FARADAY FUTURE INTELLIGENT ELECTRIC INC. (FFAI) Business

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Item 1. Business

Unless the context indicates otherwise, references in this Annual Report on Form 10-K for the year ended December 31, 2025 (this “Form 10-K”) to “FFAI” or “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,” “we,” “us,” “our,” and similar terms refer to Faraday Future Intelligent Electric Inc. and its consolidated subsidiaries, a complete list of which is set forth in Exhibit 21.1 to this Form 10-K forms a part. The Company refers to our primary operating subsidiary in the U.S., Faraday&Future Inc., as “FF U.S.” The Company refers to all our subsidiaries organized in China (including Hong Kong) collectively as the “PRC Subsidiaries.” As of December 31, 2025, 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. References to “PSAC” refer to Property Solutions Acquisition Corp., a Delaware corporation, our predecessor company prior to the

consummation of the Business Combination (as defined herein), and “Legacy FF” refers to FF Intelligent Mobility Global Holdings Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands, together with its consolidated subsidiaries, prior to the Business Combination. References to “PSAC” refer to Property Solutions Acquisition Corp., a Delaware corporation, our predecessor company prior to the consummation of the Business Combination (as defined herein), and “Legacy FF” refers to FF Intelligent Mobility Global Holdings Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands, together with its consolidated subsidiaries, prior to the Business Combination. The discussion of the Company’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 Company’s business and industry detailed elsewhere in this Annual Report on Form 10-K.

Company Overview

Our Business Operations at a Glance

Faraday Future Intelligent Electric Inc. (the “Company”) is a California-based technology company focused on the design, engineering, and development of intelligent, connected electric vehicles and related artificial intelligence-enabled technologies. The Company’s primary business activities center on its AIEV platform, including the FF and FX vehicle series. As discussed below, the Company also holds a majority interest in AIxCrypto Holdings, Inc. (“AIXC”), an independent public company listed on Nasdaq under the symbol “AIXC,” whose business is focused on embodied AI infrastructure and blockchain infrastructure.

Headquartered in Gardena, California, the Company designs and engineers next-generation intelligent electric vehicles that integrate advanced software, connectivity, and user-centric technologies. The Company manufactures and assembles vehicles at its production facility in Hanford, California, known as FF aiFactory California, which supports vehicle assembly, paint operations for FF vehicles, final integration, and end-of-line testing.

In addition to its U.S. operations, the Company maintains engineering and operational capabilities in China. The Company is also in the process of establishing a vehicle assembly facility in the United Arab Emirates (“U.A.E.”) to support regional sales of FF and potentially FX vehicles and to expand its market presence in the Middle East.

Through AIXC, the Company has established a digital asset-related initiative focused on evaluating blockchain-based technologies and investment opportunities. AIXC’s activities currently include the development of digital platforms and infrastructure supporting the Company’s broader artificial intelligence and digital ecosystem strategy. The Company’s blockchain-related activities are presently limited in scope and are primarily development-focused.

In addition, AIXC holds a legacy biologics asset originating from prior operations, consisting of an early-stage oncology program. This asset is not part of AIXC’s core business and is maintained for potential strategic evaluation, including development or monetization opportunities, subject to market conditions and capital considerations.

The Company continues to evaluate emerging technologies and strategic initiatives that may complement its long-term objectives, while maintaining its primary focus on advancing its AIEV platform and related mobility solutions. During 2025, the Company began evaluating a robotics initiative as a potential extension of its broader embodied AI and intelligent mobility strategy. As of December 31, 2025, the robotics initiative remained preliminary and was not material to the Company’s business operations. The program progressed more substantially in 2026. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 9B. Other Information—Robotics Initiative” for additional information.

Corporate Structure, and Capital Markets

Faraday Future Intelligent Electric Inc. is a Delaware holding company that conducts substantially all of its operations through its subsidiaries. As a holding company with no material operations of its own, the Company depends on its subsidiaries to conduct its business activities, generate revenue, and manage day-to-day operations. Accordingly, holders of the Company’s Class A Common Stock and Class B Common Stock have equity interests solely in Faraday Future Intelligent Electric Inc., the parent entity, and do not have direct ownership interests in its operating subsidiaries.

The Company’s Class A Common Stock is listed on the Nasdaq Stock Market under the ticker symbol “FFAI” (formerly “FFIE”). The Company’s capital structure also includes Class B Common Stock, which provides enhanced voting rights to certain holders. This dual-class structure is intended to support long-term strategic decision-making and corporate stability while the Company continues to execute its multi-year development and commercialization plans.

As part of its broader capital markets and strategic framework, the Company has made an investment in AIxCrypto Holdings Inc. (“AIXC”), a majority-owned and consolidated subsidiary of the Company. AIXC is separately listed on the Nasdaq Stock Market under the ticker symbol “AIXC.” AIXC’s operations are consolidated into the Company’s financial statements in accordance with applicable accounting guidance.

The Company’s global operating strategy is designed to support its AIEV platform through geographically diversified engineering, manufacturing, and commercial capabilities. Core vehicle design, engineering, and manufacturing activities are primarily conducted in the United States, supported by additional engineering, supply chain, and operational functions in China. In addition, the Company is establishing an assembly presence in the United Arab Emirates to support regional vehicle sales and expand its international footprint.

This corporate structure is intended to support capital-efficient growth, maintain operational flexibility, and provide access to multiple capital markets while aligning organizational resources with evolving strategic priorities. The organizational structure and key operating entities are illustrated in the organizational chart below, followed by a summary of significant corporate and operational milestones

Organizational Chart

The organizational chart below shows the Company’s significant subsidiaries as of the date hereof:

International Operating Footprint

The Company’s operations are organized across multiple geographic regions to support its vehicle development, manufacturing, assembly, and commercialization activities. The Company maintains core operations in the United States and China, which together represent its primary operating markets. In addition, the Company has established an operational presence in the United Arab Emirates (“U.A.E.”). While the U.A.E. facility is not yet fully operational, it is intended to support regional vehicle assembly and sales activities and expand the Company’s international footprint. The sections below describe the Company’s operations in the United States, China, and the U.A.E.

U.S. Operations

The Company’s primary U.S. operating subsidiary, FF U.S., was incorporated in the State of California in May 2014. Since its founding, the Company has focused on designing and engineering next-generation intelligent, connected, and electric vehicles, including the FF Series and the FX Series.

To further develop its business and facilitate international investments, the Company established a Cayman Islands holding company structure. Smart Technology Holdings Ltd. (formerly known as FFIE Global Holdings Ltd.) was incorporated on May 23, 2014, in the Cayman Islands, and directly or indirectly controlled 100% of the shareholding of all operating subsidiaries within the corporate group.

As part of an effort to facilitate third-party investment, the Company incorporated a top-level holding company, FF Intelligent Mobility Global Holdings Ltd. (formerly known as Smart King Ltd.), in the Cayman Islands in November 2017, which became the parent entity of Smart Technology Holdings Ltd.

In September 2024, Faraday X AIEV Inc. was incorporated in the State of Delaware to serve as the primary U.S. operating company for the launch of the Company’s new FX brand, which is positioned at an accessible price point while integrating the Company’s proprietary AI and vehicle software technology.

In March 2025, Future AIHER AI Hybrid Extended-Range Electric Powertrain System Inc. was incorporated in the State of Delaware as a subsidiary of the Company. This subsidiary focuses on the design and development of AI hybrid extended-range electric powertrain systems. Future AIHER AI Hybrid Extended-Range Electric Powertrain System Inc. is indirectly 100% owned by the Company. It is anticipated that this subsidiary will primarily focus on designing and developing two products: (1) an AI hybrid extended-range ("AIHER") system; and (2) an AI extended-range system, along with comprehensive powertrain solutions to support each. An AIHER system is envisioned as a fusion of hybrid and range-extender technologies, primarily serving as a range extender, with hybrid drive functionality playing a secondary role.

China Operations and PRC Subsidiaries

The Company has historically pursued a dual-home market strategy intended to leverage both the U.S. and Chinese automotive industries. The Company has sought to combine U.S.-based technological innovation and vehicle development with China’s supply chain and production capabilities to support its long-term strategic objectives. The Company also continues to evaluate opportunities in China, including potential joint ventures and other strategic partnerships with local OEMs and suppliers.

To facilitate its historical and ongoing activities in China, the Company conducts business in the region through a holding company structure, with FF Hong Kong Holding Limited serving as the primary holding company for the PRC Subsidiaries. As part of this structure, FF Automotive (China) Co., Ltd. was established as a wholly foreign-owned entity (“WFOE”) in March 2017. As of December 31, 2025, LeSee Automotive (Beijing) Co., Ltd. (“LeSee Beijing”) was 99% owned by the WFOE. Historically, the Company conducted its China-based operations through LeSee Beijing, which was incorporated in July 2014; however, LeSee Beijing currently has no active operations.

The Company refers to its subsidiaries organized in China, including Hong Kong, collectively as the “PRC Subsidiaries.” As of December 31, 2025, the Company’s operating subsidiaries in China were limited to the following entities:

•FF Automotive (China) Co., Ltd.

•Ruiyu Automotive (Beijing) Co., Ltd.

