Faraday Future Files 2023 10-K

TL;DR

FFIE filed its 2023 10-K. Check it for the latest financials.

AI Summary

Faraday Future Intelligent Electric Inc. filed its 2023 10-K on May 28, 2024, reporting its financial performance for the fiscal year ending December 31, 2023. The company, formerly known as Property Solutions Acquisition Corp., is focused on electric vehicles. The filing details its business operations, financial condition, and risk factors. Specific financial figures and operational details are available within the full report.

Why It Matters

This filing provides investors and the public with a comprehensive overview of Faraday Future's financial health and strategic direction for the past fiscal year, crucial for understanding the company's viability and future prospects.

Risk Assessment

Risk Level: high — The company operates in a highly competitive and capital-intensive industry, facing significant challenges in production, delivery, and financial stability.

Key Numbers

• 2023 — Fiscal Year (Reporting period for the 10-K filing.)
• 1231 — Fiscal Year End (Indicates the end date of the reporting period.)
• 20240528 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• FARADAY FUTURE INTELLIGENT ELECTRIC INC. (company) — Filer
• Property Solutions Acquisition Corp. (company) — Former Company Name
• 20231231 (date) — Fiscal Year End
• 20240528 (date) — Filing Date
• 0001805521 (company) — Central Index Key

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share FFIE The Nasdaq Stock Market
• $2,760.00 — A Common Stock at an exercise price of $2,760.00 per share FFIEW The Nasdaq Stock Marke
• $80,000 — e tiers consist of vehicles priced from $80,000 to $149,000, $150,000 to $299,000, $300
• $149,000 — sist of vehicles priced from $80,000 to $149,000, $150,000 to $299,000, $300,000 to $500
• $150,000 — hicles priced from $80,000 to $149,000, $150,000 to $299,000, $300,000 to $500,000, and
• $299,000 — d from $80,000 to $149,000, $150,000 to $299,000, $300,000 to $500,000, and above $500,0
• $300,000 — ,000 to $149,000, $150,000 to $299,000, $300,000 to $500,000, and above $500,000. Each o
• $500,000 — ,000, $150,000 to $299,000, $300,000 to $500,000, and above $500,000. Each of these four

Filing Documents

• ffie-20231231.htm (10-K) — 3437KB
• exhibit1088-redacted_farad.htm (EX-10.88) — 75KB
• ex211-ffiesubsx2023.htm (EX-21.1) — 38KB
• ex231-mazarsconsent.htm (EX-23.1) — 2KB
• ex311q42023-ceo2.htm (EX-31.1) — 18KB
• ex312q42023-cfo2.htm (EX-31.2) — 18KB
• ex321q42023-ceo2.htm (EX-32.1) — 8KB
• ex322q42023-cfo2.htm (EX-32.2) — 8KB
• exhibit971-clawbackpolicy.htm (EX-97.1) — 15KB
• ffie-20231231_g1.jpg (GRAPHIC) — 32KB
• ffie-20231231_g2.jpg (GRAPHIC) — 11KB
• ffie-20231231_g3.jpg (GRAPHIC) — 8KB
• ffie-20231231_g4.jpg (GRAPHIC) — 37KB
• ffie-20231231_g5.jpg (GRAPHIC) — 27KB
• ffie-20231231_g6.jpg (GRAPHIC) — 527KB
• ffie-20231231_g7.jpg (GRAPHIC) — 91KB
• ffie-20231231_g8.jpg (GRAPHIC) — 8KB
• image_0.jpg (GRAPHIC) — 13KB
• image_01.jpg (GRAPHIC) — 6KB
• image_01a.jpg (GRAPHIC) — 0KB
• image_10.jpg (GRAPHIC) — 28KB
• image_12.jpg (GRAPHIC) — 293KB
• 0001628280-24-025420.txt ( ) — 17786KB
• ffie-20231231.xsd (EX-101.SCH) — 116KB
• ffie-20231231_cal.xml (EX-101.CAL) — 112KB
• ffie-20231231_def.xml (EX-101.DEF) — 774KB
• ffie-20231231_lab.xml (EX-101.LAB) — 1113KB
• ffie-20231231_pre.xml (EX-101.PRE) — 972KB
• ffie-20231231_htm.xml (XML) — 1921KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 30 Item 1B. Unresolved Staff Comments 82 Item 2.

Properties

Properties 82 Item 3.

Legal Proceedings

Legal Proceedings 83 Item 4. Mine Safety Disclosures 83 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 86 Item 6. Reserved 85 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 86 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 107 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 108 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 167 Item 9A.

Controls and Procedures

Controls and Procedures 167 Item 9B. Other Information 170 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Part III Item 10. Directors, Executive Officers and Corporate Governance 172 Item 11.

Executive Compensation

Executive Compensation 175 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 183 Item 13. Certain Relationships and Related Transactions, and Director Independence 184 Item 14. Principal Accounting Fees and Services 197 PART IV Item 15. Exhibits, Financial Statement Schedules 198 Item 16. Form 10-K Summary 198

Signatures

Signatures 207 2 Part I

Business

Item 1. Business Unless the context indicates otherwise, references in this Annual Report on Form 10-K for the year ended December 31, 2023 (this "Form 10-K") to "FFIE" refer to Faraday Future Intelligent Electric Inc. (f/k/a Property Solutions Acquisition Corp.), a holding company incorporated in the State of Delaware, and not to its subsidiaries, and references herein to the "Company," "FF," "we," "us," "our" and similar terms refer to FFIE and its consolidated subsidiaries. We refer to our primary operating subsidiary in the U.S., Faraday&Future Inc., as "FF U.S." We refer to all our subsidiaries organized in China (including Hong Kong) collectively as the "PRC Subsidiaries," a complete list of which is set forth in Exhibit 21.1 to this Form 10-K forms a part. As of December 31, 2023, our only operating subsidiaries in mainland China and in Hong Kong are FF Automotive (China) Co. Ltd., Ruiyu Automotive (Beijing) Co., Ltd. and Shanghai Faran Automotive Technology Co., Ltd., each of which was organized in the PRC. The discussion of FF's business and the electric vehicle industry below is qualified by, and should be read in conjunction with, the discussion of the risks related to FF's business and industry detailed elsewhere in this Form 10-K. Company Overview FF is a California-based global shared intelligent mobility ecosystem company with a vision to disrupt the automotive industry. With headquarters in Los Angeles, California, the Company designs and engineers next-generation intelligent, connected, electric vehicles. FF manufactures vehicles at its production facility in Hanford, California, with additional future production capacity needs addressed through a contract manufacturing partner in South Korea. FF is also exploring other potential contract manufacturing options in addition to the contract manufacturer in South Korea. The Company has additional engineering, sales, and operational capabilities in China and is exploring opportunities for potenti

View Full Filing

View this 10-K filing on SEC EDGAR