AutoBeta(AutoBeta.net)10/28 Report--

Faraday Future (FF) announced on October 28th that it had begun recruiting key positions for its second brand Faraday X (FX) to advance its goal of launching its first products by the end of 2025, including director of production planning, director of quality planning, head of vehicle engineering and head of vehicle research and development.

On Sept. 20, FF launched its second brand, Faraday X (hereinafter referred to as "FX"), which aims to create a popular style of smart electric vehicle (AI EV). Jia Yueting, founder of FF, said that FX will be applied to the mass car market with the concept of "twice the performance and half the price", aiming to become Toyota in the AI EV era and enter the hybrid model market. According to the plan, FX will be the first to launch two new cars, the FX 5 and the FX 6, with a price range of $20, 000 to $50, 000, with an expected price range of $20000 to $30000 for the FX 5 model and $30000 to $50000 for the FX 6 model, which is expected to offer both add-on AIEV and pure electric AIEV powertrains.

The first car of the FX brand is scheduled to go offline by the end of 2025, but FF stressed that the timing depends on the necessary financial support. The release of FX means that FF officially launched the dual-brand strategy. It is worth noting that FF has been building cars for 10 years, but it is still unable to escape from the fate of lack of money. FF's first flagship model, FF91, was officially launched in January 2017, and production of its first production car, the FF91 Futurist, was completed in April 2023, but only 14 new cars have been delivered so far. As a luxury car priced at up to 2 million yuan, FF91 has almost no sense of existence in the auto market.

The current situation for FF is not optimistic. In the first half of this year, FF had revenue of $295000 and a net loss of $157 million (1.1 billion yuan). 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.

"I will never lie flat, admit defeat, let alone disappear. I also hope to encourage more entrepreneurs, as long as they don't give up, they won't lose," Jia Yueting, founder of FF, said on Weibo on Oct. 23. He said in a video that he is not a liar and stressed that it must pay off his debts and return home, which will be limited to two years. Jia Yueting pointed out: "the commercialization of IP may not be enough to pay off my debts quickly, so I still have to go all out to make FF and the second brand FX in order to pay off my debts more quickly and completely." In a rapidly changing market, there are still many uncertainties as to whether the belated second brand can become the fire captain of FF.

On October 25th, FF announced a co-investment agreement with Sheikh 阿不都拉 Al Qassimi's Master Investment Group, which is the official stage of FF's operation since the launch of the Middle East strategy in November last year. It is understood that Sheikh 阿不都拉 Al Qassimi is a member of the royal family of Las Haima Emirates and vice chairman of Customs. According to the plans of both sides, Master Investment Group will start construction work in Las Haima at the end of this year, and FF is expected to be stationed at the end of 2025 or early 2026.

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