•Shanghai Faran Automotive Technology Co., Ltd.

For a hierarchical overview of the Company’s corporate structure, refer to the Organizational Chart subsection above. A complete list of the Company’s subsidiaries is provided in Exhibit 21.1 to this Annual Report on Form 10-K.

U.A.E. Operations and U.A.E. Subsidiaries

The Company has begun establishing an operational presence in the Middle East as part of its broader international market expansion strategy. The Company believes the region presents an opportunity supported by demand for advanced mobility technologies, luxury electric vehicles, and government initiatives promoting innovation, smart mobility, and sustainable transportation.

To support its Middle East activities, the Company conducts business in the region through Faraday Future Middle East FZ-LLC, a wholly owned subsidiary established in the United Arab Emirates. This entity serves as the Company’s primary operating platform for regional business development, strategic partnerships, and related operational activities in the Middle East.

Through Faraday Future Middle East FZ-LLC, the Company has initiated activities related to regional market development, ecosystem partnerships, and operational infrastructure intended to support its longer-term presence in the region. These activities include engagement with local government entities, participation in industry events, and early-stage development of regional operational capabilities.

In addition, the Company has initiated early-stage activities in Ras Al Khaimah, United Arab Emirates, including preparation for localized assembly capabilities and coordination of supply chain logistics to support pilot production and vehicle operations in the region.

As of December 31, 2025, the Company’s primary operating subsidiary in the Middle East was Faraday Future Middle East FZ-LLC.

The Company continues to evaluate opportunities to expand its presence in the Middle East through strategic partnerships, localized manufacturing capabilities, and broader collaboration across the mobility, energy, and technology sectors.

AIEV Milestones

Significant milestones in the Company’s historical development and commercialization of the Company’s electric vehicles include the following:

•In 2015, the Company completed its first test mule, an early-stage development vehicle used to evaluate core systems and components, followed by a fully developed beta prototype electric vehicle in August 2016.

•In January 2016, the Company debuted the FFZERO1 at the 2016 Consumer Electronics Show (“CES”) and obtained a U.S. patent for its proprietary power inverter, the “FF Echelon Inverter.” In November 2016, the Company obtained an autonomous vehicle testing permit issued by the State of California, which allowed the Company to test self-driving vehicles on public roads with a safety driver present.

•In January 2017, the Company unveiled FF 91, its luxury electric crossover vehicle, at CES 2017. In 2017, the FF 91 beta prototype set a production-electric vehicle record at the Pikes Peak International Hill Climb, with a time of 11 minutes and 25.083 seconds.

•In August 2018, the Company completed its first pre-production build of FF 91 at the FF aiFactory California manufacturing facility in Hanford, California.

•In January 2021, the Company entered into a definitive agreement for a business combination with Property Solutions Acquisition Corp. (“PSAC”).

•In July 2021, the Company completed its merger with PSAC and changed its name to Faraday Future Intelligent Electric Inc. The Company’s Class A Common Stock and Public Warrants began trading on the Nasdaq Stock Market on July 22, 2021.

•In September 2021, the Company completed the installation of pilot equipment in the pre-production build area of its FF aiFactory California manufacturing facility in Hanford, California.

•In March 2023, the Company started production of the FF 91 vehicle.

•In November 2023, the Company announced its entry into the Middle East market, including strategic cooperation agreements with Master Investment Group and Siraj Holding LLC, and introduced the FF 91 2.0 Futurist aiFalcon Limited Edition for that region.

•In July 2024, the Company introduced its Bridge Strategy, a two-brand approach under which the Faraday Future brand focuses on the luxury EV market and the Faraday X brand targets the mass market segment, leveraging the Company’s existing technology and platform to expand its product lineup and market reach.

•In November 2024, the Company’s wholly owned subsidiary, Faraday X AIEV Inc., entered into definitive agreements with OEMs to support the development, testing, regulatory compliance, supply chain management, and production planning of future FX models.

•In July 2025, the Company held the global initial launch event for the FX Super One.

•In October 2025, the Company launched the FX Super One in the United Arab Emirates.

•In December 2025, the first FX Super One pre-production vehicle rolled off the line at the Company’s FF aiFactory California manufacturing facility.

Industry Overview and Market Opportunity

The Company operates across multiple technology-driven areas. The following sections provide an overview of the relevant industry environments and market conditions.

Electric Vehicle Industry Overview and Market Trends

The global electric vehicle market continues to develop, although adoption trends vary significantly by region. China remains the largest and most advanced market for electrified vehicles, supported by manufacturing scale, a competitive supplier base, rapid product development, and broad consumer adoption. Europe continues to progress toward greater electrification, although adoption rates vary across markets and remain influenced by affordability, infrastructure, and regulatory developments. In the United States, EV adoption is continuing at a more gradual pace, with market growth influenced by product positioning, customer demand, charging availability, and broader market conditions.

The Company believes these market conditions support its strategic focus on the U.S. and China markets. China remains significant due to its scale, supply chain depth, and pace of EV adoption, while the U.S. remains an important market for premium and intelligent electric vehicles despite a more gradual mass-market transition. The Company believes that its dual-home market strategy, together with its technology platform, intellectual property portfolio, and focus on product design, driving performance, and user experience, positions it to pursue opportunities in the evolving global EV market. The Company also believes its vehicle engineering capabilities and technology portfolio may support future licensing arrangements and other strategic partnerships.

Key Factors Influencing EV Market Adoption

The EV market continues to be influenced by a combination of consumer demand, affordability, charging infrastructure, vehicle range, product-market fit, and regulatory conditions. The Company believes these factors will continue to influence the pace and pattern of EV adoption across passenger vehicle and related mobility segments.

•Consumer Demand, Affordability, and Product-Market Fit

Consumer adoption of electric vehicles is increasingly influenced by affordability and product-market fit. In the United States, entry-level BEV buyers remain underserved, while premium vehicle categories have become increasingly crowded. In Europe, affordability continues to be an important factor, particularly as direct purchase incentives have been reduced in certain markets. In China, intense competition, a focus on affordable, high-quality vehicles, and strong product-market fit have supported broader EV adoption. Consumer survey data also indicates that more than one-third of respondents across China, the European Union, and the United States intend to purchase a BEV, suggesting continued demand where customer expectations for price and performance are met.

•Charging Infrastructure, Range Considerations, and Ownership Experience

Charging availability, range considerations, recharge time, and total cost of ownership remain important factors in EV adoption. Consumers continue to evaluate electric vehicles based not only on purchase price, but also on the convenience and reliability of charging, expected driving range, and overall ownership experience. In some regions, infrastructure limitations and range-related concerns have contributed to slower adoption, while in others, stronger charging networks and broader consumer familiarity with electrified vehicles have supported market growth. The Company believes that improvements in charging infrastructure, battery performance, and vehicle efficiency will remain important to broader EV adoption.

•Regulatory and Policy Environment

Government policy and regulation continue to affect EV adoption globally, although the impact varies by region. In some markets, policy support, incentives, emissions regulations, and infrastructure investment have contributed to faster EV adoption and industry development. In other markets, evolving policy conditions and changes to incentive programs have contributed to more gradual adoption trends. The Company believes that regulatory developments, together with industrial policy, charging infrastructure investment, and broader market conditions, will continue to influence the competitive landscape for electric vehicles.

•Growth of Shared Mobility and Mobility-as-a-Service

The mobility market continues to evolve as consumers increasingly consider alternatives to private vehicle ownership, including ride-hailing, car-sharing, and other mobility-as-a-service offerings. The Company believes that growth in shared mobility may continue to influence vehicle demand patterns, particularly in urban markets where convenience, utilization, and total cost of use are important considerations. Higher-utilization fleet applications may also be favorable to electrification over time, as electric vehicles can offer operating cost and efficiency advantages in certain use cases. At the same time, increased adoption of shared mobility services could partially offset growth in demand for privately owned passenger vehicles in some markets.

Technology

The Company develops technology for its electric vehicles, with a focus on vehicle architecture, propulsion systems, autonomous driving readiness, connectivity, and user experience. The Company’s technology is intended to support vehicle performance, software-enabled functionality, and an intelligent mobility ecosystem. The Company has developed a proprietary platform architecture, referred to as the Variable Platform Architecture (“VPA”), advanced propulsion systems, and a proprietary intelligent computing ecosystem referred to as Internet, Autonomous Driving, and Intelligence (“I.A.I.”) systems, to support its electric vehicle lineup. These technologies are intended to enable scalable product development, drivetrain performance, software integration, and personalized user interactions. The Company continues to advance its technology through ongoing system development, over-the-air (“OTA”) updates, and expansion of its intellectual property portfolio.

The VPA is a modular skateboard-like platform that can be configured to accommodate various motor and powertrain configurations, enabling product development for both passenger and commercial vehicle segments. The Company’s propulsion system includes a proprietary inverter design intended to support electric drivetrain performance. The Company’s I.A.I. technology is designed to support high-performance computing, high-speed internet connectivity, OTA update capabilities, an open ecosystem for third-party application integration, and an autonomous driving-ready system, together with other features intended to enhance the user experience.

The following sections describe the key technologies used in the Company’s vehicles.

