Announcement • Jan 09
Faraday Future Intelligent Electric Inc. Announces FX’s First Class AI-MPV Product Strategy and Planned Product—FX Super One, Giving FX Business Strategy Updates From Las Vegas
Faraday Future Intelligent Electric Inc. announced updated developments via a video presentation for its Faraday X (FX), brand including new product details that have developed since the FX brand launch on September 19, 2024. An all-new logo, which will represent the FX brand moving forward, was also revealed. FX, heralding a new chapter in the Company's growth strategy, will target the mass market segment with three planned models: an AI-MPV product--named the Super One, and the previously announced FX 5, with a price target between $20,000-$30,000, and the FX 6, with a price target between USD 30,000-$50,000. FX models could potentially offer two types of powertrains: range-extended AIEV and battery-electric AIEV, with a targeted initial roll off the line for at least one model by the end of 2025, subject to securing necessary funding and agreements. FX brand ushers a new chapter for the Company by aiming to fill the huge gaps in the U.S. AIEV market. With an asset-light operational model, FX could achieve its goals in a relatively short time frame and relatively low development cost by bringing in a series of well-established products and have a robust U.S. manufacturing capability, targeting a price range that many EV manufacturers do not cover in the U.S. market, which has several millions of vehicles sold per year. The Company believes there are significant gaps in the U.S. AIEV market that AI-MPVs and the FX 5 and FX 6 can fill. Together, the FF and FX brands could create synergies by mutual empowerment, driving greater impact in the marketplace. Since the Company launched the FX strategy on September 19 last year, the overall FX strategy has become better understood by FF’s potential partners, investors and the industry. Ultimately, the FX strategy is to promptly seize the four historic blue ocean opportunities in the U.S. with potential partners. The four blue ocean markets identified by FX are: · Range extended vehicles, being brought to market largely due to lack of infrastructure. · Intelligent vehicles, vehicles defined as your mobile living space. · Great AIEV products under $40,000. · Luxury AI-MPVs, a new product category in the U.S. market. For these blue ocean markets, there are great opportunities for FX. FX intends to leverage its product and technical expertise on AI, Software and Internet Applications, especially with the product excellence of 3rd aiSpace and FF aiDriving of the FF 91. FX will seek to collaborate with OEM and supplier partners on mechanical expertise and global supply chain with high quality and lower cost. FF’s existing knowledge and practice on the U.S. supply chain base, regulatory and certification, production at its Hanford ieFactory, and innovative sales and aftersales capabilities will be key elements for execution success. FX has made incredible strides in recent months. Beyond the two initial prototype development mules arriving, the Company has also secured $60 million through two rounds of financing commitments since September 2024, helping support the execution of the FX strategy. Now, the Company officially introduces FX’s first planned AI-MPV product—the FX Super One. With a slogan of “AI First Class for the Visionary and Family”, the FX Super One stands for First Class, Super AI, and Super Ability for Visionaries and Family. This vehicle not only defines a new market category—the First Class AI-MPV—but also fills a structural gap in the U.S. market, transforming mobility demands and experiences. This would be the first-ever First Class AI-MPV in the U.S. This vehicle will meet the dynamic and diverse needs of visionaries and their families, combining versatility with unparalleled experience. It is set to break and bridge the boundaries of mobility experience, bringing users an unprecedented first-class AI mobility journey. FX Super One is designed to cater to both leaders and visionary groups, represented by celebrities, stars, and high-profile business professionals across various industries, also as a top mobility choice for their families. It merges personal use and family needs. The FX Super One stands out for its unique ability to seamlessly integrate these diverse mobility and lifestyle needs, redefining mobility by delivering unparalleled First Class AI-MPV experience with versatile applications. The FX Super One would bring exceptional product power and an extreme price-performance ratio, targeting the untapped First Class AI-MPV market in the U.S. This unique combination positions the FX Super One to have a commanding presence both within its own market segment and across categories. By providing users with a private and exclusive First Class AI-MPV that delivers “Twice the Performance at Half the Price,” the FX Super One redefines luxury and could become a breakout success in the U.S. auto market. For the U.S. AIEV industry, FX Super One creates an entirely new category with unparalleled user value, filling structural market gaps. By boosting the entire industrial and value chain, it aims to act as a catalyst for the U.S. AIEV sector. Targeting to share more progress of FX 6 in March and roll off the first vehicle in 2025 The FX Series 5 and Series 6 products are also planned. The FX 5, a large-space sporty AIEV with an expected price range between $20,000 and $30,000, targeting the mainstream market. And the FX 6, an extra-large luxury AIEV with an expected price range between $30,000 and $50,000, targeting families. The Company also showed a teaser shot of the FX 6 prototype, with more progress to be shared in March. The FX 5 and FX 6 models could offer two types of powertrains: range-extended AIEV and battery-electric AIEV. Subject to securing necessary funding and necessary agreements with potential partners, FX is targeting the end of 2025 for the first vehicle to roll off the line. 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. The Company welcomed the first two FX prototype mules to its Los Angeles headquarters, which were then sent to Las Vegas to support the Company’s FX update that ran in parallel with the Consumer Electronics Show (CES). The next steps for FX includes a pilot build at the Hanford facility to allow more test and development work to occur, upgrading the Hanford plant to accommodate FX series production, and conducting early certification and regulatory-related tests, as well as preparation for road tests for durability, and ride and handling purposes. Sourcing and supplier confirmation are planned as well.