LOS ANGELES--(BUSINESS WIRE)--Faraday Future (“FF” or “Faraday Future”), a California-based global shared intelligent mobility ecosystem company, today announced that it recently completed its second season of winter testing and validation on one of its FF 91 pre-production electric vehicles. The dynamic testing, conducted in conjunction with Bosch in both Baudette, Minnesota and Flatrock, Michigan, put the FF 91 EV through multiple tests in sub-zero temperatures on various snow- and ice-covered surfaces at various grades. This winter testing is an important milestone in the overall testing and validation being done with the FF 91 to get it ready for sale in the first half of 2022.
During vehicle testing, engineers logged data on the vehicle’s chassis and electric propulsion performance, and optimized software controls performance and calibrations in real world extreme conditions. This critical development work is providing some of the final levels of validation on FF 91’s systems, as FF advances to the concluding stages of its testing program and a timely launch. In the upcoming months, FF will be bringing additional pre-production FF 91 vehicles to various additional testing grounds for further vehicle development, improvements and final readiness for launch.
Check out the FF 91 winter testing video here: Winter testing
“Putting the FF 91 in the harsh environment of winter testing conditions is an integral part of FF’s overall testing and validation strategy to ensure best in-market performance, driver safety and user confidence,” said Bob Kruse, Senior Vice President, Product Execution and Vehicle Engineering at FF. “The main goal is to make sure that the battery, electric propulsion, chassis, suspension and other vehicle systems perform under these harsh conditions, while also ensuring a smooth and comfortable and connected experience with the driver in the FF 91.”
FF 91 uses an Adaptive Traction Control System (ATCS) technology to aid vehicle control on low friction surfaces such as ice and snow. The ATCS technology allows the motors to compensate for traction loss by adjusting torque applied to the wheels based on vehicle speed, throttle input and turning angle. FF 91 also features a Dynamic Vehicle Control (DVC) system which intelligently integrates torque vectoring, four-wheel steering and semi-active damping to deliver precise handling for a rewarding driving experience, regardless of weather conditions.
FF recently announced a merger agreement with Property Solutions Acquisition Corp. (“PSAC”) (NASDAQ: PSAC). The transaction is expected to close in Q2 of 2021 and FF's stock will begin trading on the Nasdaq under the ticker symbol "FFIE”. This transaction validates FF's vision to create a mobility ecosystem built upon innovations in technology and products.
As the only next-gen intelligent internet EV product, FF 91 delivers a unique intelligent Internet electric mobility experience with its product DNA of extreme technology, ultimate user-experience and complete ecosystem. With an industry-leading 1,050 horsepower, the largest battery pack of 130 kWh equipped with submerged liquid battery cooling technology, 0-60 in less than 2.4 seconds, and a unique rear intelligent Internet system, FF 91 delivers internet connectivity at "the speed of light" via its super mobile AP, achieves the industry's largest reclining angle of 60 degrees through the zero-gravity seat, 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.
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.