Faraday Future (FFIE.US) unveils second brand Faraday X targeting mass market

Faraday Future (FFIE.US) announced on Friday that it will launch its second brand Faraday X (FX), which is expected to be an important part of the company's overall growth strategy and part of its global automotive industry bridge strategy. The first batch of FX models will be FX5 and FX6, with a price range of $20,000-$30,000, offering extended-range AIEV and pure electric AIEV systems, and the target is to start production by the end of 2025 "subject to obtaining necessary funding". The company expects to launch the first two planned products under the FX brand through the user-defined co-creation process. In addition, Faraday Future said that it will equip the $30,000 FX models with the core technology used in FF91, and Faraday Future founder Jia Yatao said that the second brand aims to become the "Toyota" of the smart electric vehicle market and will enter the plug-in hybrid vehicle market in the future. Faraday Future also claimed to have established cooperation with four Chinese car manufacturers, signed two strategic framework agreements and two memorandums of understanding, and is further signing final agreements with these car manufacturers.