Q3 2021 Faraday Future Intelligent Electric Inc Earnings Call

December 7, 2021

Thank you for standing by this is the conference operator, welcome to the Faraday Futures business update call I would now like to turn the conference over to Gerrick Johnson Saturdays Futures General Counsel. Please go ahead.

Operator: Thank you for standing by. This is the conference operator. Welcome to the Faraday Future Business Update Call. I would now like to turn the conference over to Jarret Johnson, Faraday Future's General Counsel. Please go ahead.

Thank you operator, and thank you everyone for joining us today.

Jarret Johnson: Thank you, operator, and thank you everyone for joining us today. Hosting the call with me today, our Chief Executive Officer, Dr. Carsten Breitfeld, our Chief Financial Officer, Chuck McBride, and our VP of Investor Relations, Mark Connolly. At 1:00PM Pacific Time today, Faraday Future issued an 8-K, which includes the transcript for this business update. The transcript and a replay of this business update will also be available later today in the investor relations section of our website at www.investors.ff.com. We also posted a new video update of our Hanford manufacturing facility, and we are giving this business update from Hanford today. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.

Jarret Johnson: Thank you, Operator, and thank you everyone for joining us today. Hosting the call with me today, our Chief Executive Officer, Dr. Carsten Breitfeld, our Chief Financial Officer, Chuck McBride, and our VP of Investor Relations, Mark Connolly. At 1:00PM Pacific Time today, Faraday Future issued an 8-K, which includes the transcript for this business update. The transcript and a replay of this business update will also be available later today in the investor relations section of our website at www.investors.ff.com. We also posted a new video update of our Hanford manufacturing facility, and we are giving this business update from Hanford today. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.

Hosting the call with me today are Chief Executive Officer Dr.

Dr. Carson Bright Bill, our Chief Financial Officer, Chuck Mcbride, and our VP of Investor Relations Mark Connelly.

At one o'clock P M Pacific time today Paradise future issued an 8-K, which includes the transcript for this business update.

The transcript and a replay of this business update we will also be available later today in the Investor Relations section of our website at Www Dot investors thought F S Dot com.

We also posted a new video update of our Hanford manufacturing facility and we are giving this business update from Hanford today.

Please note that on this call we will be making forward looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.

These statements reflect our views only as of today should not be relied upon as representative about views as of any subsequent date.

Jarret Johnson: These statements reflect our views only as of today, should not be relied upon as representative about views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our Form 12b-25, filed on 15 November 2021. The financial information presented today was previously filed with the SEC in our 12b-25 filing, which summarizes the reasons for the delay in our filings. With that, I will turn the call over to Mark Connolly, our Vice President of Investor Relations.

And we undertake no obligation to revise or publicly release the results of any revision to these forward looking statements in light of new information or future events.

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

For further discussion of the material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our form 2025 filed on November 15th 2021.

The financial information presented today was previously filed with the SEC and our 12 B twenty-five finally, which summarizes the reasons for the delay in our filings.

With that I will turn the call over to Mark finally, our vice President of Investor Relations.

Thank you Jared I thought I would just just a few minutes of our business update call to introduce you all to our CEO and CFO Dr. Karsten Bright Bell, our Chief Executive Officer I spent the last 25 years in the automotive industry and leadership positions at BMW in Germany biting in China in Silicon Valley and here at fair at a future in Los Angeles.

Mark Connolly: Thank you, Jared. I thought I would use just a few minutes of our business update call to introduce you all to our CEO and CFO. Dr. Carsten Breitfeld, our Chief Executive Officer, has spent the last 25 years in the automotive industry in leadership positions at BMW in Germany, Byton in China, Silicon Valley, and here at Faraday Future in Los Angeles. At BMW, Carsten ran various engineering departments, transmission and driveline development, and later ran product strategy and managed cooperation with partners. Ultimately, he was chosen to lead BMW i8 program, the company's flagship hybrid supercar. He joined Byton as co-founder and CEO, which brought him substantial experience working with Chinese partners and suppliers. While at Byton, Carsten met YT Jia, founder of Faraday Future, and became convinced of YT's vision of the future of electrified mobility.

At BMW Carson ran various engineering departments transmission of Driveline development and later ran product strategy and managed cooperation with partners. Ultimately he was chosen to lead Bmw's IH program, the company's flagship hybrid superstar.

