- Company outlines its second brand, Faraday X (FX), and its
launch plan for the first batch of planned products, innovative
ways in creating AIEV (Artificial Intelligence Electric Vehicle)
products with “twice the performance at half the price” for users,
and its aspiration to become the Toyota of the AIEV era.
- The first new FX models, which we refer to as the FX 5
(expected price range of $20,000-$30,000) and FX 6 (expected price
range of $30,000-$50,000), are expected to offer two types of
powertrains: range-extended AIEV and battery-electric AIEV, and
will target start of production by the end of 2025, subject to
securing necessary funding.
- The Company has established relationships with four Chinese
OEMs, having already entered into two strategic framework
agreements and two memoranda of understanding, and is working
toward finalizing definitive agreements with each.
- The Company will focus on five key initiatives: Open-Source and
Open-Platform, User-Definition, Co-creation and Sharing; Creating
the new category: RE-AIEV; Global Auto Industry Bridge Strategy;
Leveraging FF's Legacy to Empower FX; and the Light and Swift,
Premium Quality. With this approach, we’re inviting our users to
participate throughout the entire lifecycle of FX products.
- The Company’s recent "Everyone’s AIEV, You Decide” survey
suggests there is high demand for high-performance, intelligent,
cost-effective B-AIEV and RE-AIEV products for the U.S. market,
which presents a historic opportunity for the U.S. AIEV
industry.
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”,
“Faraday Future”, or “Company”), a California-based global shared
intelligent electric mobility ecosystem company, announced today
that it will launch its second brand, Faraday X (or “FX” for
short), which will be an integral part of FF’s overall growth
strategy, and is part of the Company’s Global Automotive Industry
Bridge Strategy.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240919543088/en/
YT Jia, FF Founder and Chief Product and
User Ecosystem Officer, outlines the Company's second brand,
Faraday X (FX), and its launch plan for the first batch of planned
AIEV (Artificial Intelligence Electric Vehicle) products. (Photo:
Business Wire)
The brand slogan for Faraday X is: Co-create, an AIEV for
Everyone. Through FX's five initiatives such as Open-Source,
Open-Platform, User-Definition, Co-Creation, and Sharing, the
Company will empower a $30,000 FX model with core technologies used
in the $300,000 FF 91. 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 make them affordable
for everyone, and aspire to become the Toyota of the AIEV era.
Additionally, FX expects to launch the first two planned
products under the FX brand, the FX 5 and FX 6, through a
user-defined co-creation process, with expected price ranges of
$20,000 to $30,000 and $30,000 to $50,000, respectively.
This new brand approach by FF aims to integrate global
automotive components and supply chains into the U.S., energizing
the U.S. B-AIEV and RE-AIEV. While the existing FF 91 2.0 series
products target the ultimate AI TechLuxury market, the second brand
(FX) is aimed at the mass market. The Company has established
relationships with four Chinese OEMs, having already entered into
two strategic framework agreements and two memoranda of
understanding, and is working toward finalizing definitive
agreements with each to fully promote Range Extended AIEV in the
U.S.
What’s more, FF and FX have the potential to mutually empower
each other, creating a complete AIEV ecosystem covering both ultra
luxury and mass markets. FF's 6x4 product and technical
architecture, domestic manufacturing experience, and brand strength
are assets that the second brand can inherit. Meanwhile, the FX
brand’s large-scale sales potential can feed back into FF,
significantly enhancing FF's technical, manufacturing, supply
chain, and user ecosystem capabilities, and helping FF reduce costs
and improve efficiency.
“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 U.S. 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.”
The Company also announced the results of the first phase of the
online survey, “Everyone’s AIEV, You Decide,” which revealed strong
demand in the U.S. market for high-performance, cost-effective
B-AIEV and RE-AIEV vehicles. The Company will launch the second
phase of the online survey while also organizing an FX logo design
competition and releasing an online survey regarding whether to
change the Company's stock symbol from FFIE to FFAI.
