Faraday Future Announces New Plan for Product Delivery and Unveils Futurist Testing Lab

  • FF reveals its new strategy for equity funding, IPO, and delivery plans for FF 91 and FF 81
  • FF unveils its Futurist Testing Lab (FTL) to further push forward the preparation for FF 91 delivery

LOS ANGELES, Sept. 23, 2019 (GLOBE NEWSWIRE) — Faraday Future (FF), a California–based global shared intelligent mobility company, announced the latest equity financing, IPO, and FF 91 delivery strategy at its annual 919 Futurist Day on Sept. 19, 2019. According to the new plan, FF 91 will kick off its delivery in approximately nine months following the closing of a successful equity funding. The newly announced FF 81 EV and development preparation for future models and next–generation core technologies will be completed as soon as possible. FF will also target an IPO within 12–15 months following the conclusion of equity financing. The projected funding needs for this stage have been significantly reduced to $850 million from the original estimate of $2 billion.

The company's Futurist Testing Lab (FTL) was also introduced to the media and public as a part of the 919 Futurist Day. The facility, located in South Los Angeles, near the company's headquarters will be a key part of the company's effort to push forward the goal of high quality, high efficiency and cost–effective production of the ultra–luxury "new species" FF 91. The company will conduct various vehicle testing and validations at this facility and produce small batches of pre–production vehicles. The scalable production of FF 91 is still being planned at the company's manufacturing facility located in Hanford, California.

Upon his recent appointment as FF's new Global CEO, Dr. Carsten Breitfeld quickly fostered a series of key adjustments in product delivery planning, R&D and operational cost reduction and most importantly, financing strategy. According to the new plan, FF will integrate all internal and external resources to facilitate its equity financing efforts.

"FF has made amazing innovations in the fields of traditional electric vehicles, IOV, AI, mobility ecosystem, business models and user ecosystem innovations. FF 91 is very close to final production and delivery. 92% of the parts have been sourced. Moreover, we still have nearly 600 employees globally from various industries working together for the goal of delivering FF 91. I am very confident that under this new plan, we will deliver FF 91 in a shorter time at a lower cost and higher quality," said Dr. Breitfeld. "Our Futurist Testing Lab will continue to help push forward the goal of FF 91 delivery."

FF Founder and CPUO (Chief Product and User Officer) YT Jia said FF 91 is still leading in many core performance categories and functions. He will continue to lead the team to upgrade the IOV, Infotainment, UI/UX, AI, and autonomous driving to ensure that FF 91 is in leading position at delivery.

Previously, FF announced the recent appointment of Dr. Carsten Breitfeld as Global CEO. Dr. Breitfeld is an auto industry veteran bringing a proven track record of leadership and innovation. He will lead FF to achieve strategic goals, develop industry leading technology and products, and prioritize ongoing fundraising efforts.

ABOUT FARADAY FUTURE

Faraday Future (FF) is a California–based global shared intelligent mobility ecosystem company.

Established in May 2014, FF is a global company, headquartered in Los Angeles. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe and live freely.

FOLLOW FARADAY FUTURE:

https://www.ff.com/
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture

For More Information About Faraday Future, Contact:

John Schilling
Director, Public Relations
310–956–6488
john.schilling@ff.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/167d3635–31c9–4db3–9f06–805d8f4cef22

50 Days of Kashmir Under Lockdown – in Pictures

A boy pedals his bike along the desolated street of old city, which has been epicentre of protests and demonstrations. Credit: Umer Asif/IPS

By Umar Manzoor Shah and Umer Asif
SRINAGAR, Kashmir, Sep 23 2019 – It is 50 days into the lockdown in Kashmir since roads were blocked off, schools shut, and internet and communication services stopped.

On Aug. 5, India’s federal government led by Prime Minister Narendra Modi imposed a curfew in the Muslim-majority area after amending the law to revoke the partial autonomy and statehood of Jammu and Kashmir. Restrictions on movement were immediately placed through a curfew as internet and telecommunications were cut.

The government also decreed that people from other Indian states could buy land in the region and become permanent citizens here.