Buyten as co founder and CEO, which brought in substantial experience working with Chinese partners and suppliers, while that biting Carson that why do you got.

Founder of fair any future and became convinced of why teens vision of the future of electrified mobility.

Mark Connolly: Carsten joined Faraday Future as CEO in 2019. His reputation as a business leader, first in Germany, then in the US and China, helped him attract key engineers and manufacturing leaders to Faraday Future. Just a month ago, Carsten identified and hired our new Chief Financial Officer, Chuck McBride. Chuck has over 30 years of experience in senior financial roles, and Faraday Future marks his sixth CFO role at a NASDAQ-listed company. Along the way, Chuck held CFO roles at two private companies, Synthetic Genomics and Kistler Aerospace. Chuck brings three decades of experience building infrastructure and financial leadership to support rapid growth, manage stakeholder relationships, and raising capital. With that brief introduction, it is my privilege to introduce our global CEO, Dr. Carsten Breitfeld. Carsten?

Carson joined third a future as CEO in 2019 as reputation as a business leader first in Germany than in the U S and China helped them attack key engineers and manufacturing leaders to parity future.

A month ago Carson identified and hired our new Chief Financial Officer, Chuck Mcbride, Chuck has over 30 years of experience in senior financial roles and fair to future Mark his sixth CFO role at a NASDAQ listed company.

Along the way Chuck help CFO roles at two private companies synthetic genomics and Kissler aerospace.

Brings three decades of experience building infrastructure and financial leadership to support rapid growth managed stakeholder relationships and raising capital.

With that brief introduction it is my privilege to introduce our global CEO, Dr. Carson Brightbill Carson.

Thank you Mark and thanks to everyone for joining us today.

Carsten Breitfeld: Thank you, Mark, and thanks to everyone for joining us today. I would like to start out by saying thank you to Faraday Future's shareholders, employees, and suppliers for all their commitment and support. I'm pleased to say that we are delivering this business update from our production facility in Hanford, California. I toured the facility this morning with our team, and you can find a new video on our progress on our website today. We are excited to bring everyone up to date, on our progress as of 7 December 2021 with this business update. Let's dive in. The past four months have been eventful for Faraday Future. First, we completed the business combination on 21 July 2021, and we raised nearly $1 billion in gross cash proceeds.

I would like to start out by saying, Thank you to for the future of shareholders employees and suppliers for their commitment and support.

I'm pleased to say that we are delivering this business update from our production facility in handful of California I toured the facility. This morning with our team and you can find the new video on our progress on our website today.

Yes, I'm excited to bring everyone up to date on our progress as of December seven 2021, with this business uptake so let's dive in.

The past 12 months have been eventful for part of the future Chris.

We completed the business combination on July 21st 2021.

Nearly $1 billion in gross cash proceeds.

Carsten Breitfeld: Second, we completed the installation of pilot equipment in the pre-production area of the plant. We received a certificate of occupancy, which allows us to begin building pre-production cars here at Hanford, and we have already begun our first build. We have also begun the installation of mechanical systems, and final foundation work. On 15 November, we posted a video on the Faraday Future website showcasing the progress we have made, and today we have posted another update that looks into our progress since we became a public company. You can see both videos on the investor relations section on our website at ff.com. Third, we have the executive management team in place as of 1 November 2021. As Mark mentioned earlier, I hired Chuck McBride to be our Chief Financial Officer.

Second.

We completed the installation of pilot equipment in the preproduction agro supplant.

We received the certificate of occupancy, which allows us to begin building preproduction comps you had 10 for it and we have already begun or Facebook.

We have also begun the installation of mechanical systems and final Foundation grid.

On November 15th we posted the video on the protein future website showcasing the progress we estimate and today, we have posted another uptick that looks into our progress since we became a public company.

You can see both videos on the Investor Relations section on our website at <unk> Dot com.

Jake Yes, the executive management team in place as of November 2021.

As Mark mentioned earlier, Chuck Mcbride to be our Chief financial Officer.

He brings to probably the future just to experience be needs to be ready for the rapid growth. We see ahead.