FF aiHyper 6x4 Architecture 2.0

The FF aiHyper 6x4 Architecture 2.0 is the Company’s advanced technology framework that integrates six technology platforms with four technology systems. This architecture is central to the design and functionality of the FF 91 2.0 series vehicles.

Six Technology Platforms:

•FF OpenApp: An open application platform that allows for the integration of various apps and services, designed to support integration of apps and service.

•FF aiOS 2: The second generation of the Company's operating system, designed to manage vehicle functions and user interactions.

•FF aiHW 2.0: Advanced hardware components that support the vehicle's AI capabilities and overall performance hardware components designed to support the vehicle’s computing and related system functions.

•FF Mechanical: The mechanical systems that form the physical foundation of the vehicle designed to support data storage, processing, and connectivity features.

•FF Cloud: A cloud-based platform that enables data storage, processing, and connectivity features for the vehicle.

•FF AI: Artificial intelligence systems that learn user habits, enabling continuous improvement and personalized experiences designed to support adaptive and personalized user interactions.

Four Technology Systems:

•Magic All-In-One: A system that combines various vehicle control functions to provide a seamless driving experience.

•Hyper Multi-Vectoring: An integrated system that manages propulsion, steering, and braking to enhance vehicle agility and control designed to coordinate propulsion, steering, and braking functions.

•3rd aiSpace: An intelligent space within the vehicle that offers personalized services and entertainment options an in-vehicle environment designed to support personalized services and entertainment features.

•FF aiDriving: An AI-driven system that supports advanced driver-assistance features.

By combining these platforms and systems, the FF aiHyper 6x4 Architecture 2.0 is intended to support the vehicle’s performance, connectivity, and user experience.

Propulsion Technology

The Company has designed an integrated set of powertrain systems ideally suited for the Company’s modular VPA, which has been upgraded to PT Gen 2.0 to further enhance performance. The Company believes its proprietary and patented designed electric powertrain provides a competitive edge in horsepower, efficiency, and acceleration performance.

•FF Echelon Inverter

The inverter in the Company’s electric vehicle powertrain governs the flow of high-voltage electrical current throughout the vehicle and serves to power the electric motor, generating torque while driving and delivering energy into the battery pack while braking. The inverter converts direct current from the battery pack into alternating current to drive the permanent magnet motors and provides “regenerative braking” functionality, which captures energy from braking to charge the battery pack. The primary technological advantages of the Company’s designs include the ability to drive large amounts of current in a small, physical package with high efficiency and low cost (low inverter losses to provide 98% of inverter efficiency) utilizing patented parallel IGBT technology and can achieve high torque accuracy with fast transient response. The inverter can achieve high reliability due to tab bonds in the high current path. The monitoring system is integrated into the inverter to provide enhanced safety. The patented FF Echelon Inverter is designed to have high power in a compact light weight package with high reliability and durability and can support multiple motor configurations.

•Integrated Electric Motor Drive Units

The Company designs its own electric motor drive units (including gearbox). The electric drive units are fully integrated with the inverter, transmission, and control unit to create a compact and efficient design. The Company designed drive units have low noise and vibration that can greatly improve driving experience. Depending on the power requirements of each model, the motors can be utilized individually or in two or three motor configurations. The FF vehicles, equipped with three integrated electric drive units (each is designed to deliver up to 350 horsepower), is expected to deliver 1,050 horsepower and 12,510 Newton meters (“Nm”) of torque. The Company believes its electric drive unit design is ahead of many of its competitors in terms of performance because of its proprietary, advanced packaging, stator-rotor design, and unique inverter layout.

•AI-Powered Hybrid Extended-Range Systems (AIHER)

Launched in March 2025, Future AIHER is an initiative focused on the design, development, and potential commercialization of AI-driven range extender systems for extended-range electric vehicles (“EREVs”). The initiative includes two contemplated product concepts: an AI hybrid extended-range system and an AI extended-range system. These systems are intended to combine elements of traditional hybrid and range-extended architectures, with a primary focus on range extension and supporting hybrid-drive functionality, to enhance energy management and system integration.

I.A.I. Technology

The Company utilizes an industry-leading automotive grade dual-chip computing system running the Android Automotive operating system. The Company’s I.A.I system is built on an enhanced Android Automotive code base and is upgraded with each release of Google’s platform. The Company vehicles are designed with software OTA capabilities, which allow software and applications in the vehicle to be updated and upgraded wirelessly to deliver continuous enhancements. The vehicles are designed to be connected to the Company’s information cloud at all times. When there is a firmware or software update available, the Company’s cloud will push an update message to the vehicle to notify the driver to schedule an update. Upgrades will be wirelessly downloaded to the vehicle, installed, and enabled, including updates for firmware, operating systems, middleware, and applications. The Company’s patented Future OS operating system allows multiple users to login through FF 91, preparing user’s preferences per their cloud based FFID profiles.

For autonomous driving, the Company’s advanced autonomous driving-ready system (“ADAS”) will deliver multiple ADAS features through a combination of its own as well as industry partners’ applications. The Company plans to devote resources to autonomous driving research and development and to work with partners to deliver full autonomous-driving capabilities in highway and urban driving, as well as parking, across its vehicle lines in the future.

The Company’s Artificial Intelligence system can actively learn preferences, habits, entertainment, and navigation routines of a user, and associates them with the user’s unique FFID (the Company’s proprietary user ID). FFID provides a unique user profile that ensures a consistent experience across the FF Ecosystem, as the user goes from one seat to another or even from one vehicle to another. The seamless design and interface of the in-vehicle infotainment system planned in FF series vehicles will offer multiple human-machine interface (“HMI”) options and facilitate a personalized user experience for each seat in the vehicle. The enhanced user experience platform powered by Android enables seamless access to third party applications. The Company’s patented Intelligent Aggregation Engine can pull content from multiple video applications and displays content in a single area, removing the need to access multiple applications. The Intelligent Recommendation Engine that may be integrated in certain FF and FX series learns each passenger or driver’s digital media preferences across multiple video applications and provide personalized recommendations. The User Recognition function is embedded in each seat through facial or voice recognition, to deliver a suite of personalized content and preferences.

Electrical/ Electronic (“E/E”) Architecture

The Company has designed the first generation of FF vehicle series (“FF 91”) with a domain-centralized E/E architecture, which enables architecture flexibility and maximizes performance efficiency while meaningfully reducing the overall system complexity and weight. The domain-centralized E/E architecture will consolidate the domain functions across five core high-performance domain control units (“DCU”) that manage, compute, and process controls for propulsion, chassis, self-driving, body, and Internet of Vehicle-connected infotainment system (“IoV”). The E/E architecture of the Company’s variable platform architecture is designed with the capacity to support the power and communication requirements necessary for seamless integration with advanced autonomous systems as they evolve. All of the Company’s DCUs will support OTA updates and data collection.

Intellectual Property

As described above, the Company has developed a suite of technologies that underpin its electric vehicle architecture, propulsion systems, autonomous driving capabilities, and user experience innovations. Many of these proprietary advancements are protected by patents, and other intellectual property rights. The Company’s commitment to technological innovation is reflected in its growing intellectual property portfolio, which includes patents and patent applications relating to key areas such as UI/UX, powertrain, ADAS, vehicle body, and software-hardware integration.

The Company has significant capabilities in vehicle engineering, development, and design, with a strong portfolio of proprietary systems and technologies. As of December 31, 2025, the Company had been granted approximately 656 patents, covering a broad range of innovations. Of these, approximately one-third were issued in the U.S., nearly two-thirds in China, and the remainder in other jurisdictions. These patents are held across multiple the Company entities, including FFAI, FF U.S., FF Automotive (China) Co., Ltd., Leka Automotive Intelligent Technology (Beijing) Co., Ltd., and LeEco Eco-Car (Zhejiang) Co., Ltd.

The Company’s patented technology spans UI/UX, powertrain, ADAS, vehicle body, hardware/software platforms, and chassis. Key patents include the inverter assembly, integrated drive and motor assemblies, methods and apparatus for generating current commands for an interior permanent magnet (“IPM”) motor,and seamless vehicle access systems. The Company plans to continue filing new patent applications to expand and protect its intellectual property portfolio.

In addition, the Company has disclosed patent applications relating to its AI-powered hybrid extended-range systems initiative, including an application involving deep reinforcement learning techniques intended to support dynamic energy management in hybrid systems, as well as applications involving structural designs intended to simplify certain plug-in hybrid system architectures. The Company’s current strategy for this initiative includes evaluation of potential near-term use of third-party range extender technology in planned FX vehicles, as well as longer-term development of proprietary AI-driven range extender solutions. These activities remain subject to further development, technical validation, financing, and commercialization planning.

The Company’s core patents are expected to remain in effect until 2035 or later, supporting its long-term position in EV innovation.

FF and FX Brands

The Company’s flagship FF 91 and F 92 series are intended to define the FF brand DNA and represent the Company’s ultimate AI-luxury positioning. At the high end of the FF product lineup, the “Futurist Alliance” configurations are designed to emphasize the Company’s core brand attributes, including design, driving experience, interior comfort, connectivity, and a personalized, connected user experience for drivers and passengers.

