AutoBeta(AutoBeta.net)09/20 Report--

On the morning of September 20th, Faraday Future (hereinafter referred to as "FF") officially launched its second brand, the new brand named "Faraday X" (hereinafter referred to as "FX"), with the goal of creating a popular style of smart electric vehicle (AI EV).

According to the plan, the first FX models of the FX brand are FX5 and FX6, with extended range AIEV and pure electric AIEV powertrain, of which the FX5 price range is expected to be $20, 000-$30, 000; the FX6 price range is $30, 000-$50, 000, the two models will start production by the end of 2025 at the earliest, but only if FF gets the necessary funds.

At present, FF has opened the collection of FX brand logo co-creation, and has set up a new company, which will operate independently of the FF brand and adopt a light asset operation mode. Jia Yueting, founder of FF, said that FX will apply the concept of "twice the performance, half the price" to the Volkswagen market, aiming to become Toyota in the AI EV era and enter the hybrid model market. In addition, Jia Yueting said that FF has signed two strategic framework agreements and two memorandums of understanding with four domestic front-line mainframe manufacturers to become the first mainframe factory in the United States to fully promote add-on AI EV.

As one of the first new car-building forces to enter the game, FF car building began in May 2014, when Jia Yueting founded FF. It has been 10 years since FF built the car and has spent a lot of money, but FF has never been able to mass produce. So far, FF has only one FF91 model. To make matters worse, only 14 cars have been delivered since its launch, of which the 14th new car was delivered on September 19, owned by a Hollywood superstar agency, and the delivery ceremony was held today.

However, even though the number of FF deliveries is small, Jia Yueting still believes in his dream of building a car, especially the second brand launched this time. Jia Yueting said that the second brand vision is to create an AI luxury and price-friendly car of the future, and become a cost-effective leader in the AI electric car market. Earlier, Jia Yueting said through a video that since the real establishment of FF, there have been two brands, one is FF, the other is LeSee,FF mainly hit the spire market, the remarkable feature of the spire market is that it is impossible to scale up on a large scale, and as an Internet company, the core of FF is to obtain a large amount of driving data and user scale. If there is enough quantity to do the second brand, it can have an all-round impact. Jia Yueting further explained that if you want to be a second brand, you will choose to do the tower base market or even the tower waist market, and pointed out that if you want to compete, you must first improve your own cost control ability, and at the same time, you have to use an innovative model. The biggest worry is not whether it can be done or not, but how to compete with traditional manufacturers. It pointed out that FF will not compete with BYD, but will focus on the United States and other markets, competing with automakers including GM, Ford, Mercedes-Benz, BMW and Volkswagen, especially Volkswagen's low-end products. In his view, the automobile industry is not a strong network effect industry, the brand concentration of the automobile industry will be higher and higher, but not too little, at least the United States can tolerate the next five brands, the FF will be 1/5.

As of press time, FF has not released more details of the FX brand, but Jia Yueting has high hopes for the second brand, which is FX for the mass market. Management expects new car sales to reach tens of thousands in the early stage and hundreds of thousands in the later stage. It is important to note that the first model of the FX brand is not expected to go offline until the end of 2025, but the market is changing so fast that no one can predict how the market will revolutionize by then. It remains to be seen whether the release of the FX brand, as the second brand of FF, will become the fire captain of FF.

The current situation of FF is not optimistic. In the first half of this year, FF posted revenue of just $295000 and a net loss of $157 million (1.1 billion yuan), according to the latest results. Cash used for FF's operating activities as of June 30 was $29.1 million, down significantly from $160.7 million in the same period last year; total book assets were $457.9 million; total liabilities were $309.2 million; and net assets were $148.7 million.

When FF said it had received $30 million in financing commitments from investors in the Middle East, the US and Asia, Matthias Aydt, global chief executive of FF, said: "this new funding will open up more possibilities for FF, including supporting our ongoing production of FF 91 2.0 and strengthening product and software updates."

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