Carsten Breitfeld: He brings to Faraday Future just the experience we need to be ready for the rapid growth we see ahead. Then there's Matt Tall leading our production and manufacturing. He brings 29 years of manufacturing and engineering expertise, most recently with Rivian. We also welcome Mark, who leads our global investor relations effort after a 25+ years Wall Street career with firms including JP Morgan, Credit Suisse, and CLSA. We also announced a number of product upgrades to both the IAI technology, with internet, autonomous driving, and intelligence, and our electric vehicle platform. Those changes include upgrades to the e-motor, powertrain, ADAS, lidar, camera, and display. Finally, Faraday Future announced that its first flagship store will be located in Beverly Hills, California. Before I continue with the business update, I'd like to step back and briefly introduce our company and how we see the industry evolving.

And then gas met tall, leading our production and manufacturing he brings 29 years of manufacturing and engineering expertise most recently with Arabian.

We also like Mark who leads our global Investor Relations of FERC. After 20, plus years Wall Street Korean firms, including JP Morgan Credit Suisse.

Okay.

We also announced a number of product upgrades to both see eye to eye.

Energy Internet autonomous driving and intelligent and our electric vehicle platform.

Those changes include upgrades to the IMO trial, powertrain, Adas Lidar camera and display.

And finally, probably difficult you announced that its first flagship store that will be located in Beverly Hills, California.

Before I continue with the business update I'd like to step back completely in control of our company and how we see the industry evolving.

The first one on the D. S. LCR the automotive industry was about combustion technology dominant produce less emerged first with the national market and then global company.

Carsten Breitfeld: The first 100 years of the automotive industry was about combustion technology. Dominant producers emerged first within national market and then globally. Companies like Ford, GM, and Chrysler dominated in the US. Toyota and Nissan first dominated in Asia and then globally. Europeans like Mercedes-Benz, BMW, and Japanese producers like Lexus came to dominate the high-end of the global market. The next 100 years will be about electrification, connectivity, and intelligent systems. Toyota has taken the leading position in the mass market with its hybrid EV technology. Tesla dominates the middle market. But at the high end of the market, there's currently no dominant player, not Maybach, not Rolls-Royce, not Porsche, or Maserati. The first truly high-end global luxury EV producer will be Faraday Future when we introduce our flagship model, the FF 91, in July 2022.

Companies like thought Gee.

I mean that depends on U S. Toyota Nissan first I mean, it just in Asia, and then globally and European flight, Mercedes Benz and BMW and Japanese producers like electrical came to dominate the high end of the global market.

The next 100 years will be about electrification connectivity and intelligence system.

Toyota has taken a leading position in the mass market with hybrid you'd be technology.

Tesla dominates the middle market.

The high end of the market. There's currently no dominant player much my boss notebooks, ROI smart promotional on Maserati cause.

It was the first truly high end global luxury producer will be Friday future. When we introduced our flagship model. The <unk> 91 in July 'twenty to 'twenty two.

Part of the future was founded in 2014, we completed our first prototype two years later in 2016, and we plan to deliver the epic nine went to consumer until July 'twenty to 'twenty two.

Carsten Breitfeld: Faraday Future was founded in 2014. We completed our first prototype two years later in 2016, and we plan to deliver the FF 91 to consumers in July 2022. The FF 91 was designed with both the driver and passenger in mind. So let me give you a brief overview of the user experience from using the vehicle. As you approach the FF 91, it will identify you by facial recognition, lock you into the FF cloud, and then load your user preference. The FF 91 will then automatically open the door for you. It's a truly touchless entry. Once in the car, you can use voice control to select your set destination, and the navigation system will select the best route for you.

Yeah. It was nine one must be aligned with both the driver and passenger in mind. So let me give you a brief overview of the user experience from using it.

As you approach the past nine months it will identify you buy the official recognition lock you into the cloud and then load joke user Petra.

They've lived non wonder then automatically opened the door for you it's a truly touchless entry.

And one thing that you can use was cultural to select destination and the navigation system and select the best of all quite yet.

When you arrived at your destination because of the park by itself.

Carsten Breitfeld: When you arrive to your destination, the car will park by itself in most normal environmental conditions. While the world is not yet ready for autonomous driving, the FF 91 is. It has all the necessary hardware installed. As soon as regulatory authorities permit autonomous driving, the FF 91 will be capable of providing drivers with an autonomous experience with an easy update. The driver has six monitors that control the FF 91 systems. 1,050 horsepower and a range of more than 370 miles. The capability to reach 0 to 60 mph in under 2.4 seconds. All-wheel drive, all-wheel steering, and a rear-wheel torque vectoring system. For the passenger, the FF 91 offers an intelligent, luxurious, connected environment. Our backseats are based on a zero-gravity technology, which is inspired by NASA.

