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BUSINESS - COMPANY NEWS

California Based Faraday Future Confirms $2 Billion (USD) In First Round Funding And Clears Government Approval

Tuesday, June 26, 2018

(PRNewsfoto/Faraday Future)

(PRNewsfoto/Faraday Future)

BUSINESS - COMPANY NEWS

Source : Faraday Future

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Faraday Future (FF) announced today that it has confirmed the $2 billion (USD) of first round equity funding following Committee on Foreign Investment in the United States (CFIUS) approval. This marks a major milestone for FF to achieve its vision of delivering a clean, intelligent, connected and shared global mobility ecosystem. Yueting (YT) Jia, founder of FF, will also officially be taking the role of FF Global CEO.

On November 30, 2017, Season Smart Limited entered into an investment agreement to invest $2 billion (USD) into FF.

Today, FF also welcomes Evergrande Health Industry Group Limited (Evergrande Health), a Hong Kong Stock Exchange listed company (0708.HK), to be our newest strategic investor and shareholder after the share transfer of the ownership of Season Smart Limited to Evergrande Health. The transaction was closed after completion of review and investigation by CFIUS.

Pursuant to the terms of the $2 billion investment, the details of share structure are 45% for Evergrande Health (Investor), 33% for the original shareholder, and 22% for the team at FF.

FF would like to thank all our partners, suppliers, employees, and our new investor for their patience and continued dedication towards the company throughout this crucial growth process. FF welcomes Evergrande Health as a new strategic investor. More than 1,000 global employees together at FF will continue working to break boundaries of various industries and sharing the intelligent mobility ecosystem we want to create. This influx of funding allows us to continue pushing forward the goal of delivering FF 91, our first production vehicle, and beyond.

FF will continue to use the committed funds to accomplish our top priority – finalizing the development and delivering the first production vehicle, FF 91 to both US and China markets. The investment will also support FF to expand its product pipeline, develop cutting-edge technologies and grow the business rapidly in the global marketplace, including our manufacturing facilities in Hanford, California and in Guangzhou Nansha, Guangdong Province, China.

About FF 91

FF 91 is Faraday Future's first production vehicle and flagship model. It embodies our latest advancements in performance, intelligence, connectivity, and user experience. It represents a bold new species of electric mobility – a super car robot and a third Internet living space – that symbolizes what it means to break the boundaries.

FF 91 is a full-size luxury crossover EV with estimated 0-60 mph acceleration of 2.39 seconds and an expected range up to 378 miles (EPA test cycle). The car is equipped with over 30 smart sensors and a motion-enabled 3D LIDAR that enables valet parking, facial recognition, and seamless entry, among other advanced technology. The nearly two-year-long road tests in the US indicate that FF 91 is fully equipped with the conditions and advantages to go into production and lead the EV industry.