FF announces new executive joining to accelerate equity financing and FF 91 delivery

category:Finance
 FF announces new executive joining to accelerate equity financing and FF 91 delivery


Official information attached:

The company is undertaking reform to promote growth and actively raise funds

These initiatives will help recently announced equity financing, IPO, and ff91 and ff81 delivery plans

Los Angeles, Nov. 14, 2019 - faradayfuture (FF), a California based global shared intelligent travel ecosystem company, today announced a change in its senior management to continue to strengthen its leadership team and raise funds for the first Ultra Luxury mass production vehicle ff91 to be delivered in 2020.

Dr. Bi Fukang, who was recently appointed as FFs New Global CEO, said that the personnel change was part of a series of key adjustments aimed at strengthening the management team, accelerating product delivery plans, reducing R & D and operating costs, and, most importantly, raising funds and strengthening FFs financing strategy.

Bob Kruse will join FF this month as vice president of product execution (Engineering and manufacturing). As a senior in the automotive industry, Bob has more than 30 years of professional experience in general motors and other consulting and start-ups. Prior to joining FF, he served as chief technology officer of karma and Guanzhi automobile. Bob will lead FFs entire product development, engineering, and manufacturing team.

In addition, Benedict Hartman will be senior vice president of FF global supply chain in January 2020. He has more than 30 years of working experience in BMW, led a number of procurement and supplier plans, and successfully launched a number of models, including BMW 5 series, X3, 3 series and x2. More importantly, Benedikt has a very strong professional background in China. He has led the global supply chain of BMW Brilliance (BBA) for three years.

FF is actively engaging new senior leaders to enhance the companys strength and accelerate the next stage of financing activities. I am pleased to announce that, in addition to the addition of Kruse and Hartman, we have started to look for the CFO of the company and have identified some potential candidates. The newly recruited CFO will be a key player in our 2021 IPO plan. Said Dr. Bi Fukang, chief executive of FF. In addition, I have started some other reforms to ensure that all the core departments of FF have experienced and competent leadership.

According to the companys latest plan, ff91 will start delivery within about 9 months after the successful completion of equity financing. The newly announced ff81 electric vehicle and future models, as well as the preparation for the development of the next generation core technology, will also be completed as soon as possible. FF will also target an IPO within 12 to 15 months of the closing of the equity financing. For the smooth implementation of the new plan, FF will integrate all internal and external resources to facilitate its equity financing work.

I am confident that FF will continue to realize its vision and successfully build unique products, promote our industry-leading technology and constantly strengthen FFs high-tech talent echelon under the new leadership plan I am implementing and the initiative to retain core executives. Dr. Bifukang said.

FF will announce more information about the management changes in a timely manner and release relevant information about CFO recruitment in a timely manner.

FaradayFutureAnnouncesSeniorManagementChanges

Companymakingchangestofostergrowth,spurfundraisingefforts

Plannedinitiativeswillbolsterrecentlyannouncedstrategyforequityfunding,IPO,anddeliveringplansforFF91andFF81

LOSANGELES,Novermber14,2019u2013FaradayFuture(FF),aCalifornia-basedglobalsharedintelligentmobilityecosystemcompany,todayannouncedseniormanagementchangesasitcontinuestobolsteritsleadershipteamandsecurefundingfortheplanneddeliveryofitsfirstultra-luxuryproductionvehicleFF91in2020.

UponhisrecentappointmentasFFu2019snewGlobalCEO,Dr.CarstenBreitfeldstatedthatpersonnelchangeswillbepartofaseriesofkeyadjustmentsinstrengtheningthemanagementteam,acceleratingproductdeliveryplanning,R&Dandoperationalcostreduction,andmostimportantly,fundraisingandstrengtheningFFu2019sfinancingstrategy.

BobKrusewilljoinFFthismonthasseniorvicepresident,ProductExecution(EngineeringandManufacturing).Anautomotiveindustryveteranwithover30yearsofexperienceatGMandotherconsultingandstart-upcompanies,BobrecentlyservedasCTOatbothKarmaandQorostoleadallproductdevelopmentandadvancedtechnology.AtFF,Bobwillberesponsibleforleadingtheentireproductdevelopment,engi neeringandmanufacturingteam.

Additionally,BenediktHartman,willbejoiningFFasseniorvicepresidentoftheGlobalSupplyChainorganizationinJanuary2020.HecomestoFFwithover30yearsofexperienceatBMWwhereheledseveralpurchasingandsupplierinitiatives,includingthesuccessfullaunchesofBMWu2019s5-series,X3,3-seriesandX2.Furthermore,BenediktownsastrongprofessionalbackgroundinChina,wherehewasrespons iblefortheentireglobalsupplychainofBMW-Brilliance(BBA)for3years.

u201cFFisproactivelyhiringnewleaderstostrengthenthecompanyandacceleratethenext-stageoffundingactivities.IamexcitedtoannouncethatinadditiontoKruseandHartmanjoiningFF,wealsohavecommencedthesearchforaCFOandhaveidentifiedanumberofpotentialcandidates.ThisindividualwillbeanessentialpartofourdrivetoanIPOin2021u201dsaidDr.CarstenBreitfeld,FFu2019sCEO.u201cInaddit ion,Iu2019vemadeadditionalchangestoensurethatallofFFu2019scoredepartmentsretainexperiencedandcompetentleadershipmovingforward.u201d

Accordingtothenewplan,FF91willkickoffitsdeliveryinapproximately9monthsfollowingtheclosingofsuccessfulequityfunding.ThenewlyannouncedFF81EVanddevelopmentpreparationforfuturemodelsandnext-generationcoretechnologieswillbecompletedassoonaspossible.FFwilltargetanIPOwithin12-15monthsfollowingtheconclusionofequityfinancing.Tofulfillthenewplan,FFwillinteg rateallinternalandexternalresourcestofacilitateitsequityfinancingefforts.

u201cIu2019mconfidentthatwiththisnewleadershipinitiativeIu2019mimplementing,alongwiththeretentionofatalentedcoreofexecutives,FFwillcontinuetobuildupontheoriginalvisionofFFandsuccessfullybuildtheuniqueproducts,pushforwardourclass-leadingtechnologyandreinforcethehighlyskilledpeoplethatmakeupFF,u201daddedCarsten.

FFwillannouncemoredetailsonadditionalmanagementchanges,includingthehiringofanewCFOinthenearfuture.

ABOUTFARADAYFUTURE

Faradayfuture (FF) isacalifornia based globalsharedintelligentmobilityeco-systemcompany.establishedinmay2014, ffisaglobalcompany, headquarteredlosangeles.ffsvisionistocreatesharedintelligentmobiliteecosystemthattempowerseveryoneove, connect, breatheandlivefreedom

FaradayFuture(FF)isaCalifornia-basedglobalsharedintelligentmobilityeco-systemcompany.EstablishedinMay2014,FFisaglobalcompany,headquarteredinLosAngeles.FFsvisionistocreateasharedintelligentmobilityecosystemthatempowerseveryonetomove,connect,breatheandlivefreely.