Faraday Future Intelligent Electric Inc (FFIE) Names Xuefeng Chen as Global CEO

Faraday Future Intelligent Electric Inc. (NASDAQ: "FFIE") announced today that the FFIE Board of Directors has appointed FF China CEO Xuefeng Chen as Global CEO of Faraday Future, effective immediately. Mr. Chen replaces Carsten Breitfeld, who was removed as Global CEO by the FFIE Board of Directors following a comprehensive evaluation of the Company’s performance since it went public in July 2021. Pursuant to the Company’s Corporate Governance Guidelines, management directors are required to tender their resignation from the Board upon their removal as an officer of the Company. The Board has requested that Mr. Breitfeld tender his resignation from the Board in accordance with such Corporate Governance Guidelines. As Global CEO, Mr. Chen is tasked with delivering the FF 91 Futurist to market, delivering on the promise made to FF stockholders, investors, global partners, users and employees.

"I believe the decision to appoint XF at this critical juncture of the Company is a timely and correct one,” said FFIE Chairman of the Board of Directors Adam He. “XF is a top talent in the global automotive industry and possesses both a global perspective and extensive hands-on experience across the global automotive industrial chain. His years of experience at Ford and Jaguar Land Rover will pave a solid foundation for his leadership of Faraday Future’s global team. The Company’s top priority right now is to deliver the FF 91 Futurist to our users with high quality and minimal cost, and to successfully realize the US-China dual home market strategy with the ultimate goal to maximize Faraday Future stockholder interest,” added Mr. He.

As an automotive veteran with international and extensive operational experience with luxury automotive brands, XF spent nearly 20 years in the automotive industry and worked for Changan Ford, Changan Mazda, Ford Asia Pacific Design Center and Chery Jaguar Land Rover prior to joining FF. He led the Chery Jaguar Land Rover team, overseeing program planning, program implementation, manufacturing, and product delivery within two years and ramping up the total sales volume of Jaguar Land Rover in China to hundreds of thousands of units, and significantly enhancing the status and reputation of the Jaguar Land Rover brand.

XF is acknowledged within the industry as one of the youngest executives in charge of the China-side of business in automotive joint ventures. Mr. Chen has well-rounded experience in vehicle localization, construction and operation of production facilities, vehicle production, supply chain management and cost control, and branding marketing and sales. Mr. Chen is also well-versed in U.S. markets and culture given his prior work for U.S. OEMs, which will be invaluable to Mr. Chen as he seeks to deliver on Faraday Future’s short, mid, and long-term global strategic goals.

"The FF 91 Futurist will deliver a unique user experience of the Ultimate Intelligent TechLuxury. With the completion of the manufacturing #6 milestone, we are just one step away from start of production. I look forward to working closely with Faraday Future’s global employees, external partners, stockholders and investors to honor the promise we’ve made to users – to deliver the FF 91 Futurist with high quality,” said Mr. Chen. “With the support of our stockholders, the trust of our board and the close collaboration among our global employees, I am confident in FFIE’s future,” Mr. Chen added.

The Company recently announced that it completed manufacturing milestone #6, the completion of construction and equipment installation in vehicle assembly areas. The Company also continues to make progress with testing and validation of the FF 91 Futurist. Recent performance metrics including range, 0-60 acceleration and braking have exceeded expectations.

As the only next-gen Ultimate Intelligent TechLuxury EV product, the FF 91 Futurist puts forward a unique intelligent internet EV mobility experience with extreme technology, ultimate user experience and complete ecosystem product DNA. The FF 91 Futurist features an industry-leading 1,050 horsepower, an EPA-certified range of 381 miles, 0-60 mph in 2.27 seconds, a unique rear intelligent Internet system and a revolutionary user experience designed to create a mobile, connected, intelligent, and luxurious third Internet living space and user mobility ecosystem platform.

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