Most smallman of environmental conditions.

And while the road was not yet ready for autonomous driving in the first nine months.

Yeah, it's all of the necessary hardware installed assets.

Soon as regulatory authorities permit autonomous driving.

Nine one will be capable of providing drive us with an autonomous experience isn't easy uptick.

I would rather have six months until a certain control at the nine months systems 1050 horsepower and a range of more than 317 models the capability to reach zero to 60 miles an under two point for a second all wheel drive August hearing and there will be a torque vectoring system.

But the passenger that took nine months.

Intelligent luxurious connected environment.

Opex seats are based upon a zero gravity technology, which is inspired by NASA.

Carsten Breitfeld: We offer the most legroom area in this industry, and our seats can be reclined by 60 degrees. It's similar to a first-class cabin seat on a premium airline. There's a spa mode which provides passengers with a relaxing environment, including a massage and shaded windows. Of course, backseat passengers also enjoy the 27-inch display. Passengers have the world at their fingertips. They can watch a movie, have a massage, run their business, or online shop. We provide the platform, our users decide how they want to use it. Our product testing is advancing, and we are completing vehicle safety testing right now. We have already completed product testing in both cold weather and extreme desert heat. In March 2021, the team completed multiple tests in Michigan and Minnesota in subzero temperatures on various snow and ice-covered surfaces.

For the most legroom area English industry seats can be reclined by 60 degrees.

Similar to our first class cabin seats on the premium alloy.

That's a spa multiple robots pleasant justice and relaxing environment, including and massage Akshay the twins.

<unk>.

Backseat person just also enjoys a 27 inch displays.

So that helps a lot its opinion they can they can watch a movie.

<unk> runs our business online shop deep.

<unk> provides a platform or you just decide where they want to use it.

Our product testing is advancing and we are competing vehicles safety testing right now we have already completed productivity in both cold weather and extreme desert heat.

On March 2021, the team completed multiple tests in Michigan and Minnesota.

Zero temperatures on various snow and ice covered churches.

And on August 21, we completed a long distance test drive following the historic route 66.

Carsten Breitfeld: On August 21, we completed a long-distance test drive following the historic Route 66. We put the FF 91 through multiple tests in extreme heat as we drove 2,270 miles through desert on a wide variety of road surfaces, climbing from sea level to 5,500 feet and back again. This drive demonstrated our readiness for production. During the Route 66 test drive, I drove part of the way, but I also spent time in the rear seats because I needed to stick to my normal work schedule as the CEO. I was able to fully leverage the connectivity of the FF 91. I dialed into numerous Zoom calls and ran all the meetings using the rear passenger screen and camera.

He put the nine months through multiple tests and extreme heat actually drove 2217 module desert and a bite variety on road surfaces.

Climbing from Seattle to hospitals and put it on the cheap and back again and this strikes demonstrated how our readiness for protection.

During the route 66 test drive high drove part of the way, but I also spent time in the rear seats, because I needed to stick to my normal work schedule as its CEO.

I wasn't able to fully leverage our connectivity Lcs at 91, I doubt into numerous zoom calls and then all the meeting using the Ria pack and just screen and camera.

I want to ask productive as I would have been working from home or from the authors and way more comfortable.

Carsten Breitfeld: I was as productive as I would have been working from home or from the office, and way more comfortable. In September 2021, we highlighted for you the 7 milestones to start of production at our manufacturing plant here in Hanford. On 15 October 2021, we met our first milestone. We announced the completion of installation of pilot equipment in the production area. On 10 November 2021, we met our second milestone. We received our certificate of occupancy, which allows us to begin pre-production builds in Hanford. The pre-production area is fully functional, and the first new pre-production build is happening right now. Now we are moving towards our third milestone. Interior foundation work in the production area has well advanced. Major technical systems, including electrical, and plumbing, are being installed now, and we will shortly begin installation of production and assembly equipment.

And so it's all about 2021 we highlighted for you was a sudden milestones to stop production at our manufacturing clients yen hedge book.

On October 15th we met our first milestone we announced the completion of installation.

And in the production area.

On November 10th we met our second milestone we received our certificate of occupancy, which allows us to begin pre production bids and handful of preproduction area. It's fully functional the first new preproduction build that's happening right now.

Yeah.