The FX brand is intended to broaden the Company’s reach into higher-volume segments through planned models, including the FX 4, FX 6, and FX Super One, which the Company describes as a “First Class AI-MPV.” The Company expects these planned FX models to include a mix of battery-electric and range-extended powertrain configurations and to expand its product portfolio beyond the ultra-luxury segment.

Production Models

The Company’s current vehicle lineup consists of two models that are in production or pre-production and are intended to address the ultra-luxury and premium multi-purpose vehicle segments.

FF 91

The FF 91 series represents the Company’s first production vehicle and serves as the flagship model of the FF brand. The FF 91 is positioned as an ultra-luxury, AI-enhanced electric vehicle in the E-segment / Executive Full-Size or F-segment / Full-Size luxury category and is designed to deliver high performance, advanced technology integration, and a premium passenger experience.

The FF 91 is built on the Company’s proprietary Variable Platform Architecture (“VPA”), which integrates the battery system, electric drive units, and inverter into a unified platform. In its top Futurist Alliance configuration, the FF 91 features a tri-motor all-wheel-drive system consisting of one front motor and two rear motors. This configuration is designed to produce up to 1,050 horsepower and approximately 12,510 Nm of torque and to enable torque vectoring at the rear axle to support vehicle dynamics, stability, and traction. The FF 91 Futurist Alliance is designed to accelerate from 0 to 60 miles per hour in approximately 2.27 seconds.

Connectivity is enabled through the Company’s Super Mobile AP system, which includes up to three 5G modems to support high-throughput data connectivity and network coverage. The artificial intelligence system utilizes FFID facial recognition technology to load personalized user profiles automatically, allowing preferences to transfer across seats and between vehicles. Planned post-production features include individualized sound zones and rear “zero-gravity” seating with extended legroom and recline functionality.

As a limited-edition model, the FF 91 2.0 Futurist Alliance currently has a manufacturer’s suggested retail price of approximately $309,000. Since the commencement of deliveries in August 2023, the Company has delivered a limited number of FF 91 vehicles.

FX Super One

The FX Super One series is the first multi-purpose vehicle (“MPV”) under the FX brand. It is positioned as a premium, AI-enhanced MPV designed to serve a range of mobility, business, and lifestyle use cases, including executive transportation, family travel, and leisure applications. The vehicle is designed to offer a spacious interior with multiple rows of seating, ambient lighting, and integrated entertainment systems.

The FX Super One is planned to be offered with two powertrain configurations: a battery electric vehicle (“BEV”) version and an AI hybrid extended-range configuration. The vehicle is also expected to be equipped with an all-wheel-drive system. The Company announced that pre-production of the FX Super One began at its Hanford, California manufacturing facility in December 2025.

The Company has outlined a phased delivery strategy for the FX Super One in the United States, with initial deliveries expected to begin in the second quarter of 2026, followed by a gradual ramp-up toward broader consumer availability in late 2026 or early 2027, subject to regulatory approvals, production readiness, and market conditions.

The FX Super One incorporates the Company’s Super EAI F.A.C.E. System, an AI-enabled front communication interface designed to support multimodal interaction, including voice, gesture, and touch inputs. The system is intended to support user interaction and vehicle connectivity.

The FX Super One is positioned within the premium MPV segment.

Pipeline Products

In addition to the FF 91 series and the FX Super One, the Company is developing additional vehicle models under the FX brand as part of its product pipeline.

FF 92

The Company’s updated master plan includes research and development for the next-generation FF 92. The FF 92 is intended to succeed the FF 91 series and further develop the Company’s AI and EV technology platform. Detailed specifications and timing have not yet been publicly disclosed.

FX 4

The FX 4 is envisioned as an AI-enhanced midsize sport utility vehicle intended to expand the Company’s presence in a broader vehicle segment. The Company expects the FX 4 to be priced between $30,000 and $45,000 and to be offered with both range-extended and battery-electric powertrain options. The FX 4 is intended to compete in a segment that includes vehicles such as the Toyota RAV4, Honda CR-V, Toyota bZ4X, Hyundai Ioniq 5, and Nissan Leaf. Additional details regarding specifications and launch timing have not yet been publicly announced.

FX 6

The FX 6 is envisioned as a family-oriented, AI-enhanced electric vehicle designed to incorporate premium design, safety features, and smart cabin and AI technologies. The Company expects the FX 6 to be priced between $30,000 and $50,000 and, like the FX 4, to be offered with both range-extended and battery-electric powertrain options. The FX 6 is intended to compete in a segment that includes vehicles such as the Toyota bZ4X, Hyundai Ioniq 5, Kia EV6, and Ford Mustang Mach-E. Additional details regarding specifications and launch timing have not yet been publicly disclosed.

Manufacturing and Distribution Strategies

Manufacturing and Assembly Strategy and Facilities

To implement a capital-light business model, the Company has adopted a hybrid manufacturing strategy centered on its manufacturing facility in Hanford, California, together with planned assembly activities in the United Arab Emirates (“U.A.E.”). In addition to its U.S. operations, the Company has established Faraday Future Middle East FZ-LLC to support assembly and sales expansion in the Middle East region. Through an agreement with the Ras Al Khaimah Economic Zone (“RAKEZ”), the Company plans to lease a facility of approximately 108,000 square feet in the U.A.E. This expansion is intended to support the Company’s “third pole” strategy, complementing its dual-home markets of the United States and China.

The Company currently builds its FF 91 series vehicles at FF aiFactory California, its manufacturing facility located in Hanford, California. The facility consists of approximately 1.1 million square feet and, based on the current build-out plan, is expected to have an estimated annual production capacity of approximately 30,000 vehicles. FF aiFactory California supports key manufacturing operations, including body assembly, paint operations, final vehicle assembly, and end-of-line testing for the FF 91. The Company also plans to assemble the FX Super One and future FX series vehicles at FF aiFactory California, leveraging the facility’s existing infrastructure.

The Company intends for its vehicle engineering, purchasing, manufacturing, quality, and sales teams to work together across the value chain to improve coordination between design and production and to support quality assurance and product improvements. In addition, the Company plans to utilize virtual manufacturing simulation methods to validate operations and optimize manufacturing processes.

Suppliers

The Company has established a global supply chain and works with suppliers across North America, Europe, and Asia to source systems, components, raw materials, parts, manufacturing equipment, and essential services. The Company has onboarded suppliers for FF 91 components to support production activities.

In November 2024, the Company, through its subsidiary Faraday X, entered into definitive agreements with OEMs in Asia to support development, testing, regulatory compliance, supply chain management, and production planning for future FX

models. For additional information regarding certain key agreements, see the Key Agreements and Partnerships subsection below.

Subsequent to December 31, 2025, the Company entered into an executed agreement with a third-party automotive partner relating to certain engineering, testing, certification, supply chain, and related development activities for the FX Super One. Because this arrangement was entered into after year end, it did not form part of the Company’s supplier arrangements as of December 31, 2025.

Distribution Model

The Company launched its first passenger vehicles in the United States in 2023. The Company plans to utilize a direct sales model integrating online and offline sales channels to support vehicle sales and user operations, including activities involving customers, drivers, and passengers of FF series vehicles. The Company also plans to work with partners through a co-creation and ecosystem-based sales model intended to support an asset-light approach to sales and distribution.

The Company’s offline sales are planned to be conducted through partner-owned stores and showrooms. The Company believes this approach may support expansion of its sales and distribution network without substantial capital investment.

Co-Creation Program

The Company seeks to establish a direct and reciprocal relationship with its user base as part of its efforts to strengthen brand awareness and obtain product feedback. On August 12, 2023, the Company delivered the first FF 91 2.0 Futurist Alliance. Since then, the Company has continued to engage with Co-Creators, whose feedback is intended to help inform the refinement of vehicle features and functionality.

Partner Ecosystem Model

The Company plans to work with partners through a co-creation and ecosystem-based sales model intended to support an asset-light approach to sales and distribution. Under this model, partners may participate in vehicle sales, user operations, and related ecosystem activities. The Company believes this approach may support broader market reach and channel development without requiring a traditional inventory-heavy retail model.

Other Sales and Service Capabilities

To complement the Company’s brand-building efforts, its sales team has been building out its sales and service capabilities. Recent developments include the following:

•Leasing Program: In collaboration with Luxury Lease Partners, the Company has launched a leasing program for FF 91 2.0 Futurist Alliance owners.

•Bureau of Automotive Repair License: The Company holds a license from the California Bureau of Automotive Repair.

•Home Charging Installation Program: In collaboration with Qmerit Electrification, the Company has launched a home charging installation program. The Company’s home charger supports up to 19.2 kW and is a Wi-Fi-connected smart charger compatible with most electric vehicles.

•Public Charging Program: The Company has also launched a public charging program. Each FF 91 2.0 Futurist Alliance owner is eligible for $1,000 of charging credits that may be used across major U.S. EV charging networks.

