Faraday Future Launches New Mainstream Brand Offering

Faraday Future’s well-known failure didn’t stop the company from announcing a new mainstream brand. Called Faraday X (FX), it aims to be the “Toyota for the AIEV (artificial intelligence electric vehicle) era.”

In addition to having to roll your eyes, the company also announced plans for two models, the FX 5 and FX 6. The former is “expected” to cost between $20,000 and $30,000, while the latter should cost between $30,000 and $50,000. Both models are planned to have electric and extended-range powertrains.

MORE: Faraday Future unveils $309,000 limited edition FF 91 2.0 to celebrate first electric car delivery

While Faraday hopes to begin production by the end of 2025, this is all “subject to obtaining the necessary funding.” However, given the dismal sales of the FF 91 and its difficult development process, this seems unlikely. Nevertheless, the company “has established partnerships with four Chinese OEMs, has signed two strategic framework agreements and two memorandums of understanding, and is working to reach a definitive agreement with each company to fully promote Range Extended AIEV in the United States.”

Faraday Future didn’t reveal much, but they called the FX 5 a “large-space sports AIEV” and said it’s suitable for “every hardworking person, helping them balance work and life.” The FX 6, on the other hand, is an “extra-large, luxurious family AIEV.”

While you may not want to get your hopes up, the company announced plans to hold an FX logo design contest in the future and said they will survey fans on changing the ticker from FFIE to FFAI. To that point, the company’s brief press release mentions AI over 50 times, and investors clearly don’t believe in these buzzwords, as the stock is down over 8% as of this writing.