FX Product Strategy and Initial Models
Through the recent user survey FF conducted, the Company
confirmed a few key pain points for U.S. users when purchasing
electric vehicles:
High vehicle costs: EVs today are priced significantly higher
than traditional vehicles, making them less accessible to the
broader market.
Range anxiety: Users worry about limited driving ranges,
especially with the current lack of fast-charging
infrastructure.
Smart cabin experience: Current market offerings don’t meet
users’ expectations for personalized, AI-driven cabins.
Limited choice of autonomous driving solutions: Most brands are
behind in providing a reliable, consistent self-driving
experience.
The FX brand is committed to addressing these challenges with
innovative solutions that make AI-EVs accessible to the mass
market. To address range anxiety, FX plans to create a RE-AIEV – a
range-extended electric vehicle that combines an electric drive
system with a range extender, giving users the confidence to travel
longer distances. FX vehicles will offer a 3rd aiSpace, an
AI-powered, personalized smart cabin that transforms the in-car
experience, integrating users’ digital lives into their
driving.
FX plans to launch two models in the first phase, including the
FX 5, a large-space sporty AIEV priced between $20,000 and $30,000,
targeting the mainstream market. The product slogan for the FX 5 is
Co-create Your AIEV with Extreme Price-Experience Ratio, aimed at
becoming the first AIEV for every hardworking person, helping them
balance both work and life.
And the second vehicle is FX 6, priced between $30,000 and
$50,000—an extra-large, Luxury AIEV for Family. The product slogan
for the FX 6 is Co-create Your AI Home on the Road, designed to be
the top choice for families seeking a mobile AI space, offering the
perfect blend of personal and family needs.
The FX 5 and FX 6 models are anticipated to offer two types of
powertrains: range-extended AIEV and battery-electric AIEV. Subject
to securing necessary funding, FX is targeting the end of 2025 for
the first vehicle to roll off the line, and together with potential
partners, the Company will work tirelessly to achieve this
goal.
FX intends to introduce an innovative approach with light
assets, light marketing, light sales and co-creation. This includes
building a fully online direct sales ecosystem that includes user
acquisition and user management. FX’s goal is to transform product
hits into sales successes.
“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.”
Five Key FX Initiatives and Survey Results
The FX product definition anchors on five key initiatives: (1)
Open-Source and Open-Platform, User-Definition, Co-creation and
Sharing; (2) Global Automotive Industry Bridge Strategy; (3)
Creating a new automobile category: RE-AIEV; (4) Leveraging FF's
Legacy to Empower FX; and (5) the Light and Swift, Premium
Quality.
With this approach, FF is inviting users to participate
throughout the entire lifecycle of Faraday X products. Together, it
will create a product that belongs to everyone, defined and owned
by everyone. We hope to co-create an AIEV with an exceptional
price-performance ratio through light capital, light assets, light
sales, and light marketing, with fast decision-making, rapid
execution, quick mass production, and swift iteration, sharing the
fruits of the Faraday X brand and product value.
FF also recently launched a pre-event survey for the second
brand, titled "Everyone’s AIEV, You Decide," with the first phase
already successfully concluded and received nearly 10,000
responses. User feedback suggests that the U.S. EV industry is
lagging in several areas, including extremely low market
penetration for new energy vehicles, slow development of supporting
infrastructure like charging stations, a lack of a complete
domestic supply chain, limited product variety, high prices,
insufficient market competition, and inadequate government
support.
From an industry opportunity perspective, the U.S. AIEV mass
market is a vast blue ocean, meaning there is ample opportunity for
the right products and the RE-AIEV (Range Extended AIEV) market is
almost untapped. Although the U.S. is the birthplace of the global
EV industry, its new energy vehicles’ penetration rate is only
around 18%, compared to China's 53% showing that there is plenty of
opportunity for Faraday X to break into the market.
FX Brand Interpretation
The brand slogan for Faraday X is: Co-create, an AIEV for
Everyone. The inspiration for the FX brand is deeply rooted in FF's
unique genes, and it also perfectly reflects the logic of the math
function, y = f(x), where x is the independent variable, f
represents the corresponding rules, and y represents the final
outcome.