Local Muslims, who form 80 percent of Kashmir’s 8 million people, feared that through such a move, the Indian government was trying to change the demography of the region.

More than 4,000 people, including politicians of opposition groups, human rights activists and separatists have since been detained by the government.  

Though the government claimed that it is making attempts to restore normalcy and open schools, the efforts elicited no positive response from people as parents refuse to send their children to school for fear of violence. In a tweet the YFK-International Kashmir Lobby Group, a non-governmental human rights organisation, stated that the region’s economy had been devastated because of the clampdown.

Tourism in the region has been badly hit ever since the imposition of curfew by the Indian government. Hotels have zero occupancy and tourist resorts are deserted.

 

 

 

The Indian-administered part of Kashmir has experienced increased violence since 1989 when militants stepped up armed resistance here.

Rights groups estimate that 100,000 people have since been killed, but Indian official records put the number at 47,000. 

 

Kashmiri has seen 50 days of imposed restrictions by the Indian government since it imposed a curfew in the Muslim-majority area after amending the law to revoke the partial autonomy and statehood of Jammu and Kashmir. The area also saw an increased military presence. Credit: Umer Asif/IPS

A boy pedals his bike along the desolated street of old city, which has been epicentre of protests and demonstrations. Credit: Umer Asif/IPS

An Indian paramilitary officer instructs his sub-ordinates about how to implement law and order in Kashmir’s capital Srinagar, as a curfew was imposed in the region. Credit: Umer Asif/IPS

As schools continue to remain shut in the region since Aug. 5, amounting to 50 days tomorrow, kids are being taught in make shift schools, established by local citizens in several areas of Kashmir. Credit: Umer Asif/IPS

A fleet of school busses parked in a garage in Srinagar outskirts as parents are reluctant to send their children to school due to the wave of uncertainty in Kashmir. Credit: Umer Asif/IPS

View of a desolated classroom of one of the schools in Kashmir. Schools, universities, colleges and government offices are all shut in the region. The government’s attempts to reopen schools have failed as parents are reluctant to send their children to school due to the wave of uncertainty. Credit: Umer Asif/IPS

The family of Asrar Ahmad, a 16-year-old boy who was killed during protests in the Illahi Bagh area of Srinagar. Ahmad succumbed to his injuries in hospital a month after being injured during protests. According to the family, Ahmad was hit by pellet guns fired by police, a claim vehemently rejected by the government. Credit: Umer Asif/IPS

A para-military trooper guarding the main door of Kashmir’s largest mosque, Jamia Masjid. No prayers have been allowed inside the mosque since Aug. 5. Credit: Umer Asif/IPS

Army men patrol one of the busiest markets of Srinagar, Kashmir’s capital, known popularly as Lal Chowk. Even as the government eased restrictions, locals continue to observe the strike against scraping of Kashmir’s autonomy. Credit: Umer Asif/IPS

A protester who was shot at with a pellet gun displays the X ray film showing the pellets that penetrated his body. He was protesting against the curfew the Indian government placed on Kashmir. Credit: Umer Asif/IPS

In the aftermath of protests. A road in Kashmir’s Anchaar area in the capital Srinagar. It’s the scene of pitched battles youth have had with the police on Aug. 5. Credit: Umer Asif/IPS

The Indian government put an end to large scale protests by revoking the autonomy of Indian-administered Kashmir – a status provided for under the Indian Constitution. Thousands of troops were deployed and the valley region faced unprecedented lockdown. Credit: Umer Asif/IPS

Amid the communication gag which includes an internet blockade, Kashmir’s journalistic fraternity were provided with a limited internet facility at a basement of a private hotel in Srinagar. It is from this place that IPS correspondents were able to file their reports and use the internet. Credit: Umer Asif/IPS

Shikaras — special boats used to take tourists to explore Kashmir’s mesmerising lakes — parked near on the bank of the world-famous Dal Lake. Tourism in the region has been badly hit ever since the imposition of curfew by the Indian government. Hotels have zero occupancy and tourist resorts too are deserted. Credit: Umer Asif/IPS