Faraday Future (NASDAQ: FFIE) was up over 25% on Friday after the Company released a letter to shareholder after reporting significantly better than expected first quarter results. Production of the Company’s flagship ultra luxury FF 91 started in March with first deliveries expected later this month. On April 14, the first production FF 91 rolled off the line in a video streamed event watched by millions of FF fans globally. Expectations for the FF 91 are sky high as it has more powerful performance and design than Tesla, going from 0 to 60 in a face melting 2.27 seconds with 1050 horsepower and 381 miles of range. 

Currently trading at a $225 million total market valuation Faraday Future has a lot of room for growth as the Company ramps up production at its 1.1 million square-foot manufacturing facility in Hanford, California. While the stock has a massive short position well over 140 million shares short they have a lot of support too; besides a massive retail base of investors that see big thing happening here, Faraday future is also a favorite of institutional buyers, including Blackrock with 32.4 million shares, Vanguard with 10 million shares, Geod with 3.9 million shares and Charles Schwab with 3.7 million shares. Faraday future has $32 million in the treasury and recently secured $100 million in unsecured convertible notes which is enough cash for continued production ramp up and development of its sales & service system for its flagship FF 91 vehicle. They need to get the share price back over $1 before the end of October. We will be updating on FFIE when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Faraday Future (NASDAQ: FFIE) headquartered in Los Angeles, California is the pioneer of the Ultimate 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. The Company has a 1.1 million square-foot manufacturing facility in Hanford strategically located between the technology hubs of Silicon Valley and Los Angeles in the Central Valley of California. Since inception, FF has developed a differentiated portfolio of valuable intellectual property. As of February 27, 2023, the Company has been granted approximately 660 patents (with approximately a third issued in the U.S., and slightly less than two-thirds issued in China, and the remaining issued in other jurisdictions).  

FF 91 is Faraday’s first production vehicle and flagship model. All-electric, autonomous-ready and seamlessly connected, it embodies Faraday’s latest mobility advancements in performance, intelligence, and user experience. The FF 91 features a custom electric drive unit with a fully integrated design, active oil cooling, and independent rear axle drive. Its 1050hp propulsion system is powered by proprietary software and control algorithms, optimizing performance, stability, and safety. With an EPA-certified range of 381 miles, the FF 91 offers 50-70 miles more range than its direct competitors and accelerates from zero to 60 mph in a face melting 2.27 seconds. Mobile connectivity is another key aspect of the car, with a unique rear intelligent internet and a user experience designed to establish a mobile, connected, intelligent, and luxurious third internet living space and user mobility ecosystem platform.  

FF’s technology innovations include its proprietary Variable Platform Architecture (VPA), propulsion system, and Internet, Autonomous Driving, and Intelligence (I.A.I.) systems. The VPA is a modular skateboard-like platform which can be sized to accommodate various motor and powertrain configurations, enabling fast and capital efficient product development for both the passenger and commercial vehicle segments. FF’s propulsion system includes an industry-leading inverter design, and a propulsion system that provides a competitive edge in electric drivetrain performance. FF’s advanced I.A.I. technology offers high-performance computing, high speed internet connectivity, Over-the-air (“OTA”) updates, an open ecosystem for third party application integration, and a Level 3 autonomous driving-ready system, in addition to several other proprietary innovations that enable the Company to build a highly personalized user experience. 

At FF, safety is our utmost priority. We have engineered the chassis and restraint systems of #FF91 to withstand even the most demanding crash scenarios. We are committed to ensuring the safety of our drivers and passengers. Stay tuned for more updates. #FaradayFuture $FFIE pic.twitter.com/ikfYjxSjxe

— Faraday Future (@FaradayFuture) May 11, 2023

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FF’s B2C (business-to-consumer) passenger vehicle pipeline over the next five years besides its flagship FF 91 series, includes the FF 81 series, and the FF 71 series, each designed to target different passenger vehicle segments. In addition to passenger vehicles, and leveraging its VPA and other proprietary technology, FF plans to produce a Smart Last Mile Delivery vehicle to address the high growth last mile delivery market. FF 81 series, FF’s second passenger vehicle, is envisioned to be a premium mass market electric connected vehicle positioned to compete against Tesla Model S and Model X, Nio ES8, BMW 5-series, and similar vehicles. FF 71 series, FF’s mass market passenger vehicle, plans to integrate connectivity and advanced technology into a smaller vehicle size and positioned to compete against Tesla Model 3 and Model Y, BMW 3-series, and similar vehicles. 

The electric vehicle industry is poised for explosive growth. Based on the Electric Vehicle Outlook 2022 report, a long-term forecast published by Bloomberg New Energy Finance (“BNEF Report”), which forecasts that passenger electric vehicle sales in the U.S., Europe, China and other regions in the world could grow to a total of approximately 20.6 million vehicles in 2025, from 6.6 million vehicles in 2021, and then continue to grow rapidly. 

Faraday Future is growing quickly as well. In the Company’s letter to shareholders last week after reporting Q1, 2023 results they stated that production of the FF 91 had started at the Company’s Hanford manufacturing facility and is targeting the end of May for its first phase delivery of the FF 91. On April 14, the first production FF 91 rolled off the line in a video streamed event watched by millions of FF fans globally.  

The added financing of $100M would support the delivery milestone, production ramp-up, and sales & service system developments of the #FF91 flagship EV. Learn more at https://t.co/alSx3OAKoz #FaradayFuture $FFIE

— Faraday Future (@FaradayFuture) May 10, 2023

We have something big Coming!

Management went on to say: “It has been a long path for Faraday Future, but we believe this is the year we make history. Homologation for the FF 91 is progressing as planned. Most of the FMVSS tests have been successfully completed. We have performed the highest severity crash tests and have passed all these tests successfully, including front, side and rear crash. On the systems and software side, we’ve also made some amazing progress. Two weeks ago, we showcased the FF 91 vehicle’s ability to integrate generative AI to enable an intuitive and interactive experience for users within the vehicle. We believe this truly epitomizes what Faraday Future has communicated to its users and investors all along, that FF 91 is a pioneer of emerging technology. Lastly, we reiterate our goal to create a profitable business with operating cashflow breakeven in 2025 and express our gratitude to our users, suppliers, partners, communities and stockholders for their unwavering support of our vision.” We will be updating on FFIE when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

Disclosure: we hold no position in FFIE either long or short and we have not been compensated for this article.