LOS ANGELES--(BUSINESS WIRE)--Nov 11, 2024--
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that long-time Company employee Xiao (Max) Ma has been appointed Global CEO of Faraday X aiEV Inc., a wholly owned subsidiary of the Company, effective immediately. In this role, Max will report directly to both FF Global CEO Matthias Aydt and Founder & CPUO YT Jia. Max will be responsible for executing the FX strategy and driving the success of the FX brand. Appointing Max, who is a member of the FF founding team to lead the FX brand, will facilitate mutual empowerment between the two brands and better implement the “Light and Swift” model. His previous roles as Head of Product & Mobility Ecosystem (P&ME) and Head of Corporate Strategy will remain unchanged.
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Following the September 19 launch event for the FX brand, FX has made new significant progress, this is an integral part of the Company's Global Automotive Industry Bridge Strategy. The Company has entered into two strategic framework agreements and two memoranda of understanding, with a goal of promoting range-extended AIEV in the U.S. and the Middle East and further integrating global automotive components and supply chains along with energizing B-AIEV and RE-AIEV products in these markets.
Max has been with FF for nearly a decade, playing a pivotal role throughout various stages of the Company’s growth, including guiding FF through challenging periods and financial hurdles. His expertise in corporate strategy, as well as his experience in P&ME, has provided him with a thorough understanding of both FF’s overarching strategic goals and FX’s mission to collaborate with global suppliers in creating cost-effective, high-quality products. This combination of experience uniquely positions Max to lead FX through this important phase of development.
Max’s deep industry knowledge, coupled with his strong sense of responsibility and accountability, has earned him the trust of key stakeholders, particularly in China. His clear vision for the future of FX products has also enabled him to accelerate the momentum of the initiative. Max’s pioneering leadership and hands-on approach have been instrumental in overcoming challenges and keeping the program aligned with the Company’s objectives.
“The appointment of Max as FX CEO lays the foundation for FX’s organizational structure and as one of the earliest and core drivers of the FX project, he has made tremendous contributions to breaking ground and advancing the FX initiative,” said Matthias Aydt, Global CEO of Faraday Future. “His appointment will inspire him to make even greater contributions, and we anticipate that, under his leadership, the organizational structure of FX will accelerate.”
The first planned FX models, the FX 5 (targeted price range of $20,000-$30,000) and FX 6 (targeted price range of $30,000-$50,000), are anticipated to offer two types of powertrains, both a range-extended AIEV and battery-electric AIEV. The planned target to roll off the assembly line is as early as the end of 2025, subject to securing necessary funding.
The FX brand has also begun hiring for key positions. Job openings for FX include Production Planning Director, Quality Planning Director, Head of FX Vehicle Engineering, and Head of FX EV R&D. If you are interested in exploring career opportunities with FX to help manifest the Company’s next generation of mobility AIEV products, we encourage you to visit our career page at https://www.ff.com/us/careers/.
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.
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, which include statements regarding the Company’s second brand (FX), 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 the Company’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, among others: the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; the Company’s ability to secure agreements with OEMs that are necessary to execute on the FX strategy; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.
Faraday Future’s FX Subsidiary Appoints Xiao (Max) Ma Global CEO of Faraday X. (Photo: Business Wire)
NEW ORLEANS (AP) — The FBI is investigating an early Wednesday attack in which a U.S. Army veteran drove a pickup truck into a crowd of New Year’s revelers in New Orleans, killing 15 people. The driver had posted videos on social media hours before the carnage saying he was inspired by the Islamic State group and expressing a desire to kill, President Joe Biden said.
The FBI identified the driver as 42-year-old Shamsud-Din Bahar Jabbar.
Officials have not yet released the names of the people killed in the attack, but their families and friends have started sharing their stories. About 30 people were injured.
Here is the latest:
U.S. President Joe Biden said Wednesday evening the FBI was looking into whether an explosion outside a Las Vegas hotel owned by President-elect Donald Trump was connected to the New Orleans attack.
