Production

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.

ABOUT FARADAY FUTURE

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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