For the FX brand, X represents our users, partners, the
industry, and all the more limitless possibilities. F not only
stands for FF, but also for the mutually empowering, open-source
collaboration between FF and the “X” as we co-create value. This
synergy between F and X will bring out phenomenal products,
generating rewards that everyone can share.
FX’s target audience is born for those that work hard, value
their time and love their life. FX hopes to make it possible for
everyone to own an AIEV with an extreme price-experience ratio,
achieving AI equality and time equality. In this way, FX helps
ensure that everyone, when travelling from point A to point B, can
enjoy the same luxurious AI experience. At the same time, FX helps
users balance family and personal life, as well as work and
leisure.
The investor presentation and a replay of the webcast related to
the FX brand will be posted on our website at
https://investors.ff.com/events-and-presentations and the replay of
the webcast will be available until September 18, 2025.
ABOUT FARADAY FUTURE
Faraday Future is the pioneer of the Ultimate AI TechLuxury
ultra spire market in the intelligent EV era, and the disruptor of
the traditional ultra-luxury car civilization epitomized by Ferrari
and Maybach. FF is not just an EV Company, but also a
software-driven intelligent internet Company. Ultimately FF aims to
become a User Company by offering a shared intelligent mobility
ecosystem. FF remains dedicated to advancing electric vehicle
technology to meet the evolving needs and preferences of users
worldwide, driven by a pursuit of intelligent and AI-driven
mobility.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements, which
include statements regarding a second brand (FX), are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements.
Important factors, among others, that may affect actual results
or outcomes include, among others: the Company’s ability to secure
the necessary funding to execute on the FX strategy, which will be
substantial; the Company’s Global Automotive Industry Bridge
Strategy, which is subject to numerous risks and uncertainties; the
Company’s ability to continue as a going concern and improve its
liquidity and financial position; the Company’s ability to pay its
outstanding obligations; the Company's ability to remediate its
material weaknesses in internal control over financial reporting
and the risks related to the restatement of previously issued
consolidated financial statements; the Company’s limited operating
history and the significant barriers to growth it faces; the
Company’s history of losses and expectation of continued losses;
the success of the Company’s payroll expense reduction plan; the
Company’s ability to execute on its plans to develop and market its
vehicles and the timing of these development programs; the
Company’s estimates of the size of the markets for its vehicles and
cost to bring those vehicles to market; the rate and degree of
market acceptance of the Company’s vehicles; the Company’s ability
to cover future warranty claims; the success of other competing
manufacturers; the performance and security of the Company’s
vehicles; current and potential litigation involving the Company;
the Company’s ability to receive funds from, satisfy the conditions
precedent of and close on the various financings described
elsewhere by the Company; the result of future financing efforts,
the failure of any of which could result in the Company seeking
protection under the Bankruptcy Code; the Company’s indebtedness;
the Company’s ability to cover future warranty claims; the
Company’s ability to use its “at-the-market” program; insurance
coverage; general economic and market conditions impacting demand
for the Company’s products; potential negative impacts of a reverse
stock split; potential cost, headcount and salary reduction actions
may not be sufficient or may not achieve their expected results;
circumstances outside of the Company's control, such as natural
disasters, climate change, health epidemics and pandemics,
terrorist attacks, and civil unrest; risks related to the Company's
operations in China; the success of the Company's remedial measures
taken in response to the Special Committee findings; the Company’s
dependence on its suppliers and contract manufacturer; the
Company's ability to develop and protect its technologies; the
Company's ability to protect against cybersecurity risks; and the
ability of the Company to attract and retain employees, any adverse
developments in existing legal proceedings or the initiation of new
legal proceedings, and volatility of the Company’s stock price. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
Company’s Form 10-K filed with the SEC on May 28, 2024, as amended
on May 30, 2024, and June 24, 2024, as updated by the “Risk
Factors” section of the Company’s first quarter 2024 Form 10-Q
filed with the SEC on July 30, 2024, and other documents filed by
the Company from time to time with the SEC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240919543088/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
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