And now you are moving towards our third milestone interior foundation brick in the production area as well against major technical systems, including electrical and plumbing are being installed now our newest shop, the begin installation of production and assembly equipment.

We wanted to give you a closer look at our progress to date on the.

Carsten Breitfeld: We wanted to give you a closer look at our progress today. On 15 November, we posted a video to our website that showed the progress we had made, and today we posted a new video with additional updates. I hope that you will take the time to watch both videos. Now I'm going to turn over the call to Chuck.

November 15th we posted the video to our website that shows the progress being made and today, we posted a new video if additional updates.

I hope that you will take the time to watch both videos.

And now I'm going to turn over the call to Chuck.

Thank you Carsten.

Chuck McBride: Thank you, Carsten. It's great to be here with you today. I'm excited to be working with you and with the entire team here as Faraday's Chief Financial Officer. I'll begin with some commentary on our preliminary Q3 results, which are posted in the 12b-25 on 15 November 2021. I'd like to remind everyone that these financial statements are being reviewed so we can complete our Q3 10-Q and S-1/A filing, and we have no financial updates since our 12b-25 file. As filed with the SEC on 15 November, Faraday expects our operating loss to increase approximately $143 million during the three months ended 30 September, as compared with approximately $18 million operating loss for the three months ended 30 September 2020.

It's great to be here with you today.

Im excited to be working with you and what the entire chain here as Sarah Davis Chief.

Chief Financial Officer.

I'll begin with some commentary on our preliminary third quarter results, which are posted on.

And the 12, the tiny five on November 15 2021.

I like to remind everyone that these financial statements are being reviewed so we can play at our third quarter 10-Q, and S. One filing a wave node financials.

No financial updates since our <unk> 25 filing.

As filed with the SEC on November 15.

I would expect our operating loss to increase approximately 143 million during the three months ended September 30th.

As comparative approximately $18 million operating loss for the three months ended September 32020.

The increase was primarily driven by increased costs to bring the half of manufacturing for some of the default commercial production.

Chuck McBride: The increase was primarily driven by increased costs to bring the Hanford manufacturing facility to full commercial production. This includes the completion of production and manufacturing tooling, execution of supply chain efforts, and further enhancing engineering, testing, certification, validation, calibration capabilities, as well as increased expenses for the FF 91. Finally, the increase also includes additional costs for certain company litigation and loss on disposal of property and equipment relating to the abandonment of certain FF 91 program assets. We expect net loss to increase to approximately $280 million during the three months ended 30 September 2021 relative to an approximate $33 million net loss for the three months ended 30 September 2020. The increase in net loss is attributable to the significant increase in operating expenses. The loss relating to the fair value measurement of related party notes payable.

This concludes ablation of production and manufacturing tooling.

Houston of supply chain efforts and further enhancing and generic testing certification.

<unk> capabilities as well as increased expenses, but the Fas 91.

Finally.

The increase also includes additional calls.

For certain company litigation and loss of disposal of property and equipment relating to the abandonment of certain.

SaaS 91 program assets.

We expect net loss to increase to approximately $280 million during the three months ended September 32021.

Tempt to an approximate.

3 million net loss for the three months ended September 32020.

The increase in net losses attributable to the significant increase in operating expenses a loss related to the fair value measurement of related party notes payable.

Chuck McBride: Notes payable, which the company elected to account for using the fair value option and warrant liability, as well as the loss on extinguishment of related party notes payable, notes payable, and vendor payable in trust net, which were converted to equity in connection with the closing of the company's previously announced business combination for Property Solutions Acquisition Corp., PSAC, on 21 July 2021. Now to our balance sheet. The company expects its total assets to be approximately $1.1 billion, which includes $667 million of cash and cash equivalents at 30 September 2021, as compared to approximately $360 million of total assets at 31 December 2020.

Notes payable, which the company elected to account for use in the fair value option.

And warrant liability as well as the loss on extinguishment of related party notes payable.

Payable.

And then their trust and vendor payable trust net.

Which were converted to act in connection with the closing of the Companys previously announced business combination where property solutions acquisition company piece back on July 21 2021.

I'll turn to our balance sheet.

The company expects its total assets to be approximately $1 1 billion.

This includes 667 million of cash and cash equivalents at September 30 of 2021.

As compared to approximately 360 million of total assets at December 31, 2020.

This increase in total assets is attributable to the proceeds from the closing the business combination with pizza.

