Faraday Future launches new brand and previews new models

Faraday Future has founded Faraday X (FX), a new brand that will specialise in 'Artificial Intelligence Electric Vehicle' products - or AIEVs. The first two models have also been announced.

The FX 5 and FX will be available as a range-extended AIEV and battery-electric AIEV model. The goal is to kick off production by the end of next year, while the cars will sell from $20,000-$30,000 (FX5) and $30,000-$50,000 (FX 6).

Faraday Future wants to promote the models and other AIEVs in the US. It says it has already signed deals with four Chinese companies to help bring the vehicles to market. The recent decision to no longer allow hard- and software from China in cars on US roads may become a hurdle – if so, Faraday Future makes no mention of it in its press release.

Faraday X emphasises its “Open-Source, Open-Platform, User-Definition, Co-Creation, and Sharing” approach. “Our goal is to develop hit AIEVs that make the ultimate AI TechLuxury accessible, delivering products with twice the performance at half the price and making them affordable for everyone,” the company adds.

In other words, while Faraday Future’s cars are for the rich, FX is aimed at the mass market while profiting from FF’s technology and experience – and vice versa. “The core logic of FF’s second brand and bridge strategy is to create an industrial bridge, fostering close collaboration within the global supply chain to develop high-performance, cost-effective B-AIEV and RE-AIEV products for the US market,” said Matthias Aydt, Global CEO of FF. “Looking ahead, I am excited about our future. With our talented team, I am confident in our ability to achieve our upcoming goals.”

“At FX, we are committed to providing affordable, high-performance electric vehicles that meet the evolving demands of today’s users. With cutting-edge technology, intelligent cabin experience, and a strong execution strategy, we’re poised to lead the way in the AI EV market,” said YT Jia, FF Founder and Chief Product and User Ecosystem Officer. “We believe that the FX brand and its products will deliver immense value to a new demographic of users for our brand.”

The announcement of the new brand comes just months after Faraday Future disclosed to the US Securities and Exchange Commission (SEC) that it only delivered ten cars by the end of 2023. Whether or not the FX 5 and FX 6 will ever hit the road depends on the company’s ability to raise the necessary funds.

businesswire.com