AutoBeta(AutoBeta.net)09/22 Report--

FF 91 Futurist has received the official EPA mileage rating from the US Environmental Protection Agency (EPA), with an electric vehicle range of 381km, Faraday's future official Weibo said today. It said that obtaining the EPA certification issued by the US Environmental Protection Agency (EPA) is a key step in the listing of FF 91 Futurist. In addition, it was revealed that the powertrain of the FF 91 Futurist has a power of up to 1050 horsepower and an acceleration time of less than 3 seconds.

Faraday Future CEO Bi Fukang also commented: "completing the official EPA certification of the US Environmental Protection Agency is a huge step forward for FF 91 Futurist towards mass production delivery, and I am very proud of our team. We are very excited about this outstanding test result, which confirms the excellent quality of our design and products. "

It is understood that EPA, the abbreviation of U.S.Environmental Protection Agency (US National Environmental Protection Agency), is the current measurement standard of energy consumption and emissions of passenger vehicles in the United States. EPP test includes urban operating conditions, high-speed driving conditions, intense driving conditions, and the use of air conditioning four operating conditions, urban driving conditions for 1874 seconds, the highest speed 60km/h, average speed 34km/h, mainly simulates the situation under different road conditions in the urban area. The high-speed condition is 765 seconds, the highest speed is 97km/h, and the average speed is 77km/h. Under the condition of high energy consumption for a long time, it mainly simulates the situation of vehicles driving on the highway. Fierce driving mode driving about 600s, the highest speed 128km/h, average speed 77km/h, and there are several sharp acceleration / deceleration; air-conditioning on driving mode about 600s, average speed 35km/h, mainly simulates the situation of vehicles turning on air-conditioning in the urban area. Compared with our common NEDC and WLTP operating conditions, the test conditions of EPA are more complex and closer to the real life.

It is worth mentioning that Faraday is not at peace in the future recently. Two days ago, there were a number of media reports: Faraday was sued by the major shareholder group FF Top Holding in the future and demanded the removal of two board members. It said it was "experiencing a leadership crisis at the board level" and hoped that the two directors would resign or be removed from office. The two directors are Executive Chairman Susan Swenson and Director Brian Krolicki. It is understood that FF Top Holding holds about 20 per cent of Faraday's future shares and about 36 per cent of the voting rights. On Sept. 20, FF employees issued a public petition saying that FF was in jeopardy and that there was an urgent need to fire those responsible to pull FF out of the quagmire.

As early as August this year, more than 140 Faraday employees around the world signed a petition calling for the removal of Sus Swenson from the posts of executive chairman and chairman of the board of directors of FF. According to the petition, the future Faraday employees believe that Sus Swenson, as the first responsible person in the current FF board of directors and business decisions, is responsible for various violations of due diligence since the listing of FF one year ago, and at the same time, responsible for a series of problems such as serious waste of funds caused by FF and continuous delays in the delivery of FF91 products. In addition, it is pointed out that Sus Swenson has carried out a series of unfair and improper investigations and corrections to the company and its core executives. FF Top Holding LLC, a major shareholder of FF, also submitted a document to the Securities and Exchange Commission at that time, asking FF to provide a list of shareholders and hold a shareholders' meeting as soon as possible to vote on the removal of the current director and former chairman Brian Krolicki.

In fact, Faraday has been mired in the company's senior personnel stalemate and shortage of funds in the future. In February, a special committee of Faraday's future independent board admitted that only a few hundred people had paid for Faraday's future 14000 orders, misleading investors. Subsequently, a number of future responsible persons of Faraday were demoted or suspended. Faraday CEO Bi Fukang and Jia Yueting cut their annual base salary by 25 per cent. In April, according to documents released by the Securities and Exchange Commission, Faraday's future board of directors adjusted the position of founder Jia Yueting. Jia Yueting will no longer serve as chief executive officer and retain his post of chief product officer. Focus on products and mobile ecosystems and the Internet, artificial intelligence, advanced research and development technology.

In addition, the problem of funds is also a dilemma that Faraday must face in the future. FF posted an operating loss of $286 million (1.938 billion yuan) in the first half, including a loss of $137 million (928 million yuan) in the second quarter, and a net loss of $295 million (2 billion yuan) in the first half, according to the latest financial results released by FF. As of June 30, 2022, Faraday's future total assets are approximately $588 million, including $121 million in cash.

In July, Faraday Future said in a document that the FF91 Electric SUV, which had been scheduled to go public this month, had been delayed to "the third or fourth quarter of 2022". Fortunately, in August Faraday's major shareholders FF Top Holding LLC (FF Top) and FFIE formally signed a non-binding letter of intent on convertible term loan financing. It is understood that this round of financing includes advanced guaranteed convertible notes with a potential amount of up to 600 million US dollars (about 4 billion yuan). This will also provide Faraday with a maximum of 4 billion yuan in financial support in the future, which will, of course, guarantee the delivery of FF91. Subsequently, Faraday Future's official Weibo also released a video about the latest developments at the Hanford manufacturing plant in California, and said it was committed to promoting mass production of FF91 to ensure that the FF91 project was delivered as scheduled in the third or fourth quarter of 2022.

The delay in mass production of FF91 and the stalemate of high-level personnel disputes in Faraday's future are undoubtedly harmful to Faraday's future. Although Faraday's future funding crisis may have been temporarily resolved, it is particularly important whether FF91 can be delivered on schedule in the fourth quarter. After all, it is not always easy for the market to raise money. If the delivery time is delayed again, it will be even more difficult for Faraday in the future, leaving it not much time.

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