Chuck McBride: This increase in total assets is attributable to the proceeds from the closing of business combination with PSAC, as well as the related PIPE financing that closed concurrently with such business combination. We expect total liabilities to be approximately $354 million as of 30 September 2021, as compared to approximately $896 million of total liabilities at 31 December 2020. Total liabilities decreased due to the settlement of the vendor trust, certain notes payable, and related party notes payable through the issuance of stock and paying cash. Since the inception, the company has incurred cumulative losses from operation and negative cash flows from operating activity. The company expects to report an accumulated deficit of approximately $2.8 billion as of 30 September 2021. The company expects to continue to generate operating losses for the foreseeable future.

As well as the related pipe financing that closed concurrently with such business combination.

We expect total liabilities to be approximately $354 million.

September 30 of 2021.

As compared to approximately 896 million of total liabilities at December 31, 2020.

Total liabilities decreased due to the seven month vendor trial certain notes payable and related party notes payable for the issuance of stock and paying cash.

Since the inception of <unk>.

Company has incurred cumulative losses from operation and negative cash flows from operating activities.

And the company expects to report an accumulated deficit of approximately $2 8 billion as of September 30th 2021.

<unk> expects to continue to generate operating losses for the foreseeable future.

We have revised our estimate for additional funding that we will required reach profitability and positive cash flow in 2024.

Chuck McBride: We have revised our estimate for additional funding that we will require to reach profitability and positive cash flow in 2024. On 12 November, we updated our estimate that we will require $1.5 billion additional funding, up from previous estimate of $1.4 billion. The additional capital will fund the FF 81 and FF 71 programs, and is not related to the initial FF 91 program. Relative to our business plan introduced prior to the business combination, we anticipate increased costs. These increases are primarily attributable to certain product improvements and upgrades related to the improved capabilities of the FF 91, the acceleration of expenditures relating to the preparation and development of the FF 81, and recent macroeconomic challenges, including increased construction labor costs, raw material prices and price increases, semiconductor chip shortages, tariffs, and other supply chain constraints.

On November 12.

On November 12, we updated their asthma.

We will require one five additional funding up from previous estimate of $1 4 billion additional capital was fun.

The asset 81, and 71 programs and is not related to the initial at that 91 crore.

Relative to our business plan introduced prior to the business combination.

We anticipate increased costs. These increases are primarily attributable to certain product improvements and upgrades related to the improved capabilities of the app that binding one.

The acceleration of expenditures related to the preparation and development of the <unk> 81 and reached in.

Macroeconomic challenge.

Clothing increased construction labor cost raw material prices and price increases semiconductor chip shortages tariffs and other supply chain constraints.

We believe we have sufficient funds to complete the Fas 91.

Chuck McBride: We believe we have sufficient funds to complete the FF 91, which remains on target for the launch in July 2022. With that, I'll hand it back to Carsten for closing remarks.

Virtually remains on target for launch in July of 2022.

With that I'll hand, it back to Carsten for closing remarks.

Thank you Chuck.

Carsten Breitfeld: Thank you, Chuck. I would like to wrap up with four simple reasons that we are excited about where Faraday Future is today. First, we have built a luxury, intelligent, and connected clean tech vehicle that is designed as much for the passenger as it is for the driver. Second, our Hanford manufacturing facility is progressing. Third, we have sufficient cash to take us through the launch of the FF 91 in July. And fourth, we completed our executive leadership team on 1 November 2021, and we are continuing to ramp up hiring. When we launch the FF 91 in July 2022, our car will be the first entrant into the luxury EV market. Thank you for your time today.

I would like to wrap up this call simple reason that we are excited about how the future is today.

Chris Yes.

I suppose the luxury intelligent and connected to Cleantech vehicle.

It's designed as much from the passenger if it is fun to try though.

Oh, a handful manufacturing facility is progressing.

Right.

Do you have sufficient cash to take us through the launch of the epic 91 in July.

And fourth we completed our executive leadership team on November <unk>, 2021, and we are continuing to ramp up hiring.

Yeah.

When we launched the epic nine one in July 2022, our comp that'd be the first entrant into the electric EV market.

Thank you for your time today.

This concludes the Ferreted future business update call you may now disconnect your lines.

Operator: This concludes the Faraday Future business update call. You may now disconnect your lines.

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Q3 2021 Faraday Future Intelligent Electric Inc Earnings Call

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