FFIEW Faraday Future Intelligent Electric Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): November 25, 2024

 

Faraday Future Intelligent Electric Inc.

(Exact name of registrant as specified in its charter) 

 

Delaware		001-39395		84-4720320
(State or other jurisdiction		(Commission File Number)		(I.R.S. Employer
of incorporation)				Identification No.)

 

18455 S. Figueroa Street
Gardena, CA		90248
(Address of principal executive offices)		(Zip Code)

 

(424) 276-7616 

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, par value $0.0001 per share		FFIE		The Nasdaq Stock Market LLC
Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $110,400.00 per share		FFIEW		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 8.01 Other Events.

 

On November 25, 2024, Faraday Future Intelligent Electric Inc. issued a press release announcing that it intends to change its ticker symbol from “FFIE” to “FFAI” and intends to host an “FF AI Open Day” in early 2025.

 

The information contained in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits. The following exhibits are filed with this Current Report on Form 8-K:

 

No.		Description of Exhibits
99.1		Press Release, dated November 25, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	FARADAY FUTURE INTELLIGENT ELECTRIC INC.
Date: November 25, 2024	By:	/s/ Matthias Aydt
	Name:	Matthias Aydt
	Title:	Global Chief Executive Officer

 

 

2

Exhibit 99.1

 

Faraday Future Announces it Will Change its Stock Ticker Symbol to “FFAI” and Host an “FF AI Open Day” Event in Early 2025

 

●

Faraday Future (FF) plans to announce the date and detailed plan for the stock ticker symbol change in January 2025.

 

●

FF invites AI industry partners to jointly explore the future of AI in mobility during the “FF AI Open Day” event that will also take place in early 2025.

 

●

FF aims to drive a comprehensive AI transformation strategy in the U.S. EV industry including with the products announced recently with its new FX brand.

 

●

Full-vehicle AI integration will be the core strategy of FF and the new FX brand. FF aims to achieve cross-domain integration of end-to-end computation, algorithms, and data, providing users with innovative one-stop AI experiences.

 

Los Angeles, CA. (Nov. 25, 2024) – Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future,” “FF,” or “the Company”), a California-based global shared intelligent electric mobility ecosystem company, announced today that it plans to change its Nasdaq ticker symbol from “FFIE” to “FFAI” in early 2025. This change aligns with the Company’s continued focus on its AI strategy that includes its new FX brand strategy. Surveys conducted over the past year also consistently showed a preference for changing the ticker symbol from “FFIE” to “FFAI.” The Company plans to announce the date and detailed plans for the official stock ticker symbol change and “FF AI Open Day” in January 2025.

 

“Since its establishment, AI has been an FF cornerstone,” said Matthias Aydt, Global CEO of Faraday Future. “The stock ticker “FFAI” better reflects the Company’s strategic direction. With FF’s AI technology empowering the FX strategy and the gradual implementation of this strategy, we aim to create AIEVs with extreme price-experience ratio, addressing gaps in the U.S. AIEV market, including AI cabins. Our goal is to drive the comprehensive AI transformation of the U.S. EV industry.”

 

FF’s All-AI Technology Architecture to push the boundaries of AIEV

 

Since its founding, FF has recognized that intelligent electric vehicles are not merely tools for transportation but dynamic, evolving “mobile robots.” FF has always believed that its foundation is in AI technologies.

 

AI is at the core of the FF aiHyper 6x4 Architecture 2.0. By leveraging specialized large AI models in the mobility sector, FF AI aims to achieve complete AI integration through cross-domain computing, algorithms, and data, along with end-to-end full-chain integration. This enables a fully integrated AI-driven technology structure, where the four major AI engines empower the four technology systems and six technology platforms.

 

 

Magic All-In-One AI Engine is powered by a multi-modal large model driven by visual language models (VLMs), aiming at integrating road pre-scanning, cloud data, and vehicle sensors to deliver the ultimate driving experience.

 

Hyper Multi-Vectoring AI engine could leverage large AI models to enable AI-driven control of steering, braking, and power delivery, aiming to unleash the vehicle’s Hyper performance through AI technology.

 

The 3rd aiSpace AI Engine leverages proprietary large-scale models specifically designed for mobility, delivering comprehensive intelligent services by seamlessly integrating end-to-end computation, algorithms, and cross-domain data.

 

FF AiDriving AI Engine utilizes a large VLM to achieve deep integration of vision, language, speech, and historical data to make every journey safe, intelligent, and enjoyable.

 

By integrating data from the mobility ecosystem and incorporating third-party general-purpose large models alongside proprietary large-scale models tailored for mobility, the FF AI platform aims to push the boundaries of AIEV technologies and pave the way for an open, collaborative, and mutually beneficial future mobility ecosystem.

 

The FX strategy presents an excellent opportunity for the application and evolution of the Company’s AI strategy. FF’s AI capabilities are planned to empower the FX brand through iterative innovation, enabling AI to consistently redefine the mobility experience.

 

Comprehensive AI Strategy Could Deliver Multi-Dimensional Value for Users, Partners and Industry

 

FF’s AI strategy includes introducing new revenue streams, such as in-vehicle subscriptions and AI-driven value-added services. These innovations could also enhance user loyalty and recognition.

 

For users, FF and FX products could act as “intelligent partners,” with product design centered on natural interaction methods, including voice and gesture controls. These features would deliver intuitive, seamless interactions that continuously improve through learning, offering personalized AI experiences.

 

Through its “AI-First” approach and co-creation ecosystem, FF is driving the evolution of cars from traditional vehicles to intelligent mobile devices, setting new benchmarks for future smart vehicles. By fostering collaboration with global developers and AI experts, FF aims to propel industry-wide innovation, benefiting the sector and its partners.

 

 

ABOUT FARADAY FUTURE

 

Faraday Future is the pioneer of the Ultimate AI 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. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.

 

FORWARD LOOKING STATEMENTS

 

This press release includes “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 “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding changing the Company’s ticker symbol, hosting an AI open day event, and full integration of AI in the Company’s vehicles, , 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 outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

 

Important factors, among others, that may affect actual results or outcomes include, among others: the Company may determine to not change its ticker symbol; the Company may determine to not host an AI open day event; the Company’s ability to fully integrate AI into its vehicles on a cost effective basis, if at all; the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; the Company’s ability to secure additional agreements with OEMs that are necessary to execute on the FX strategy; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC.

 

CONTACTS

 

Investors (English): ir@faradayfuture.com

 

Investors (Chinese): cn-ir@faradayfuture.com

 

Media: john.schilling@ff.com

 

 

3

 

v3.24.3

Cover	Nov. 25, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 25, 2024
Entity File Number	001-39395
Entity Registrant Name	Faraday Future Intelligent Electric Inc.
Entity Central Index Key	0001805521
Entity Tax Identification Number	84-4720320
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	18455 S. Figueroa Street
Entity Address, City or Town	Gardena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90248
City Area Code	424)
Local Phone Number	276-7616
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Class A common stock, par value $0.0001 per share
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	FFIE
Security Exchange Name	NASDAQ
Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $110,400.00 per share
Title of 12(b) Security	Redeemable warrants, exercisable for shares of Class A common stock at an exercise price of $110,400.00 per share
Trading Symbol	FFIEW
Security Exchange Name	NASDAQ

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