Faraday Future Announces New Global Online-to-Offline (O2O) Direct Sales Organization and the First FF U.S. Sales Partner Following the Recent Signing of its Merger Agreement with Property Solutions Acquisition Corp. (PSAC)
- Christian Gobber, Former Regional CEO at Maserati, leads Faraday Future’s Global Sales Strategy
- Faraday Future Signs Florida-based Jolta as First Sales Partner in the U.S., Establishing the First EV-Exclusive Retail Network
- FF will also Utilize China Harmony Group, a Leading Comprehensive Automobile Service Group in China
- Faraday Future will Bring to Market its FF 91 Using a Direct Sales Model Leveraging its Online Platform (APP, FF.com), Company-Owned Stores, as well as Partner-Owned Stores and Showrooms
Los Angeles, CA (April 14, 2021) — Faraday Future (“FF”), a California-based global shared intelligent mobility ecosystem company, today announced its new global online-to-offline (O2O) direct sales organization, strategy, and sales partners, which will be led by Christian Gobber, Vice President, O2O Sales, User Ecosystem. Mr. Gobber is responsible for developing and executing the online to offline commercial strategy of FF. Mr. Gobber will be supported in China by FF China Chief Marketing Officer Morris Gao, former head of product and sales of Maserati China.
FF will go-to-market using a direct sales model leveraging its online platforms (APP, FF.com), FF-owned stores, as well as partner-owned stores and showrooms for an asset-light sales network expansion. Having its own distribution network will allow FF to provide a seamless user experience and enable the company to deliver the highest level of price transparency to its users. As an FF distribution partner, Jolta locations will support FF’s online-to-offline direct sales model, vehicle delivery, charging, service, and other user operations activities.
FF is targeting a future retail presence in the 20 top cities around the world. To date, the company has signed memoranda of understanding with sales partners including Jolta in the U.S., and China Harmony New Energy Auto Holding Limited (Harmony Group) in China, among others. Jolta is the first-ever electric vehicle “EV” dealership in the U.S., and Jolta’s EV dealership network plans to cover 15+ major U.S. cities by 2025 and 30+ by 2030.
Harmony Group is a leading comprehensive automobile service group in China, which specializes in luxury and super luxury car brands sales and after-sales service, including Rolls-Royce, Bentley, Ferrari, Maserati, BMW, Land Rover, etc. As of June 2020, Harmony Group has a total of 75 dealership outlets, covering 36 cities across China. As a testament to its confidence and commitment to FF, Harmony Group has also been a part of the PIPE investment group supporting FF along with other key mobility players in China.
To provide FF users with a high level of after-sales and service resources, FF has also partnered with Formel D, one of the leading global after-sales providers, which has more than 10,000 employees and considerable experience in the industry.
Mr. Gobber will be responsible for developing and executing the O2O commercial strategy of FF. Mr. Gobber is a luxury automotive executive with extensive experience in key global markets. Notably, he introduced Maserati to the Chinese market and in a nine-year period, turned it into the second largest market by volume and the first by profit. He later moved to the U.S. where he served as CEO of Maserati America during the introduction of the Levante SUV. In addition to the regional CEO roles in China and the U.S., Mr. Gobber held the position of global head of sales and after-sales, overseeing all commercial operations of Maserati’s subsidiaries. Prior to Maserati, he started his career in marketing at P&G and worked at Ducati.
“I’m excited to lead the global O2O direct sales team as the company redefines the luxury EV market with the launch of our FF 91 flagship model,” said Gobber. “We expect to exceed our competition across every EV category, and our unique sales model allows us to fully capitalize on our U.S.-China dual-home market strategy.”
“Christian and Morris bring their remarkable luxury automotive experience in the global markets which will be instrumental in driving sales for FF,” said Dr. Carsten Breitfeld, Global CEO of FF. “Establishing the new global O2O sales organization will be an important milestone to the FF sales system, which will effectively promote the realization of our unique and industry-leading sales concept.”
FF is currently preparing to merge with Property Solutions Acquisition Corp. (“PSAC”) (NASDAQ: PSAC), a special purpose acquisition company (SPAC). The previously announced merger agreement, expected to close in the second quarter of 2021, will result in the combined company listing on the Nasdaq Stock Market under the new ticker symbol “FFIE”. FF’s flagship electric vehicle (“EV”) — FF 91 — is planned to be launched within 12 months of the closing of the merger.
As the only next-gen intelligent internet EV product, FF’s flagship EV, FF 91 will deliver a unique intelligent Internet electric mobility experience which combines extreme technology, ultimate user-experience, and a holistic ecosystem. Featuring an industry-leading 1,050 horsepower, and a 130-kWh battery with submerged liquid cooling technology, FF 91 achieves 0–60 mph in less than 2.4 seconds.
Combined with a unique rear-seat intelligent Internet system, FF 91 delivers internet connectivity at high speed via its super mobile AP, achieves the industry’s largest reclining seat angle of 60 degrees through its zero-gravity rear seats, and provides a revolutionary user experience designed to create a mobile, connected, intelligent, and luxurious third Internet living space and user mobility ecosystem platform.
Users can reserve an FF 91 now at: https://www.ff.com/us/reserve.
ABOUT FARADAY FUTURE
Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF’s vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.
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ABOUT PROPERTY SOLUTIONS ACQUISITION CORP.
Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEO’s Jordan Vogel and Aaron Feldman. Property Solutions I is a $230 million SPAC formed in July 2020 and is traded on the NASDAQ under the ticker symbol “PSAC”.
IMPORTANT INFORMATION AND WHERE TO FIND IT
This press release relates to a proposed transaction between PSAC and FF. PSAC intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of PSAC as of a record date to be established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.
PARTICIPANTS IN THE SOLICITATION
PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, which was filed with the SEC on November 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/consent solicitation statement/prospectus that PSAC intends to file with the SEC.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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 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 PSAC’s or FF’s management’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: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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