Sales, Delivery, and Servicing of Vehicle

Purchase transactions are expected to be processed online through the Company’s website or mobile applications. Company partners are expected to support the sales process, including demonstration drives and the provision of vehicle information, and to receive compensation based on a revenue-sharing model, territory, and/or services performed. Users accessing FF.com may purchase vehicles online and may choose the closest partner-owned experience center or showroom for support. Customers visiting a partner-owned experience center are expected to be supported by staff and directed to FF.com for purchase transactions. The Company believes that, as users become more familiar with its vehicles, a greater portion of the sales process may be completed online. The Company expects this approach may increase the efficiency of its partner-operated experience centers. Because the Company expects to oversee vehicle delivery, both Company stores and partner-owned experience centers and showrooms are expected to operate in an asset-light manner.

Partner-owned experience centers and showrooms are expected to serve as a primary network for servicing the Company’s vehicles, including repair, maintenance, and bodywork services. The Company also expects to contract with select third-party service centers to support geographic coverage and to deploy mobile service vans based on user demand. To support expansion of its service capabilities, FF Eco Sales Company, LLC, the Company’s sales subsidiary, has engaged Somit Solutions (“KPIT”) to assist with development of systems supporting after-sales activities, including repair orders, warranty administration, parts catalog management, and repair manuals. In addition, the Company plans to engage a national automotive services provider to support certain after-sales activities, including shipping logistics and access to a service center network. The Company also plans to utilize a connected remote service platform. For additional information regarding certain key agreements, see the Key Agreements and Partnerships subsection below.

Competitive Strengths

The Company believes that its products, technology, team, and business model provide differentiated capabilities. The Company believes its competitive strengths include the following:

•VPA Platform: A flexible EV platform designed to support vehicle development and reduce development time and costs.

•Propulsion System: Proprietary inverter technology and integrated drive units designed to support efficiency, torque control, and vehicle performance.

•I.A.I. Technology: High-performance computing, driver-assistance functionality, and cloud connectivity designed to support the user experience.

•Intellectual Property Portfolio: Proprietary technologies and related intellectual property in areas including battery technology, powertrain, software, and user interface design.

•Experienced Leadership: A management team with experience in the automotive, technology, and internet sectors.

•Co-Creation Model: A user-driven approach that fosters engagement, brand loyalty, and product evolution based on real-world input.

•Partner Ecosystem Model: A partner-based sales and distribution approach intended to support an asset-light operating model and broader market reach.

VPA Platform

The Company’s proprietary Variable Platform Architecture (“VPA”) is a skateboard-like platform that incorporates the critical components of an electric vehicle and can be configured to accommodate various motor and powertrain configurations. This flexible, modular design is intended to support a range of consumer and commercial vehicles and facilitate development of multiple vehicle programs in a cost- and time-efficient manner.

Propulsion System

The Company’s propulsion system includes a proprietary inverter design and proprietary drive propulsion system. The proprietary FF Echelon Inverter is designed to drive a large amount of current in a compact space using parallel Insulated Gate Bipolar Transistors (“IGBTs”), supporting low inverter losses and high efficiency. The propulsion system is also designed to provide torque accuracy and fast transient response. The electric motor drive units are integrated with the inverter, transmission, and motor to support packaging efficiency and overall system design.

The Company’s integrated powertrain is designed to support horsepower, efficiency, and acceleration performance. The FF 91 has received an EPA-estimated range of 381 miles on a single charge, and the Company has reported internally measured acceleration of 2.27 seconds from 0 to 60 miles per hour.

Internet, Autonomous Driving, and Intelligence (“I.A.I”) System

The Company’s I.A.I. technology is designed to support high-performance computing, high-speed internet connectivity, OTA updates, an open ecosystem for third-party application integration, and an autonomous driving-ready system, together with other proprietary features intended to support a personalized user experience. The FF 91 series features a dual systems-on-a-chip (“SoC”) computing platform for in-vehicle infotainment, an NVIDIA-based autonomous driving hardware platform, and a high-speed connectivity system capable of supporting up to three simultaneous 5G connections. Together, these systems are designed to support a voice-first user experience, cloud connectivity, and highway autonomous driving-ready functionality.

The I.A.I. system is built on an enhanced Android Automotive code base and is updated with each release of Google’s platform.

The Company’s vehicles use the proprietary FFID unique identifier to support personalized content, applications, and user experiences. FFID is intended to provide a consistent user profile across the FF ecosystem as the user moves from one seat to another or from one vehicle to another.

Intellectual Property Portfolio

The Company has capabilities in vehicle engineering, vehicle design and development, as well as software, internet, and artificial intelligence. The Company has also developed proprietary processes, systems, and technologies across these areas. The Company’s research and development efforts have resulted in an intellectual property portfolio covering battery, powertrain, software, user interface design and user experience design (“UI/UX”), and advanced driver-assistance systems, among other areas.

Representative proprietary technologies include inverter designs integrated into electric drive units, keyless entry technology, gesture controls, and driver-assistance-related technologies. The Company believes its intellectual property portfolio may support differentiation from competitors and product development across future vehicle programs.

Key patents include the Company’s inverter assembly, integrated drive and motor assemblies, methods and apparatus for generating current commands for an interior permanent magnet (“IPM”) motor, and keyless vehicle entry system. These key patents will expire in 2035 or 2036.

Experienced Leadership

The Company is led by a management team with experience in the automotive, communications, and internet sectors. Global Co-Chief Executive Officer Matthias Aydt has been with the Company for over eight years. Before being appointed Global Co-Chief Executive Officer, he served in several roles, including Head of Product Execution, Head of Vehicle R&D and Vehicle Engineering, Head of Product Definition and Mobility Ecosystems, and Head of Business Development. Mr. Aydt has over 40 years of experience with luxury OEMs across technology, operations, and general management, including experience in developing multinational organizations, establishing cross-functional work environments, and designing development, project management, and simultaneous engineering processes.

Founder and Global Co-Chief Executive Officer Yueting Jia, who served as Chief Product and User Ecosystem Officer before April 2025, focuses on product and mobility ecosystem development, internet and AI, advanced research and development technologies, and user ecosystem initiatives. Mr. Jia founded Leshi Information Technology Co., Ltd., a video streaming website, in 2004. He also founded Le Holdings Co. Ltd. (“LeEco”), an internet ecosystem and technology company with businesses that included smartphones, smart TVs, smart vehicles, internet sports, video content, internet finance, and cloud computing.

Other members of the Company’s management team also have experience in areas such as vehicle engineering, battery systems, powertrain, software, internet, AI, and consumer electronics.

Marketing and Sales Approach Through User Co-Creation

As the Company looks forward, its focus is set on continued ramp of vehicle production and building the Company’s brands through user co-creation (“Co-Creation”). And these initiatives do more than just elevate the brands’ presence; they cultivate a deep connection between the Company and its community, offering an enriched brand journey.

At the core, Co-Creation transcends mere collaboration; it's the manifestation of the Company’s commitment to centering its users in all the Company’s endeavors. Through collaborative partnerships with Co-Creators, the Company believes that substantial value can be accessed across various aspects such as product development, technological development, brand amplification, trust and loyalty, pricing power, strategic positioning, and brand marketing. This paradigm sets the Company apart in the dynamic EV landscape, ensuring its offerings are not merely technologically superior but also resonate with the ever-evolving expectations and aspirations of the Company’s clientele.

Competitive Strengths

The Company has experienced, and expects to continue to experience, intense competition from several companies, particularly as the transportation sector increasingly shifts toward low-emission, zero-emission, or carbon-neutral solutions. Many established and new automobile manufacturers have entered or have indicated an intention to enter the alternative fuel and electric vehicle market. Many major automobile manufacturers, such as Tesla, Porsche, Mercedes-Benz, Rolls-Royce, and Audi, currently offer electric vehicles. Other CSRC filings automobile manufacturers are also developing electric vehicles, including NIO, XPeng, Li Auto, and Lucid Motors, among others. In addition, several manufacturers offer hybrid vehicles, including plug-in versions. The Company’s FF series directly competes with other pure-play electric vehicle companies targeting the high-end segment, while also competing to a lesser extent with NEVs and ICE vehicles in the mid- to high-end segment offered by traditional OEMs. The FX series is intended to compete with other mass-market electric vehicles. The Company believes the primary competitive factors in the electric vehicle market include, but are not limited to:

•pricing;

•brand recognition;

•technological innovation, recently enhanced through PT Gen 2.0;

•customer experience, vehicle performance, quality, safety and reliability;

•space, comfort, and user experience;

•design, styling, and interior materials;

•supply chain management;

•manufacturing efficiency.

The Company believes that it will compete favorably with its competitors on the basis of these factors. However, most of the Company’s current and potential competitors have greater financial, technical, supply chain, manufacturing, marketing, and other resources than the Company. They may be able to deploy greater resources to the design, development, manufacturing, supply chain, distribution, promotion, sales, marketing, and support of their electric vehicles. Additionally, the Company’s competitors may also have greater name recognition, longer operating histories, lower material costs, larger sales forces, broader customer and industry relationships, and other resources than the Company.

Key Agreements and Partnerships

The Company has formed strategic agreements to support its manufacturing, technology, and market expansion.

FX Vehicle Co-Development Agreements

In November 2024, the Company, through its subsidiary Faraday X, entered into definitive agreements with OEMs in Asia for the joint development of new FX vehicle models. These agreements provide for collaboration on development, testing, regulatory compliance, supply chain management, and production planning. In December 2025, the first FX pre-production vehicle rolled off the line at the Company’s FF aiFactory California manufacturing facility.

