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Faraday Future Appoints Industry Veteran Xuefeng (“Chris”) Chen as CEO of FF China to Solidify US-China Dual Home Market Strategy

LOS ANGELES–(BUSINESS WIRE)–Faraday Future (“FF” or “Faraday Future”), a California-based global shared intelligent mobility ecosystem company, today announced that Mr. Xuefeng (“Chris”) Chen has officially joined FF as the CEO of FF China and will report directly to Carsten Breitfeld, FF Global CEO. Chen will oversee all FF China related businesses, including project implementation, production strategy, development of localized products and creation of user ecosystem. Chen will also serve as an FF global partner.


Chen has nearly twenty years of experience in the automotive industry and is acknowledged within the industry as one of the youngest executives in charge of the China-side of business in automotive joint ventures. Chen is a pioneer in the Chinese automotive industry and possesses extensive and comprehensive corporate management experience including, among other things, localization and introduction of luxury car brands, the construction and launch of production bases, and production operations.

“Chris is a critical hire to the realization of FF’s US-China dual home strategy,” said Dr. Carsten Breitfeld, Global CEO of FF. “I am confident that his comprehensive management acumen and operational experience in luxury car brands will accelerate the implementation of FF’s business in China and will be beneficial to FF’s global strategic development.”

Chen started his automotive career in 2002 and previously worked for Changan Ford, Changan Mazda, Ford Asia Pacific Design Center and Chery Jaguar Land Rover. In January 2013, Chris joined Chery Jaguar Land Rover Automotive Co., Ltd. as executive vice president of manufacturing. He was promoted to executive vice president in November 2015 and became the youngest person in charge of the China-side of business in automotive joint ventures at the age of 39. Chen graduated from Wuhan University of Technology in 1999, majoring in automobile design and manufacturing.

“I am very excited to join FF’s talented team who share the same dream, the same mission, vision and value with a vast platform for co-entrepreneurship and value sharing and will help guide their goal in building a shared intelligent mobility ecosystem,” said Chen. “I will work with FF global partners and all employees to achieve the strategic goals of FF’s US-China dual home markets.”

Currently, preparation for the delivery of FF 91, a product that represents FF’s super-intelligent tech luxury brand DNA, is in full gear, along with its China business roll-out. Chen will help orchestrate FF 91’s entry into the Chinese market and will be hugely beneficial for FF’s US-China dual home market strategy development.

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. FF 91 is planned to be launched 12 months after closing of the merger.

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.

Background on Xuefeng (“Chris”) Chen:

Born 1976 in Chongqing. Graduated from Wuhan University of Technology with a Master’s degree in vehicle design and manufacturing.

March 2021 – Joined FF as CEO of FF China

2015- Feb. 2021 – Member of the CPPCC of Jiangsu Province; Executive Vice President at Chery Jaguar Land Rover Automotive

2012-2015 – Executive Vice President of Manufacturing at Chery Jaguar Land Rover Automotive

2009-2011 – Head of Programs/Director of Vehicles/Director of Planning, Changan Ford Mazda (Nanjing)

2005-2009 – Strategy Planning Manager, Changan Ford Mazda (Nanjing)

2004-2005 – Engineer at Ford Australia (Ford Asia Pacific Design Center)

2002-2003 – Engineer at Chongqing Changan Ford Mazda Automotive

2000-2002 – Program Manager at Zongshen Automotive

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.

Contacts

For Faraday Future

Investors:

IR@faradayfuture.com

Media:

John Schilling

media@faradayfuture.com

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