- Faraday Future has received a $30 million funding commitment to support its new mainstream EV brand.
- The new Faraday X brand plans to unveil affordable electric vehicles priced between $20,000 and $50,000.
- The EV startup’s CEO says he remains optimistic despite the company’s rocky history and financial struggles.
Faraday Future has teetered on the brink of collapse numerous times in recent years, but it refuses to die, at least not yet. In September, it announced a new mainstream brand dubbed Faraday X (FX), and it’s now revealed that it will display two prototype mules at the 2025 Consumer Electronics Show in Las Vegas on January 5.
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Helping make Faraday X a reality is a new $30 million round of financing that the embattled car manufacturer has secured. Of this, $7.5 million has been made immediately available to the company, while it has $22.5 million in new cash commitments it will receive if it meets its objectives.
Read: Faraday Future Teases Mainstream FX Prototype
The two FX prototype mules will arrive at the firm’s Los Angeles headquarters later this month, before they’re shown to the world at CES. During the event, the brand will also “provide updates on its FX strategy.” Faraday Future is remaining tight-lipped about its immediate plans, but we know it wants to launch two more affordable electric vehicles dubbed the FX 5 and FX 6. The first is “expected” to be priced between $20,000 and $30,000, while the latter should cost between $30,000 and $50,000. Interestingly, both battery-electric and range-extended powertrains will be offered.
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“The new funding lays a solid foundation for both FF and its new brand as the Company approaches the end of 2024 and enters the new year,” global chief executive of Faraday Future Matthias Aydt said. “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.”
Launching an electric vehicle brand is not easy, and Faraday Future has experienced this firsthand. It was founded in 2014 but has seemingly spent more time trying to sure-up its finances than developing and testing its first production vehicle – the FF 91. Not too long ago, Fisker went belly-up as it attempted to go mainstream with the recall-plagued Ocean. Can Faraday Future avoid this fate?
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