FX Vehicle Engineering Agreements

In January 2025, the Company entered into definitive engineering services agreements through its FX subsidiary with an automotive original equipment manufacturer in Asia. Pursuant to these agreements, the counterparty will provide vehicle engineering, product development, validation, certification support, and manufacturing engineering services in support of the Company’s FX vehicle program, including activities intended to advance the vehicle toward mass-production readiness.

After-Sales and Service

The Company has engaged Somit Solutions (“KPIT”) to support development of underlying after-sales service systems in the United States and China. The Company also plans to engage a U.S.-based national automotive services provider to support certain after-sales operations in the United States.

Governmental Regulations, Programs and Incentives

The Company operates in industries that are subject to extensive and evolving governmental regulation. The Company’s business activities, including artificial intelligence electric vehicle (“AIEV”) development and manufacturing, software-enabled and connected technologies, data management, and digital asset-related initiatives, are affected by a broad range of environmental, safety, technology, financial, and data protection laws and regulations. Failure to comply with applicable laws,

regulations, permits, approvals, or license requirements could materially and adversely affect the Company’s business, financial condition, and results of operations.

Governance and Regulatory Framework

The Company’s AIEV operations are subject to a complex and evolving regulatory framework governing vehicle design, manufacturing, distribution, software functionality, and post-sale operation. These regulations address matters including environmental compliance, vehicle safety, energy efficiency, autonomous driving technologies, and the sale and distribution of motor vehicles.

As an AIEV manufacturer, the Company must comply with regulatory requirements administered by multiple governmental authorities at the federal, state, provincial, and local levels, as well as by foreign regulatory agencies in jurisdictions where it operates or intends to operate. These requirements continue to evolve as governments develop policies addressing electrification, artificial intelligence integration, connected vehicle systems, and emerging mobility technologies.

The regulatory framework applicable to the Company’s AIEV business includes, among other matters, environmental credit programs, autonomous driving and advanced driver-assistance system oversight, and automobile manufacturer and dealer regulations governing vehicle sales, distribution models, licensing, and consumer protection. The following sections summarize the principal regulatory considerations applicable to the Company’s AIEV operations.

Vehicle Safety and Testing

The Company’s vehicles are subject to, and must comply with, numerous regulatory requirements established by the National Highway Traffic Safety Administration (“NHTSA”), including applicable Federal Motor Vehicle Safety Standards (“FMVSS”). As a manufacturer, the Company self-certifies that its vehicles meet all applicable FMVSS requirements before they may be sold in the United States. These requirements include, among others, crashworthiness standards, active safety requirements, and electric vehicle requirements, such as limitations on electrolyte spillage, battery retention, and protection against electric shock following specified crash tests.

In addition to FMVSS requirements, the Company is subject to other federal laws administered by NHTSA, including Corporate Average Fuel Economy (“CAFE”) standards, Theft Prevention Act requirements, consumer information labeling requirements, early warning reporting requirements relating to warranty claims, field reports, death and injury reports, foreign recalls, and owners’ manual requirements. The Company is also subject to the Automobile Information and Disclosure Act, which requires manufacturers to disclose specified information relating to the manufacturer’s suggested retail price, optional equipment, and other pricing information. In addition, the Company is required to comply with Environmental Protection Agency (“EPA”) and California Air Resources Board (“CARB”) requirements relating to annual compliance certification and certain running changes, including where vehicle range may be affected by software or hardware updates. NHTSA may also, at its discretion, purchase Company vehicles for testing under the New Car Assessment Program (“NCAP”), and the results of such testing may be required to appear on the Monroney label affixed to new vehicles sold in the United States.

Vehicles sold outside the United States are subject to similar foreign safety, environmental, and other regulatory requirements. Where those regulations and standards differ from those applicable in the United States, the Company may be required to redesign and/or retest its vehicles. For example, the European Union (“E.U.”) has adopted vehicle safety regulations that include certain mandatory advanced driver-assistance system requirements and a framework for approval of automated and driverless vehicles. Vehicles sold in China are also subject to compulsory product certification requirements and, to be approved for manufacture and sale in China, must be included in the Announcement of Vehicle Manufacturers and Products issued by the Ministry of Industry and Information Technology (“MIIT”) of China, following demonstration of compliance with applicable safety, technical, and other regulatory requirements.

Environmental Credits

The Company may earn tradable regulatory credits in connection with the production, delivery, and placement into service of its zero-emission vehicles under various governmental programs designed to promote the development and adoption of low- or zero-emission vehicles. These credits may be sold to other automotive manufacturers and regulated entities that use such credits to comply with applicable emissions standards and other regulatory requirements.

On December 30, 2021, the Environmental Protection Agency (“EPA”) issued greenhouse gas emissions standards for model years 2023 through 2026 light-duty vehicles that accelerated the annual increase in the stringency of such standards from 1.5% to 5% to 10%. These standards include carbon dioxide emission credit multipliers for the sale of electric vehicles, and the

EPA has indicated that the standards are expected to contribute to increased market share for electric and plug-in hybrid vehicles by model year 2026. Similarly, on August 25, 2022, the California Air Resources Board (“CARB”) approved the Advanced Clean Cars II rule, which amended California’s existing Zero Emission Vehicle Regulation to require an increasing number of zero-emission vehicles beginning with model year 2026 and progressing to a 100% transition of light-duty passenger vehicles to zero-emission vehicles by model year 2035.

The Company may also earn similar regulatory credits under other applicable regulatory regimes in the United States and abroad.

EPA Emissions and Certification

The U.S. Clean Air Act requires the Company to obtain a Certificate of Conformity issued by the U.S. Environmental Protection Agency (“EPA”), and California law requires the Company to obtain a California Executive Order issued by the California Air Resources Board (“CARB”), certifying that applicable vehicles comply with relevant emissions requirements. A Certificate of Conformity is required for vehicles sold under applicable EPA standards, and a CARB Executive Order is required for vehicles sold in states that have adopted California’s emissions standards for new vehicles and engines. States that have adopted California standards as approved by the EPA also recognize the CARB Executive Order for vehicle sales.

The FF 91 for model year 2025 has an EPA Certificate of Conformity and CARB certification as a zero-emission vehicle, as well as an EPA-attested range of 381 miles. For future model years, including FF 91 model year 2026, the Company will be required to obtain the applicable EPA Certificate of Conformity and CARB Executive Order before sale, as applicable.

Beginning with model year 2026, the Company will also be required to comply with California data standardization requirements for zero-emission vehicles, which specify certain vehicle and battery data that must be made available to vehicle owners through a scan-tool device.

Automobile Manufacturer and Dealer Regulation

U.S. state laws regulate the manufacture, distribution, and sale of automobiles and generally require motor vehicle manufacturers and dealers to be licensed in order to sell vehicles directly to consumers in a state. The Company may need to obtain dealer licenses, or their equivalents, to engage in sales activities for its self-operated experience centers and service centers, while partners in certain states may provide services through partner-owned experience centers and showrooms.

In China, automobile suppliers and dealers are required to obtain a business license and file and update relevant information through the information management system for national automobile circulation operated by the competent commerce department in China. In addition, under the Administrative Measures on Automobile Sales, automobile suppliers and dealers are required to sell automobiles, spare parts, and other related products that comply with applicable state provisions and standards. Dealers are also required to indicate, in an appropriate manner, the prices of automobiles, spare parts, and related products, as well as the rates charged for various services on their business premises, and may not sell products at higher prices or charge additional fees without express disclosure.

Battery Safety and Testing Regulations

The Company’s battery packs are subject to mandatory regulations governing the transportation of dangerous goods, including lithium-ion batteries, and to regulations issued by the Pipeline and Hazardous Materials Safety Administration (“PHMSA”). These regulations are based on the United Nations Recommendations on the Transport of Dangerous Goods Model Regulations and related United Nations Manual of Tests and Criteria. Applicable requirements vary depending on the mode of transportation, including ocean vessel, rail, truck, or air. The Company is required to complete applicable transportation tests for its battery packs to demonstrate compliance with these regulations.

The Company uses lithium-ion cells in its high-voltage battery packs. The use, storage, and disposal of these battery packs are also subject to federal regulation. The Company may enter into arrangements with third-party battery recycling providers to recycle its battery packs. In addition, China and Europe have battery safety regulations with which the Company designs its battery systems to comply.

Regulatory Risks Related to Operations in the People’s Republic of China

The Company’s current operations and planned expansion in the People’s Republic of China (“PRC”) are subject to evolving regulatory and governmental oversight. In recent years, the Chinese government has introduced policies and restrictions affecting business operations, securities offerings, cybersecurity, data security, and anti-monopoly enforcement. These regulatory developments may limit the Company’s ability to expand in China, attract foreign investment, or maintain its listing on a U.S. stock exchange.

In addition, the Chinese government retains broad authority to intervene in or influence the operations of the Company’s PRC subsidiaries, which could result in material changes to the Company’s business, financial condition, or the value of its Class A Common Stock and warrants. For additional information regarding these risks, see “Risk Factors – Risks Related to our Operations in China.”

