Faraday Future Unveils FX Sub-Brand: Teases $20,000 EV and Gasoline Range-Extender Amid Funding Challenges

Faraday Future hints at a new $20,000 electric vehicle with an added petrol range booster. The company, facing challenges in rolling out its $300,000 FF 91 EV, is now aiming to introduce a lower-priced line of electric cars for the mass market.

During a recent briefing for investors, Faraday Future introduced their new venture, Faraday X, or simply FX. The company plans to roll out two versions, the FX 5 and the FX 6, with the former expected to cost between $20,000 and $30,000 and the latter between $30,000 and $50,000. The press release from Faraday Future suggests the FX 5 will cater to the general market, whereas the FX 6 will be a more spacious option designed for family use.

Faraday Future has unveiled a new sub-brand known as FX

The two versions of the vehicle can be purchased as either all-electric or hybrid with a gas range extender. Faraday Future aims to commence manufacturing by 2025, but this is contingent upon obtaining the required financial backing. The newly introduced FX sub-brand will operate with minimal physical assets, similar to the defunct carmaker Fisker, and will rely on a minimal marketing approach with sales exclusively conducted online, as per Faraday Future's strategy.

Faraday Future has often hinted at creating less expensive versions after its initial FF 91, yet there's been minimal advancement in actual vehicle production. They had once declared intentions to increase production of the cost-effective FF 81 in an old General Motors facility in South Korea. However, this model, along with the FF 71 still in the works, was conspicuously absent from the related business presentation, suggesting that the FX model is now taking precedence.

The updated model of the Faraday Future FF91, dubbed the 2.0 Fut

The firm claimed almost a decade back that their speed in launching electric vehicles was remarkable. However, this assertion has not been substantiated. Their premier model, the FF 91, was introduced close to eight years ago, with the initial delivery occurring just this past August.

Initially suggested as a high-end competitor to the Tesla Model S, the FF 91 was later announced with a price tag around $300,000. Faraday Future is now planning to venture into the production of more budget-friendly models.

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