FF 91 Interior Photo Credit: Faraday Future (Photo: Business Wire)
FF 91 Interior Photo Credit: Faraday Future (Photo: Business Wire)
LOS ANGELES--(BUSINESS WIRE)--Faraday Future (“FF”, “the company” or “Faraday Future”), a California-based global shared intelligent mobility ecosystem company, today announced a series of new in-car software updates that will enhance the In-Vehicle Infotainment experience for the highly anticipated FF 91. The new features set FF apart by demonstrating that its flagship vehicle will deliver a superior driving experience supported by the market’s most technologically advanced In-Vehicle Infotainment system.
Product enhancements that have been recently introduced in pre-production FF 91 vehicles, which are currently undergoing on-road testing, include the following.
A flexible Driver Control framework
To ensure the pace of OTA (over-the-air) updates do not outgrow hardware capabilities, FF has developed a unique flexible driver control framework. While building the steering wheel control experience, FF replaced the conventional single-action hardware buttons with generic 5-way controllers and designed a contextual-aware digital user experience to work hand-in-hand with the controllers. This effort allows drivers to control the interfaces without the limitation of pre-determined hardware functions. It also enables FF to continuously innovate on behalf of users without being constrained by hardware limitations.
OS-level integration with voice AI
To design the future of the in-car experience, FF is committed to delivering superior AI-enhanced voice functionalities. Guided by the company’s Voice First principle, FF is immerging its first-party voice assistant, the FFAI, deeply into the vehicle OS, enabling it to work omnipresently with as many user touch-points as possible. Carrying this mission, FF has built out the Overview - a dedicated “I/O screen” for the AI, where the input and output between the user and the AI is streamlined. This is supported by FF’s unique compound commands understanding capability.
Ability to share locations to the FF 91 from anywhere
With eleven displays inside the FF 91, sharing between displays has never been more critical. To exceed in this arena, FF has created a sharing experience called Sharedrop to allow content to travel more freely.
As a first step, FF is introducing an effortless phone-to-car sharing experience, allowing users the ability to share locations to the FF 91 via many popular apps like Yelp, similar to location sharing on phones. This experience works anywhere with an internet connection, so users can share whether they are inside or outside the vehicle.
Staying informed while driving on the road is desired by many users, so FF has built out the incoming message readout function for many popular messaging apps like SMS, WhatsApp, WeChat, and more. FF is building the experience with full awareness of customers’ privacy and safety, so the message will only play when selected by users, and users can turn off the feature through settings at any time.
These new features represent just a selection of FF’s innovative software updates for the upcoming FF 91. The updates come as FF prepares to merge with Property Solutions Acquisition Corp. (“PSAC”) , a special purpose acquisition company (“SPAC”). The previously announced merger agreement, expected to close in the second quarter of 2021, will result in the combined company listing on the Nasdaq Stock Market under the new ticker symbol “FFIE”.
The proposed transaction validates FF's vision to create a mobility ecosystem built upon innovations in technology and products. FF 91 features an industry leading 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles and a revolutionary user experience designed to create a mobile, connected, and luxurious third Internet living space. FF 91 is targeted to launch within twelve months after closing of the merger.
Users can reserve an FF 91 now at: https://www.ff.com/us/reserve
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.
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ABOUT PROPERTY SOLUTIONS ACQUISITION CORP.
Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEO’s Jordan Vogel and Aaron Feldman.
Property Solutions I is a $230 million SPAC formed in July 2020 and is traded on the NASDAQ under the ticker symbol “PSAC”.
IMPORTANT INFORMATION AND WHERE TO FIND IT
This press release relates to a proposed transaction between PSAC and FF. PSAC intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of PSAC as of a record date to be established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.
PARTICIPANTS IN THE SOLICITATION
PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, which was filed with the SEC on November 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/consent solicitation statement/prospectus that PSAC intends to file with the SEC.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PSAC’s or FF’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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