Requirements Under PRC Laws and Regulations

Under current PRC laws and regulations, each of the Company’s PRC subsidiaries is required to obtain and maintain a business license to operate in the PRC. The Company’s PRC subsidiaries have received the requisite business licenses to operate, and no application for a business license has been denied.

As the Company’s operations in the PRC expand, its PRC subsidiaries may be required to obtain approvals, licenses, permits, and registrations from PRC regulatory authorities, including the State Administration for Market Regulation, the National Development and Reform Commission, the Ministry of Commerce (“MOFCOM”), and the Ministry of Industry and Information Technology (“MIIT”), which oversee different aspects of the electric vehicle business. As of December 31, 2025, the Company’s PRC subsidiaries held the business licenses and approvals then required for their operations, and no applications for required permits had been denied. However, PRC regulators continue to impose evolving licensing and compliance requirements, particularly in the electric vehicle sector. In particular, regulatory requirements relating to cybersecurity, data security, and over-the-air software updates have become more stringent and specific, which may increase future compliance obligations. For additional information, see “Risk Factors—Risks Related to our Operations in China—We may be adversely affected by the complexity, uncertainties and changes in PRC regulations on internet-related business, automotive businesses and other business carried out by the Company’s PRC subsidiaries.”

The Company does not believe that any permission is required from Chinese authorities, including the China Securities Regulatory Commission (the “CSRC”) and the Cyberspace Administration of China (the “CAC”), in connection with its prior offerings or listing. However, evolving PRC regulations relating to data security and cybersecurity review may result in additional compliance obligations in the future. The Company does not, and immediately prior to the filing of this Annual Report on Form 10-K will not, possess the personal information of more than one million PRC-based individuals. After consultation with its PRC counsel, the Company believes it is not currently subject to the requirement under the Cybersecurity Review Measures that a network platform operator holding personal information of more than one million users apply for a cybersecurity review by the CAC before listing abroad. In addition, as of December 31, 2025, after consultation with its PRC counsel, the Company was not aware of any other PRC laws or regulations then in effect that explicitly required the Company to obtain permission from the CSRC or other Chinese authorities in connection with its prior offerings or listing, nor had the Company received any inquiry, notice, or warning from the CSRC or any other Chinese authorities in that regard.

The PRC authorities have implemented regulations governing overseas securities offerings by Chinese companies, including the Trial Measures for the Administration of Overseas Securities Offering and Listing by Domestic Enterprises, effective March 31, 2023, which require CSRC filings for future overseas listings. The Company may be required in connection with future securities offerings to complete filing or reporting procedures with the CSRC and may also be required to undergo cybersecurity review by PRC authorities. However, there are uncertainties as to whether the Company will be able to fully comply with any such requirements. For additional information, see “Risk Factors—Risks Related to our Operations in China—The approval of, or filing or other administrative procedures with, the CSRC or other PRC governmental authorities may be required in connection with certain of our financing activities, and, if required, we cannot predict if we will be able to obtain such approval or complete such filing or other administrative procedures” and “Risk Factors—Risks Related to our Operations in China—We face challenges from the evolving regulatory environment regarding cybersecurity, information security, privacy and data protection. Many of these laws and regulations are subject to change and uncertain interpretation, and any actual or alleged failure to comply with related laws and regulations regarding cybersecurity, information security, data privacy and protection could materially and adversely affect our business and results of operations.”

PRC Restrictions on Foreign Exchange and Transfer of Cash

Under PRC laws, current account transactions, including profit distributions and trade-related foreign exchange transactions, generally do not require prior approval from the State Administration of Foreign Exchange (“SAFE”), provided that procedural requirements are satisfied. Capital account transactions, such as loan repayments in foreign currency, generally require SAFE approval or registration. Where Chinese Yuan (“CNY”) is to be converted into foreign currency and remitted out of China to pay capital expenses, including repayment of loans denominated in foreign currencies, approval from, or registration with, SAFE or its authorized banks is required. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account or capital account transactions, including tightening outbound capital transfers and foreign currency remittances. If the foreign exchange control system prevents the Company’s PRC Subsidiaries from obtaining sufficient foreign currencies to satisfy their foreign currency needs, the PRC Subsidiaries may not be able to pay dividends in foreign currencies to the Company. Further, the Company cannot assure investors that new regulations or policies will not be promulgated in the future that would further restrict the remittance of CNY into or out of the PRC. The Company also cannot assure investors that, in light of current restrictions or any future changes, the PRC Subsidiaries will be able to fund their future activities conducted in foreign currencies, including the payment of dividends.

Furthermore, under PRC laws, dividends may be paid only out of distributable profits. Distributable profits are net profit as determined under PRC GAAP, less any recovery of accumulated losses and appropriations to statutory and other reserves required to be made. The Company’s PRC Subsidiaries are required to appropriate 10% of net profits reported in their statutory financial statements, after offsetting any prior-year losses, to statutory surplus reserves until such reserves reach 50% of their registered capital. As a result, the PRC Subsidiaries may not have sufficient, or any, distributable profits to pay dividends to the Company. See “Risk Factors—Risks Related to our Operations in China—We are a holding company and, in the future, may rely on dividends and other distributions on equity paid by the PRC Subsidiaries to fund any cash and financing requirements that we may have, and the restrictions on PRC Subsidiaries’ ability to pay dividends or make other payments to us could restrict our ability to satisfy our liquidity requirements and have a material adverse effect on our ability to conduct our business” for a more detailed discussion of the relevant risks relating to restrictions on foreign exchange and transfer of cash.

How Cash is Transferred Through the Company’s Corporate Organization

The PRC has currency and capital transfer regulations that require the Company to comply with certain requirements for the movement of capital into and out of the PRC. The Company may transfer cash (U.S. dollars) to the PRC Subsidiaries through capital contributions, and the Company may receive cash or assets declared as dividends from the PRC Subsidiaries. The PRC Subsidiaries may also transfer funds to each other, when necessary, by way of intercompany loans, as follows:

•FF Hong Kong Holding Limited, as the holding company of the other PRC Subsidiaries, may transfer cash to a PRC Subsidiary through capital contribution. Because Hong Kong’s banking system is outside mainland China’s banking system, transfers by FF Hong Kong Holding Limited to a PRC Subsidiary are subject to applicable SAFE procedures and regulations.

•FF Hong Kong Holding Limited, may also receive cash or assets declared as dividends from the other PRC Subsidiaries.

•Among PRC Subsidiaries other than FF Hong Kong Holding Limited, one PRC Subsidiary may provide funds to another PRC Subsidiary through an intercompany loan, subject to the rules of the relevant Chinese banking and regulatory authorities. In addition, a PRC Subsidiary may transfer cash to its subsidiary through a capital contribution, and any PRC Subsidiary may receive cash or assets declared as dividends from its subsidiaries.

In 2024 and 2023, FF U.S. extended loans in an aggregate amount of $8.0 million and $8.0 million, respectively, to FF Hong Kong Holding Limited to fund the operations of the PRC Subsidiaries. The Company will continue to assess the funding requirements of the PRC Subsidiaries and may make additional contributions as appropriate. As of December 31, 2025, the Company’s only operating subsidiaries in China (including Hong Kong) were 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 PRC Subsidiaries have not transferred cash or other assets to any non-Chinese entity, including by way of dividends. The Company does not currently plan or anticipate transferring cash or other assets from its operations in China to any non-Chinese entity.

Capital contributions to PRC companies are governed by the revised Company Law of the PRC, effective July 1, 2024, and the Foreign Investment Law. The PRC imposes timing requirements for capital contributions and restrictions on dividend distributions by PRC Subsidiaries when remitting payments outside China. Under PRC law, the Company’s PRC Subsidiaries may distribute dividends only from net profits, as determined under PRC generally accepted accounting principles (“PRC

GAAP”), and only after statutory reserve allocations and recovery of prior-year losses. The Company’s operating PRC Subsidiaries are required to set aside a portion of their net income, if any, each year to fund general reserves until such reserves have reached 50% of the relevant entity’s registered capital. These reserves are not distributable as cash dividends. A PRC company may not distribute profits until losses from prior fiscal years have been offset. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year. In addition, registered share capital and capital reserve accounts are restricted from withdrawal in the PRC up to the amount of net assets held in each operating subsidiary.

Enforceability

Certain of the Company’s current operations are conducted in the PRC through its wholly owned subsidiaries. All or a substantial portion of the assets of these persons are located outside the U.S. and in the PRC. As a result, it may not be possible to effect service of process within the U.S. or elsewhere outside the PRC upon these persons. In addition, uncertainty exists as to whether the courts of the PRC would recognize or enforce judgments of U.S. courts obtained against the Company or such director predicated upon the civil liability provisions of the securities laws of the U.S. or any state thereof, or be competent to hear original actions brought in the PRC against the Company or such director predicated upon the securities laws of the U.S. or any state thereof. See “Risk Factors – Risks Related to our Operations in China – There may be difficulties in effecting service of legal process, conducting investigations, collecting evidence, enforcing foreign judgments or bringing original actions in China based on United States or other foreign laws against us and our management.”

