Company making changes to foster growth, spur fundraising efforts
Planned initiatives will bolster recently announced strategy for equity funding, IPO, and delivering plans for FF 91 and FF 81
LOS ANGELES, Novermber 14, 2019 – Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, today announced senior management changes as it continues to bolster its leadership team and secure funding for the planned delivery of its first ultra-luxury production vehicle FF 91 in 2020.Upon his recent appointment as FF’s new Global CEO, Dr. Carsten Breitfeld stated that personnel changes will be part of a series of key adjustments in strengthening the management team, accelerating product delivery planning, R&D and operational cost reduction, and most importantly, fundraising and strengthening FF’s financing strategy.Bob Kruse will join FF this month as senior vice president, Product Execution (Engineering and Manufacturing). An automotive industry veteran with over 30 years of experience at GM and other consulting and start-up companies, Bob recently served as CTO at both Karma and Qoros to lead all product development and advanced technology. At FF, Bob will be responsible for leading the entire product development, engineering and manufacturing team. Additionally, Benedikt Hartman, will be joining FF as senior vice president of the Global Supply Chain organization in January 2020. He comes to FF with over 30 years of experience at BMW where he led several purchasing and supplier initiatives, including the successful launches of BMW’s 5-series, X3, 3-series and X2. Furthermore, Benedikt owns a strong professional background in China, where he was responsible for the entire global supply chain of BMW-Brilliance (BBA) for 3 years.“FF is proactively hiring new leaders to strengthen the company and accelerate the next-stage of funding activities. I am excited to announce that in addition to Kruse and Hartman joining FF, we also have commenced the search for a CFO and have identified a number of potential candidates. This individual will be an essential part of our drive to an IPO in 2021” said Dr. Carsten Breitfeld, FF’s CEO. “In addition, I’ve made additional changes to ensure that all of FF’s core departments retain experienced and competent leadership moving forward.”According to the new plan, FF 91 will kick off its delivery in approximately 9 months following the closing of successful equity funding. The newly announced FF 81 EV and development preparation for future models and next-generation core technologies will be completed as soon as possible. FF will target an IPO within 12-15 months following the conclusion of equity financing. To fulfill the new plan, FF will integrate all internal and external resources to facilitate its equity financing efforts. “I’m confident that with this new leadership initiative I’m implementing, along with the retention of a talented core of executives, FF will continue to build upon the original vision of FF and successfully build the unique products, push forward our class-leading technology and reinforce the highly skilled people that make up FF,” added Carsten.FF will announce more details on additional management changes, including the hiring of a new CFO in the near future.ABOUT FARADAY FUTUREFaraday Future (FF) is a California-based global shared intelligent mobility eco-system company. Established in May 2014, FF is a global company, headquartered in Los Angeles. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe and live freely.