Fireworks and camp fuel canisters were found in a Tesla Cybertruck that blew up outside the Trump International Hotel early Wednesday, killing a suspect inside the vehicle.
The person who died in the explosion was an active-duty U.S. Army soldier who spent time at the base formerly known as Fort Bragg, three U.S. officials told The Associated Press on Thursday. The officials also spoke on the condition of anonymity because they were not authorized to disclose details of his service.
The truck explosion came hours after a driver, 42-year-old Shamsud-Din Bahar Jabbar, rammed a truck into a crowd in New Orleans. Jabbar, a U.S. Army veteran, also spent time at Fort Bragg, a massive Army base in North Carolina that is home to Army special forces command. An official told the AP that there is no apparent overlap in their assignments there.
The investigation so far has not shown the incidents are related, and authorities don’t think the men knew each other, two law enforcement officials said. The officials were not authorized to discuss details of the investigation publicly and spoke on condition of anonymity.
▶ Read more about the Las Vegas Cybertruck explosion
The FBI says it recovered the black banner of the Islamic State group from the truck that smashed into New Year’s partygoers. The investigation is expected to look in part at any support or inspiration that driver Shamsud-Din Jabbar may have drawn from that violent Middle East-based group or from any of at least 19 affiliated groups around the world.
Routed from its self-proclaimed caliphate in Syria and Iraq by a U.S. military-led coalition more than five years ago, IS has focused on seizing territory in the Middle East more than on staging massive al-Qaida-style attacks on the West.
But in its home territory, IS has welcomed any chance to behead Americans and other foreigners who come within its reach. The main group at peak strength claimed a handful of coordinated operations targeting the West, including a 2015 Paris plot that killed 130 people. It has had success, although abated in recent years, in inspiring people around the world who are drawn to its ideology to carry out ghastly attacks on innocent civilians.
▶ Read more about IS and what attacks it has inspired
Louisiana Governor Jeff Landry will be joined at the news conference by officials from the FBI, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the U.S. Attorney’s Office, the Louisiana State Police and the New Orleans Police Department.
The conference is scheduled to begin around 10:15 a.m. CST.
“The Superdome is completely secure,” Louisiana Gov. Jeff Landry said on Fox News. “Again, the FBI continues to pour resources into the state.”
Landry said he plans to attend Thursday afternoon’s college football playoff game between the University of Georgia and the University of Notre Dame.
“We need not let fear paralyze us,” Landry added. “That’s the problem in this country. When we do that, the terrorists win.”
ROME — A telegram of condolences, addressed to Archbishop Gregory Aymond, said Francis was saddened to learn of the attack in New Orleans and was spiritually close to the city.
Francis “prays for healing and consolation of the injured and bereaved,” said the telegram, which was signed by the Vatican secretary of state, Cardinal Pietro Parolin.
Separately, Italian President Sergio Mattarella also sent condolences to President Joe Biden, whom he will see during Biden’s visit to Rome next week, saying all of Italy was mourning the loss of life.
“At this time of sorrow for the American people, I would like to reaffirm the firm resolve of the Italian Republic to oppose in the strongest terms all forms of terrorism, on the basis of those values of civilization, democracy and respect for human life that have always been shared with the United States,” he said in a statement.
The College Football Playoff quarterfinal at the Sugar Bowl between Georgia and Notre Dame was postponed by a day because of the truck attack, which unfolded about a mile away.
The game, originally scheduled for 7:45 p.m. CST at the 70,000-seat Superdome on Wednesday, was pushed back to 3 p.m. Thursday. The winner advances to the Jan. 9 Orange Bowl against Penn State.
“Public safety is paramount,” Sugar Bowl CEO Jeff Hundley said at a media briefing alongside federal, state and local officials, including Louisiana Gov. Jeff Landry and New Orleans Mayor LaToya Cantrell. “All parties all agree that it’s in the best interest of everybody and public safety that we postpone the game.”