Human Capital Management and Resources

Workforce Overview

As of December 31, 2025, the Company employed approximately 288 people globally, with 215 employees in the U.S., 9 in the U.A.E., and 64 in the PRC. The Company has developed employee-focused programs to attract, support, and retain talent, ensuring competitiveness in the market while prioritizing employee well-being and professional development. Below is a summary of the employee count by country and functional job areas.

Job Function	Total	UAE	U.S.	PRC
Administration	98	2	66	30
Research and Development	87		65	22
Manufacturing	55	3	46	6
Sales & Marketing	48	4	38	6
	288	9	215	64

The Company’s recruitment, development, compensation, and benefits programs align with its core values and long-term growth strategy. Management remains focused on implementing initiatives that foster a growth mindset, strengthen employee engagement within the broader the Company ecosystem, and create a supportive and dynamic work environment. Given the critical role of employees in the Company’s success, since 2023, the Compensation Committee of the Board of Directors has overseen the Company's human capital management strategy and practices, including talent recruitment, development, and retention, employee engagement, and succession planning.

The Company actively supports the physical, financial, and mental well-being of employees and their families through comprehensive benefits programs. As part of this commitment, The Company fully covers employee-only healthcare premiums and continually explores opportunities to enhance support and improve the effectiveness of its benefit offerings.

Workforce Strategy and Practices

A majority of the Company’s employees are engaged in research and development, engineering, manufacturing, and supply chain functions. To preserve its current cash position, the Company may implement additional headcount reductions based on the Company’s financial condition and market conditions. However, as the Company scales production and delivery, the Company may expand hiring efforts to support targeted vehicle production.

The Company’s hiring strategy focuses on attracting highly skilled professionals with experience from leading OEMs, software, internet, consumer electronics, artificial intelligence companies, tier-one automotive suppliers, and engineering firms. The Company has not experienced any work stoppages and considers its relationship with employees to be strong. None of the Company’s employees are subject to collective bargaining agreements or represented by a labor union.

The Company’s team is composed of talent from diverse industry backgrounds and nationalities, all working toward the shared goal of creating highly innovative and unique products. The Company’s human capital objectives include identifying, recruiting, retaining, and integrating top talent while fostering a workplace culture that prioritizes employee engagement, growth, and well-being.

Professional Development

The Company is committed to ethics, integrity, and professional growth. Through ongoing compliance training and leadership development programs, the Company foster a culture of transparency, accountability, and ethical behavior. The Company’s Academy provides employees with opportunities to build new skills, advance their careers, and align with the Company’s Mission, Vision, Values, and Culture.

The Company continually enhances learning and development initiatives to ensure employees receive the resources needed for success. The Company regularly reinforces the importance of honesty, authenticity, and ethical decision-making through compliance training and leadership development programs.

Partnership Program

Acting through FF Global Partners LLC (“FF Global”), a shareholder of the Company, in July 2019, certain current and former executives of the Company established a program referred to as the “Partnership Program.” As described below, the Partnership Program provides financial benefits to certain Company directors, management and employees, which they are required to report to the Company pursuant to the Company’s Investment Reporting Policy. The Partnership Program is administered by FF Global and is not under the Company’s supervision.

Purpose of Partnership Program

The purpose of the Partnership Program is to help the Company and FF Global succeed, including by helping key Company employees remain aligned with the Company’s mission, interests and economic success, by awarding units representing membership interests in FF Global to such individuals. The Company has been advised by FF Global that the VP of Human Resources in the Company, who is also a member of FF Global, may provide recommendations to the FF Global Board of Managers regarding proposed awards, and that the number of units granted is determined by FF Global’s Board of Managers in its discretion after consideration of, among other things:

•the individual’s position in the Company,

•the importance of the individual’s role in the Company and/or FF Global,

•the individual’s historical contributions to the Company and/or FF Global,

•the importance of the individual to the achievement of the Company’s and FF Global’s strategic objectives,

•the individual’s awards under the Company’s employee stock option plan, and

•the individual’s existing holdings of FF Global units.

To date awards under the Partnership Program have in the past been granted exclusively to current or former directors of the Company and current or former employees of the Company or its affiliates.

Pursuant to the Company’s Investment Reporting Policy, members of its management and other employees are required to report information relating to their investments, including their interests in FF Global. However, since the Company’s board of directors (the “Board”) does not have oversight over the Partnership Program, the Company is not able to assess whether awards made by FF Global under the Partnership Program incentivize management and employee behavior and activities that

the Company intends to incentivize, or indeed, whether the Partnership Program effectively works against efforts by the Company to manage its workforce. For example, as part of the special committee of independent directors established by the Board to investigate allegations of inaccurate Company disclosures (“Special Committee”) it was determined that a Company employee who is also a beneficiary under the Partnership Program deliberately interfered with the Special Committee’s investigation. Although the Company disciplined this employee, the effectiveness of the Company’s disciplinary efforts may have been counteracted by awards this employee has received or expects to receive under the Partnership Program.

Terms of Awards

FF Global units awarded under the Partnership Program are purchased by the recipient from FF Global. The awarded units generally consist of Common Units representing membership interests in FF Global. Under the form of subscription agreement, the base purchase price is $0.50 per unit, with 10% of the aggregate purchase price due within five months after the closing date and the remaining 90% payable in nine equal, successive annual payments, each due within five months after the applicable anniversary of the closing date, subject to extension or postponement by FF Global’s committee. The Common Units are issued as fully vested units. In limited circumstances related to unfunded subscription recovery mechanics, Capital Units may also be issued. The units entitle the recipient to receive distributions from FF Global when and if declared by the FF Global Board of Managers on a pro rata basis based on their paid-in capital (after their contributions are all returned); however, FF Global advised the Company that no distributions were made in 2024 or 2025. There is no concept of automatic expiration of an award. Rather, the units remain outstanding unless a redemption event occurs and FF Global affirmatively exercises its redemption rights. FF Global advised the Company that redemption events may include service termination, breach, cause or death, and that the applicable committee determines the redemption price in accordance with the governing agreement.

Scope of Partnership Program

FF Global has informed the Company that to date a total of 34 individuals have received awards under the Partnership Program, that fewer than 16 individuals continue to hold outstanding units awarded under the Partnership Program, and that all recipients of such awards are current or former directors or employees of the Company or its affiliates. Some of these individuals are or were members of the FF Global Board of Managers. Certain members of Company management and other Company employees are equity owners of FF Global, which beneficially owned less than 1% of the voting power of the Company’s fully diluted Common Stock as of December 31, 2025.

FARADAY FUTURE INTELLIGENT ELECTRIC INC. (FFAI) Business

Item 1. Business

Table of Contents

Company Overview

Our Business Operations at a Glance

Corporate Structure, and Capital Markets

Table of Contents

Organizational Chart

International Operating Footprint

Table of Contents

U.S. Operations

China Operations and PRC Subsidiaries

U.A.E. Operations and U.A.E. Subsidiaries

Table of Contents

AIEV Milestones

Table of Contents

Industry Overview and Market Opportunity

Electric Vehicle Industry Overview and Market Trends

Key Factors Influencing EV Market Adoption

•Consumer Demand, Affordability, and Product-Market Fit

•Charging Infrastructure, Range Considerations, and Ownership Experience

•Regulatory and Policy Environment

Table of Contents

•Growth of Shared Mobility and Mobility-as-a-Service

Technology

FF aiHyper 6x4 Architecture 2.0

Table of Contents

Propulsion Technology

•FF Echelon Inverter

•Integrated Electric Motor Drive Units

•AI-Powered Hybrid Extended-Range Systems (AIHER)

I.A.I. Technology

Table of Contents

Electrical/ Electronic (“E/E”) Architecture

Intellectual Property

Table of Contents

FF and FX Brands

Production Models

FF 91

FX Super One

Table of Contents

Pipeline Products

FF 92

FX 4

FX 6

Manufacturing and Distribution Strategies

Manufacturing and Assembly Strategy and Facilities

Suppliers

Table of Contents

Distribution Model

The Company’s offline sales are planned to be conducted through partner-owned stores and showrooms. The Company believes this approach may support expansion of its sales and distribution network without substantial capital investment.

Co-Creation Program

Partner Ecosystem Model

Other Sales and Service Capabilities

•Public Charging Program: The Company has also launched a public charging program. Each FF 91 2.0 Futurist Alliance owner is eligible for $1,000 of charging credits that may be used across major U.S. EV charging networks.

Sales, Delivery, and Servicing of Vehicle

Table of Contents

Competitive Strengths

VPA Platform

Propulsion System

Internet, Autonomous Driving, and Intelligence (“I.A.I”) System

Table of Contents

Intellectual Property Portfolio

Experienced Leadership

Marketing and Sales Approach Through User Co-Creation

Table of Contents

Competitive Strengths

Key Agreements and Partnerships

FX Vehicle Co-Development Agreements

FX Vehicle Engineering Agreements

After-Sales and Service

Governmental Regulations, Programs and Incentives

Table of Contents

regulations, permits, approvals, or license requirements could materially and adversely affect the Company’s business, financial condition, and results of operations.

Governance and Regulatory Framework

Vehicle Safety and Testing

Environmental Credits

Table of Contents

The Company may also earn similar regulatory credits under other applicable regulatory regimes in the United States and abroad.

EPA Emissions and Certification