Faraday Future, which has struggled to deliver its $300,000 FF 91 electric vehicle, now plans to launch a sub-brand selling affordable EVs at scale.
In a recent presentation to investors, Faraday Future announced Faraday X—FX for short—which aims to launch two models called FX 5 and FX 6 priced between $20,000-$30,000 and $30,000-$50,000, respectively. The FX 5 will be the mainstream offering, while the FX 6 will be a larger model targeted at families, according to a Faraday Future press release.
Faraday Future announces FX sub-brand
Both models will be available with fully electric or gasoline range-extended powertrains. Faraday Future is targeting a 2025 production start, although the company said this is "subject to securing necessary funding." The FX sub-brand will be an asset-light operation—like the now-defunct Fisker—with limited marketing and an online-only sales model, according to Faraday Future.
Faraday Future has long teased more affordable models as follow-ups to its FF 91, while making little progress toward producing any vehicles at all. The company had previously announced that it would ramp up the more affordable FF 81 at a former General Motors plant in South Korea, but with no mention of that model or its also-under-development FF 71 in the corresponding business presentation, FX appears to be stepping ahead.
Faraday Future FF91 2.0 Futurist Alliance
The company said nearly nine years ago that they "are very fast" in getting EVs to market. But that most definitely hasn't proven true. The FF 91 flagship was unveiled nearly eight years ago, and a first delivery was made last August.
The FF 91 had originally been hinted to be a somewhat more premium rival to the Tesla Model S, then it was revealed to cost in the vicinity of $300,000. So Faraday Future will be making a big leap with these affordable models.
