c h Model S 48.9 FF 91 E - TRON 55 QUATTRO Alpina XB7 B e n ta g y a Range Rover Model X Rear Leg Room (inches) 39.1 39.3 Model S 3,200 FF 91 T a y c an E - TRON 55 QUA
Slide 22: Why FF Wins – Differentiated Technology and Flexible Manufacturing Platforms
1 2 3 4 Why FF Wins – Differentiated Technology and Flexible Manufacturing Platforms Variable Platform Architecture — Provides 60% component carryover — Increased speed to market — Significant cost savings — Ease of scalability — Manufacturing flexibility — Easy servicing capability — Adaptable to m
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 3 STRING 65KWH CAPACITY 1 MOTOR (350HP) 4 STRING 87KWH CAPACITY 1 - 2 MOTORS (UP TO 700HP) 5 STRING 108KWH CAPACITY 1 - 3 MOTORS (UP TO 1050HP) 6 STRING 130KWH CAPACITY 1 - 3 MOTORS (UP TO 1050HP) DRIVE UNIT CHASSIS BA T
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 and personalized user experience Premium mass market electric vehicles Mass market vehicles with leading technology an
Slide 25: Building the FF Brand to Stand Out versus Competitors
1. Building the FF Brand to Stand Out versus Competitors (1 ) Not comprehensive – Based on Roland Berger view of representative set of premium / luxury vehicle brands and EV startups. See Roland Berger Disclaimer on page 2. Users will experience a premium brand across different segments (FF 91, FF 8
Slide 26: Purpose Built Smart Last Mile Delivery Vehicles Leveraging VPA
1. Purpose Built Smart Last Mile Delivery Vehicles Leveraging VPA © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 26 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 gr
Slide 27: Unique Transformative Propulsion Technology Developed In-House
DUAL MOTOR DRIVE UNIT (REAR) 2. Unique Transformative Propulsion Technology Developed In - House Inverter Patented modular inverter integrated directly into the drivetrain — Very low inverter losses provide 98% efficiency — High reliability due to tab bonds in high current path — High torque accurac
Slide 28: Superior Real World Performance Makes the FF One-of-a-Kind
2. Superior Real World Performance Makes the FF 91 One - of - a - Kind Sou r c e : (1) Based on EV passenger car data provided by Roland Berger LP for EVs in the market as of September 2020. See Roland Berger Disclaimer on page 2. Certain EV startups including Lucid have claimed to have in developme
Slide 29: Advanced Internet, Autonomous Driving and Intelligence (I.A.I) Technology
I.A.I Software, Cloud & AI I.A.I Hardware Applications Autonomous Driving Ready 3. Advanced Internet, Autonomous Driving and Intelligence (I.A.I) Technology — Patented Future OS operating system allows multiple users to login throughout FF 91, preparing user’s preferences per their cloud - based FFI
Slide 30: Deep, Differentiated, Valuable and Protected Technology
3. Deep, Differentiated, Valuable and Protected Technology Granted FF Patents by Category World - class technology platform has resulted in industry leading improvements including: — Patented battery design with all major battery components submerged in coolant, improving battery safety, extending l
Slide 31: Flexible Manufacturing Strategy Provides a Clear Path to Production
Faraday Future has renovated an existing facility which significantly reduced both costs and lead time 4. Flexible Manufacturing Strategy Provides a Clear Path to Production © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 31 Primary Manufacturing Facility for FF 91 Hanford, CA, USA | Factory Comp
Slide 32: FF, Geely Holding and a Tier 1 Chinese City Provide Possible Upside in China
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 – 2
Slide 33: More Than 94% of Key Components Have Already Been Sourced
More Than 94% of Key Components Have Already Been Sourced Key Global Suppliers FF has established relationships with global world - class tier 1 suppliers from North America, Europe, and Asia In - Sourced Critical Components Inverter, Motor & Gearbox — Inverter is completely designed, patented and a
Slide 34: The FF Has Already Completed Most of the Vehicle Development Hurdles
The FF 91 Has Already Completed Most of the Vehicle Development Hurdles FEASIBILITY PHASE CONCEPT PHASE CONCEPT 29 PROTOTYPE ASSETS 13 PRE - PRODUCTION PRODUCTION TRY OUT ASSETS START OF SALES FF 91 USER EXPERIENCE LAUNCH T + 9 START OF SALES T + 12 BUILD IN PROTOTYPE (PROTOTYPE AREA AT FACTORY) Con
Slide 35: Direct Sales Model Utilizes Online and Offline Channels
Direct sales model utilizes online and offline channels to drive sales and user operations and continuously create value Comprehensive Online to Offline Sales Ecosystem Targeting Stores in Top 20 Cities Across 3 Major Markets by 2025 FF SELF - OWNED STORES FOR BRAND ESTABLISHMENT FF PARTNER - OWNED
Slide 36: Premium After-Sales Differentiation
Premium After - Sales Differentiation Premium Multi - Channel Aftersales Service System Service Centers — Integrated with FF Stores as flagship service center — FF Service Partners to provide after sales service while maintaining user experience Remote Service Platform — Addresses a majority of serv
