2021-06-24-未知机构-贾耀亭的FF_商业计划书_FF-PIPE-Presentation_57页_5mb

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• Business Combination: Faraday Future (FF) is pursuing a merger with Property Solutions Acquisition Corp. (PSAC) valued at $2.622 billion, set to close in Q2 2021. The deal includes a PIPE financing of $775 million, with terms designed to fully fund operations and product launches.
• Proposed Transaction Summary: The transaction implies a pro forma enterprise value of $2,622 million, with valuation metrics including 0.2x 2024E revenue ($10,555 million) and 2.9x 2024E EBITDA ($914 million).
• Key Investors: Participation from RMG as financial sponsors and a Tier 1 Chinese City investor. Significant funding from SPAC equity, PIPE investors, and rollover shareholders.
• Company Overview: FF is an electric vehicle company with a flagship model (FF 91), over 880 patents and technology leadership in internet-connected driving experiences.
• FF 91: A luxury electric vehicle with record-setting performance, design, and safety features.
• Technology Highlights: Proprietary Variable Platform Architecture (VPA) and integrated modular components provide scalability across multiple vehicle segments and applications, including Smart Last Mile Delivery (SLMD) vehicles.
• Manufacturing Strategy: Primarily relies on a renovated Hanford, CA facility and contract manufacturing in South Korea, with stated plans for establishing a joint venture in China.
• Sales Strategy: Includes direct sales channels and partnerships in major global markets.
• Financial Projections: Revenue forecast growth with specific unit sales expectations (e.g., FF Series 266,800 units in 2021) with projected profitability and cash flow achievement expected in 2024.
• Leadership: Global and Chinese leadership teams bringing decades of industry experience, with clear governance structures provided by the transaction.
• Position in Market: Pairs high barriers-to-market in electric mobility with early-mover advantage in luxury EVs.
• Financial Ratios: Valuations at IPO/Announcement point using EV/revenue and EV/EBITDA metrics compared to peers (e.g., Canoo at 1.3x and 8.2x revenue/EBITDA).
• Operational Disadvantages: Holding significant existing debt, reliance on SPAC financing, and continued accounting deficiencies noted.
• Go to Market Strategy: Direct sales model combining online, physical stores, and partnerships is expected to reach tens of thousands of outlets by 2030.
• Risks: Uncertainty in regulatory approval, high competition, timing of production challenges, difficulties in market entering China-based markets, reliance on key personnel, or risks from dual-class shares.