Faraday Future reported on Friday its Q4 2021 results and its annual report (10-K) and meeting Nasdaq deadline. Results were delayed as a result of the previously disclosed Special Committee review, the EV maker said. On May 4, Faraday Future received an extension from the Nasdaq until May 16, 2022 to file the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and regain compliance with Nasdaq Listing Rule 5250.
As disclosed in the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC) on March 15, 2022 and April 7, 2022, Nasdaq previously granted the Company an extension until May 6, 2022 to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and Form 10-K.
“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.
Dr. 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.”
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COMMENT ON SPECIAL COMMITTEE REVIEW
Dr. 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 company.”
HIGHLIGHTS DURING Q4 2021
Faraday Future continues to make progress toward launch of the FF 91 in third quarter 2022 and toward its long-term business plan, making the following announcements during the fourth quarter:
- Completed the installation of pilot equipment in the pre-production build area of its Hanford, California facility. The Hanford manufacturing facility is approximately 1.1 million square feet and, once it is built out, is expected to have the capacity to support production of 10,000 vehicles per year. Based on the current timeline, FF management anticipates production at the Hanford facility will commence in the third quarter of 2022.
- Received its final Certificate of Occupancy (“CO”) for a dedicated area for pre-production manufacturing at the facility in Hanford, California. The CO allows FF to begin crucial construction activities, including the building of additional pre-production vehicles at the facility.
- Started foundation construction for all remaining production areas in the Hanford facility, including body, propulsion, warehouse, and vehicle assembly. Interior foundation work in the production area is essentially complete, and major mechanical systems, including electrical and plumbing, are being installed.
- Announced program with Munro & Associates, which will serve as an FF co-creation consultant and will assist with the production-readiness process of the FF 91 through comparative analysis and quality assessment.
- Held a Community Day and Job Fair at the Hanford Civic Auditorium on November 3, 2021, and November 10, 2021, respectively.
- Announced HSL Italia as Exterior Lighting Supplier. HSL Italia will work with the Company throughout the production process to ensure a premium and innovative exterior lighting display.
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“Filing our 2021 10-K is yet another important step to return FF to our normal filing status. We made significant progress during Q4 2021 with several important milestones reached at our Hanford manufacturing facility 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. 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. With our launch of the FF 91 this year, we expect Faraday Future to redefine the state-of-the-art in intelligent, electrified mobility”.
Faraday Future announced on Thursday that achieved Milestone #5 starting now all major mechanical, electrical, and plumbing (MEP) systems to support equipment installation. The EV manufacturer revealed that vehicle tests are going and validation of production-intent vehicles, the FF 91 program is on schedule to launch in Q3 2022.
Last week, the EV maker announced its financial results for Q3 2021. On March 15, the California-based company confirmed that the Nasdaq had granted Faraday Future an extension until May 6, 2022, to file the quarterly report.
With the third quarter of 2021 results now reported, Faraday Future avoids the risk of being delisted by Nasdaq. The Company plans to host a conference call open to investors after it files its Q1 2022 results in mid-May.
In April, Faraday Future announced that its FF91 Model will use Brembo as a supplier to the brake technology, as the main supplier of full brake caliper assembly. Brembo will provide a specialized caliper assembly for the FF 91. This includes assembly, pistons, calipers, and pads, along with the electronic parking brake — the company said.
The company also unveiled recently that will partner with Meta System to become the supplier of on-board power management module products. FF 91 EV and the upcoming FF 81 vehicles will be equipped with Meta System’s onboard battery charger. The system will feature 15.2 kW AC charging capability.