Faraday Future Makers Of The 1 Grand, Retains Leading Architecture Firm For its Hanford, California Facility and Outlines Global Manufacturing Strategy
LOS ANGELES-Faraday Future (“FF”), a California-based global shared intelligent mobility ecosystem company, today announced its global manufacturing strategy with new video footage, demonstrating its capabilities for its class-defining ultimate-intelligent tech-luxury electric FF 91. The FF 91 is FF’s flagship product offering, and features an industry-leading 1,050 HP, 0-60 mph sprint in less than 2.4 seconds, zero gravity rear seats with the industry's largest reclining seat angle of 60 degrees, and a revolutionary user experience designed to create a mobile, connected, and luxurious third Internet living space.
To implement a capital light business model, FF has adopted a global hybrid manufacturing strategy. The company’s primary manufacturing of the FF 91 will take place at its 1.1 million square-foot refurbished facility in Hanford, California. The existing facility has the infrastructure in place needed for production, significantly reducing both costs and lead time. The facility has a production capacity of approximately 10,000 vehicles per year and is expected to be ready to begin production within 12 months of the closing of its merger with PSAC. FF has retained the services of Ware Malcomb, a leading full service international design firm, to finalize FF’s architectural planning, interior design, and civil engineering for its Hanford manufacturing facility.
“FF has already completed significant investment at our Hanford manufacturing facility, and with the additional funding from our merger with PSAC, we anticipate that the plant will be up and running in the near future,” said Dr. Carsten Breitfeld, Global CEO of FF. “Since its inception, FF has always been committed to offering state of the art technologies including software, internet, and artificial intelligence. This is what sets us apart from the competition, and what we will be focusing our efforts on once production is underway.”
FF is collaborating with a leading contract manufacturing partner in South Korea for future models. The company has signed an agreement with Myoung Shin for additional capacity to manufacture vehicles. Production has been agreed to be launched in a former GM plant with key retained personnel in vehicle production and ramp-up. FF is also exploring the possibility of additional manufacturing capacity in China through a contract manufacturing opportunity.
FF is currently preparing to merge with Property Solutions Acquisition Corp. (“PSAC”) , a special purpose acquisition company (SPAC). The previously announced merger, expected to close in July 2021, will result in the combined company listing on the Nasdaq Stock Market under the new ticker symbol “FFIE” after the closing. The I in "FFIE" represents Intelligent and Internet, and E represents Ecosystem and Electric. FF’s flagship electric vehicle (“EV”) – FF 91 – is planned to be launched within 12 months of the 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 has filed with the Securities and Exchange Commission (“SEC”) a preliminary registration statement on Form S-4 that includes a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. Upon completion, 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 Annual Report on Form 10-K for the period ended December 31, 2020, which was filed with the SEC on March 31, 2021. 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 is set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is included in the proxy statement/consent solicitation statement/prospectus that PSAC has filed with the SEC.