The decision to postpone the game meant numerous traveling fans with tickets would not be able to attend. Ticket prices online plummeted in some cases to less than $25 as fans with plans to depart on Thursday tried to unload them.
The Superdome was on lockdown for security sweeps on Wednesday morning. Both teams spent most of the day in their hotels, holding meetings in ballrooms.
▶ Read more about the decision to postpone the Sugar Bowl
Officials have not yet released the names of the 15 people killed in the New Orleans New Year’s Day truck attack, but their families and friends have started sharing their stories.
Here’s a look at some of what we know:
▶ Read more about the victims of the New Orleans truck attack
Authorities say the driver of a pickup truck sped through a crowd of pedestrians gathered in New Orleans’ bustling French Quarter district early on New Year’s Day, killing at least 15 people and injuring about 30 others. The suspect was killed in a shootout with police.
The FBI is investigating the attack as an act of terrorism and said it does not believe the driver acted alone.
Wednesday’s attack unfolded on Bourbon Street, known worldwide as one of the largest destinations for New Year’s Eve parties. Large crowds had also gathered in the city ahead of the College Football Playoff quarterfinal at the Sugar Bowl, which had been scheduled for later Wednesday at the nearby Superdome. The game was postponed until Thursday afternoon following the attack.
▶ Catch up on what we know about the New Orleans truck attack
EDS NOTE: GRAPHIC CONTENT - Emergency personnel work the scene on Bourbon Street after a vehicle drove into a crowd on New Orleans' Canal and Bourbon Street, Wednesday Jan. 1, 2025. (AP Photo/Gerald Herbert)
The FBI investigates the area on Orleans St and Bourbon Street by St. Louis Cathedral in the French Quarter where a suspicious package was detonated after a person drove a truck into a crowd earlier on Bourbon Street on Wednesday, Jan. 1, 2025. (AP Photo/Matthew Hinton)
Matthias Hauswirth of New Orleans prays on the street near the scene where a vehicle drove into a crowd on New Orleans' Canal and Bourbon streets, Wednesday, Jan. 1, 2025. (AP Photo/George Walker IV)
A bouquet of flowers stands at the intersection of Bourbon Street and Canal Street during the investigation after a pickup truck rammed into a crowd of revelers early on New Year's Day, Wednesday, Jan. 1, 2025, in New Orleans. (AP Photo/Matthew Hinton)
An officer walks along Conti Street after a vehicle drove into a crowd on New Orleans' Canal and Bourbon streets, Wednesday, Jan. 1, 2025. (AP Photo/George Walker IV)
Law enforcement officers stand behind a SWAT vehicle near a location in Houston, Texas, Wednesday, Jan. 1, 2025, where police personnel investigate the place suspected to be associated with an attacker in a deadly rampage in New Orleans. (Brett Coomer/Houston Chronicle via AP)
Investigators work the scene after a person drove a vehicle into a crowd earlier on Canal and Bourbon Street in New Orleans, Wednesday, Jan. 1, 2025. (AP Photo/Gerald Herbert)
Neighbors stand and watch outside the police lines surrounding a location in Houston, Texas, Wednesday, Jan. 1, 2025, where police personnel investigate the place suspected to be associated with an attacker in a deadly rampage in New Orleans. (Brett Coomer/Houston Chronicle via AP)
Police officers stand near the scene where a vehicle drove into a crowd on New Orleans' Canal and Bourbon streets, Wednesday, Jan. 1, 2025. (AP Photo/George Walker IV)
Neighbors embrace as they stand outside the police lines surrounding a location in Houston, Texas, Wednesday, Jan. 1, 2025, where police personnel investigate the place suspected to be associated with an attacker in a deadly rampage in New Orleans. (Brett Coomer/Houston Chronicle via AP)
