Faraday Future announces partnership with Myoung Shin for FF 81 Production; Asset-Light deal paves way for profitability by 2025

LOS ANGELES–(BUSINESS WIRE)–Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced that Myoung Shin Co., Ltd., an automaker headquartered in South Korea, has been contracted to manufacture Faraday Future’s second vehicle, the FF 81, with an SOP scheduled for 2024. The FF 81 is a luxury electric vehicle from FF, with advanced connectivity and user experience suitable for a wider audience than the ultimate luxury smart technology FF 91, which is scheduled to launch in the third quarter of 2022.

“We are delighted to have a partner of the quality and reputation of Myoung Shin,” said Carsten Breitfeld, Global CEO of Faraday Future. “This agreement to produce the FF 81 puts us on track to deliver on our promise to reach high-volume production in 2024, the most important milestone on our path to profitability. Our own Q3 launch of the FF 91 will redefine the state of the art in the luxury electric vehicle segment, and together with Myoung Shin, the FF 81 will bring our cutting-edge technology to the mainstream luxury segment.

Located near Seoul, South Korea, Myoung Shin is a parts supplier and automaker for many top tier OEMs. The Gunsan plant, where the FF 81 will be manufactured, offers scale, flexibility and attractive port access. In accordance with the agreement, Myoung Shin will maintain sufficient manufacturing capabilities and capacity to supply FF 81 vehicles as planned by FF.

“We will work with Faraday Future to build the future of the electric vehicle industry and provide consumers with quality premium products,” said Taekyu Lee, President of Myoung Shin. “Our vision as a contract electric vehicle manufacturer is to pursue creation, innovation, reliability, responsibility and corporate citizenship, which we will provide to Faraday Future when manufacturing their FF 81 vehicle. ”

Faraday Future’s strategy is based on a lean business model, with a global hybrid manufacturing strategy consisting of a leased manufacturing facility in Hanford, California, operated by Faraday Future, and collaboration with Myoung Shin, a manufacturing partner under leading contract in South Korea. . Over time, Faraday Future will continue to expand its geographic reach with manufacturing operations in China, the world’s largest luxury market and the world’s largest electric vehicle market.


Faraday Future is a class-defining luxury electric vehicle company. The company has launched many innovations regarding its products, technology, business model and user ecosystem since its inception in 2014. Faraday Future aims to continuously improve the way people move by creating a mobility ecosystem before -thinking that integrates clean energy, AI, the Internet and new models of use. Faraday Future’s first flagship is the FF 91 Futurist.



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This press release contains “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 “believe”, ” expects”, “expects”, “anticipates”, “expects”, “plans”, “intends”, “believes”, “seeks”, “may”, “will”, “should”, “future”, “proposes” and variations of these words or similar expressions (or negative versions of these 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 beyond the control of Faraday Future, which could lead to actual earnings or results. differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or results include the implementation of the actions of the special committee and the related internal review by Faraday Future; Faraday Future’s ability to file Q3 Form 10-Q prior to the time specified in the Nasdaq letter and its ability to regain compliance with Nasdaq’s continuous listing standards; Faraday Future’s ability to execute its vehicle development and commercialization plans and the timing of such development programs; Faraday Future’s estimates of the size of the markets for its vehicles and the costs of bringing its vehicles to market; the rate and degree of market acceptance of Faraday Future vehicles; the success of other competing manufacturers; the performance and safety of Faraday Future vehicles; potential litigation involving Faraday Future; the result of future funding efforts and general economic and market conditions affecting demand for Faraday Future’s products. 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 Preliminary Registration Statement on Form S-1 recently filed by Faraday Future and other filings by Faraday Future. 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 place undue reliance on any forward-looking statements, and Faraday Future undertakes no 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. .