Slide 37: Financial Overview
“With consumer consciousness on the rise and market forces gaining momentum, EVs are quickly becoming the future of the automotive industry and a darling for investors who recognize this growth potential.” – FORBES Financial Overview 37
Slide 38: The Market Potential for Smart EVs is Massive and Growing
© 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL The Market Potential for Smart EVs is Massive and Growing LMD EV Market (~470k annual units sold by 2025E) (2) (Units in thousands) U.S., Europe, and China 2020E 2025E 2030E Last Mile Delivery Market Drivers — Urbanization and e - commerce leading t
Slide 39: Volumes and Revenue
Volumes and Revenue Key commentary Primarily targeting consumers and businesses in the two largest EV markets (US and China) — Significant ramp of FF Series volumes once production begins — Production launch of FF 91 complete in 2021E and deliveries begin Q1 2022E — Ramp of FF 81 and FF 71 starting
Slide 40: Profitability: EBITDA and EBITDA less Capex
© 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL ($347) ($1,138) ($630) $743 2025E $2,131 EBITDA less capex ($ in millions) 2021 E 2022E 2023E 2024E ($227) ($722) ($268) $914 2025E $2,312 EBITDA ($ in millions) 2021E 2022E 2023E 2024E Profitability 15% 25% 30% 31% 20% 21% 22% 2021E 2022E 2023E 202
Slide 41: FF 91 12-Month Budget After Equity Financing
© 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Sou r c e : (1) (2) Faraday Future financial model are management estimates only. Does not include investment transaction fees. $103mm of capital expenditures includes $93mm for Hanford and $10mm for sales and service. FF 91 12 - Month Budget After
Slide 42: Transaction Overview
Transaction Overview 42
Slide 43: Transaction Overview
Transaction Overview © 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL 43 T r a n sa c ti o n Structure — Business combination between FF Intelligent Mobility Global Holdings Ltd. (“Faraday Future”, “FF” or the “Company”) and Property Solutions Acquisition Corp. (NASDAQ: PSAC), a publicly traded sp
Slide 44: Key Commentary; Sources & Uses and Pro Forma Ownership
Key Commentary — All Faraday Future equity holders and substantially all Faraday Future debt holders are expected to receive stock in public company (no cash paid to Faraday Future shareholders at closing) (6) — Proceeds for transaction will be used to fund Faraday Future through the start of produc
Slide 45: Market Capitalization / Volume Benchmarking
Market Capitalization / Volume Benchmarking $4 , 4 76 $1 , 5 03 $7 , 1 27 $8 , 9 56 $7 , 7 78 $2,448 $4,420 $2,940 $4,916 $1,640 $4,282 $21 , 2 63 $1,334 $2,685 $48 , 6 32 $32 , 1 31 NA NA Faraday Future Canoo Fi s k e r Lordstown QuantumScape Rom e o Te s la NIO Xp e ng Li Auto Market Capitalizatio
Slide 46: Valuation Benchmarking at IPO / Announcement
Valuation Benchmarking at IPO / Announcement 0 . 2 x 1 . 3 x 0. 2 x 0. 2 x 1 . 0 x 0 . 9 x 0 . 6 x 0 . 1 x 0 . 7 x 0 . 7 x 0 . 1 x 0 . 8 x 0 . 1 x NA 0 . 5 x 0 . 6 x 0 . 5 x 0 . 1 x 0 . 6 x NA Faraday Future Canoo Fi s k e r Lordstown QuantumScape Rom e o Te s la NIO Xp e ng Li Auto EV / T+4 & T+5 R
Slide 47: Operational Benchmarking at IPO / Announcement
© 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Operational Benchmarking at IPO / Announcement T+2 – T+5 Revenue CAGR where T = 0 is Year of IPO / Announcement 249% 92% 180% 85% 59% 68% 38% 38% 39% Faraday Future Canoo Fi s k e r Lordstown QuantumScape Rom e o Te s la NIO Xp e ng Li Auto 8 . 7 %
Slide 48: Faraday Future vs Recent Electric Vehicle Opportunities
© 2021 FARADAY FUTURE PROPRIETARY AND CONFIDENTIAL Sour c e: (1) Publicaly available filings and investor presentations. Proxy statement disclosures reliance on a third party OEM for a platform to develop and produce a vehicle. Have stated that they have signed an agreement with Magna to build Elect
Slide 49: Leading new product on the market
Leading new product on the market FF is setting new standards in luxury and performance that will enhance quality of life and redefine the future of intelligent mobility ecosystems “The best way to predict the future is to actively shape it” Industry leading technology 49 Proceeds from the SPAC tran
Slide 50: PROPRIETARY AND © 2021 FARADAY FUTURE W W W . F F . C
PROPRIETARY AND CONFIDENTIAL © 2021 FARADAY FUTURE W W W . F F . C O M
Slide 51: Risk factors
Risk factors These risk factors are being provided to certain sophisticated institutional investors for potential investment in Property S olu tions 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 exp
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 improvemen ts in the fuel economy of internal combustion engines, may materially and adversely affect our business, prospects, financial condition and results
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