Faraday Future is still kicking, and it’s actually trying new things, and attracting new money. It’s looking to branch out beyond the FF 91 and its high-end audience, and, back in September, it announced a new brand called Faraday X (or FX for short) aimed at more mainstream customers.
It recently entered the development and testing phase for two “Artificial Intelligence Electric Vehicle” (AIEV) models, called the FX 5 and FX 6. Faraday now says it has secured $30 million in new funding, and that it will bring prototypes of its two vehicles to Las Vegas from January 5 to 7, which just happens to coincide with CES 2025.
What Are The FX 5 And FX 6?
Faraday X hasn’t provided many details about its FX 5 and FX 6, which it calls “affordable high-performance AIEV equipped vehicles with cutting edge technology.” Faraday has said it expects the FX 5 to cost $20,000 to $30,000, while the FX 6 will cost between $30,000 and $50,000. Faraday describes the FX 5 as a “large-space sporty AIEV … targeting the mainstream market,” and it bears the slogan, “Co-create Your AIEV with Extreme Price-Experience Ratio.” Yeah, the slogan could probably use some workshopping. The FX 6 is “an extra-large, luxury AIEV for family,” with the slogan, “Co-create Your AI Home on the Road.”
That’s all a little vague and confusing, but hopefully the picture becomes clearer when Faraday X shows the prototypes in Las Vegas. We’ve only seen a teaser image (the one at the top of the page) of one of the vehicles as Faraday announced the prototypes were being shipped from Beijing to Los Angeles to begin testing, a step along the brand’s journey to become the “Toyota of the AIEV era.” Lofty goals.
Faraday Secures $30 Million Funding
Faraday Future says it has secured a “$30 million financing commitment,” with $7.5 million already made available, and the rest committed as convertible notes and warrants to buy shares at a predetermined price. “The new funding lays a solid foundation for both, the FF and its new brand as the Company approaches the end of 2024 and enters the new year,” said Faraday Future CEO Matthias Aydt. “I am optimistic about the opportunities that this new funding will bring, including supporting the ongoing production of our FF 91 2.0 and the growth of the FX brand.”
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