Summary
Faraday Future plans to launch a sub-brand called Faraday X (FX) offering affordable EVs at $20,000-$50,000.
The two models under the FX brand, FX 5 and FX 6, will be available with fully electric or gasoline range-extended powertrains.
The company aims to start production in 2025, pending necessary funding, and will operate an asset-light, online-only sales model.
Faraday Future had previously teased more affordable models like the FF 81, but the focus now seems to be on the FX sub-brand.
Despite delays in delivering the $300,000 FF 91 electric vehicle, Faraday Future is looking to expand its market presence with the more accessible FX models.
Article
Faraday Future, the company known for struggling to deliver its $300,000 FF 91 electric vehicle, is now planning to launch a sub-brand called Faraday X, or FX for short, that will focus on selling affordable electric vehicles at scale. The new sub-brand will offer two models called FX 5 and FX 6, with prices ranging between $20,000-$30,000 and $30,000-$50,000 respectively. The FX 5 will be the more mainstream offering, while the FX 6 will be a larger model targeted at families, according to a press release from Faraday Future.
Both of these models will be available with either fully electric or gasoline range-extended powertrains. Faraday Future is aiming to begin production of the FX sub-brand in 2025, though this timeline is contingent on securing the necessary funding for the project. The company plans for the FX sub-brand to operate as an asset-light operation, similar to the now-defunct Fisker, with limited marketing and an online-only sales model.
Faraday Future has been teasing more affordable models as follow-ups to the FF 91 for some time without making much progress towards actually producing any vehicles. Previous plans to launch the FF 81 at a former General Motors plant in South Korea have not materialized, and there was no mention of this model or the also-under-development FF 71 in the recent business presentation. With the introduction of the FX sub-brand, Faraday Future seems to be moving forward with their plans for more affordable electric vehicles.
Nearly nine years ago, Faraday Future claimed that they were fast at getting electric vehicles to market, a statement that has not been borne out by the company’s track record. The FF 91 flagship was unveiled almost eight years ago, with the first delivery taking place last August. Originally positioned as a premium rival to the Tesla Model S, the FF 91 ended up with a price tag of around $300,000. The launch of the more affordable FX sub-brand represents a significant departure for Faraday Future.
Despite their struggles, Faraday Future is making a bold move with the launch of the FX sub-brand, offering more affordable electric vehicle options to consumers. By focusing on lower-priced models and an asset-light operational model, the company hopes to make electric vehicles more accessible to a wider range of customers. With plans to start production by 2025, Faraday Future will need to secure funding and overcome past setbacks to bring their new models to market successfully.
Overall, Faraday Future’s announcement of the FX sub-brand marks a significant shift in their strategy, moving towards more attainable electric vehicles and a streamlined operational approach. The success of this new venture will depend on the company’s ability to secure funding, execute their production plans, and deliver on their promises to consumers. It remains to be seen whether Faraday Future will be able to overcome their past challenges and establish themselves as a player in the affordable electric vehicle market.
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