On September 20th, Financial Union News (Reporter Xu Hao) reported that despite the delivery of another FF 91 on September 20th Beijing time, for Jia Yueting and his company, Faraday Future (FF), the total delivery of 14 vehicles still falls far short of ensuring the normal operation of the company. In order to continue the 'self-redemption' mission, this time, Jia Yueting, who normally resides in the USA, has turned his attention to the booming extended range technology in the Chinese market.

On the same day as the completion of the 14th FF 91 delivery, FF founder Jia Yueting announced that the company's second brand will be named 'Faraday X' (FX), applying the concept of 'twice the performance, half the price' to the mass auto market, aiming to become the Toyota of the AI EV market. Jia Yueting also revealed that FF has signed cooperation agreements or MOUs with four domestic first-tier OEMs to become the first US host plant to vigorously promote extended range AIEV.

In recent years, sales of extended range electric vehicles in the Chinese market have been steadily increasing, with a growing number of models being introduced. Extended range products do not need to worry about battery life issues, and their purchasing and maintenance costs are relatively low, making them highly attractive in the market. According to FF, after market research, it was found that the extended range products selling well in the Chinese market are almost non-existent in the US market, where the charging infrastructure is not fully developed, and the competitiveness of electric cars priced between $0.02 million and $0.05 million is insufficient.

In this context, FF decided that the second brand FX will first launch two models, namely the FX5 priced in the range of $0.02 million to $0.03 million and the FX6 priced in the range of $0.03 million to $0.05 million, both will adopt pure electric and extended range technology, and the first model is expected to be launched by the end of 2025.

In terms of production, the FX brand will adopt a light asset operation model. Both products will be manufactured after the transformation of production lines at FF's Hanford plant in California, and by collaborating with OEM host plants, cost reduction will be achieved. Regarding whether there is enough financial support for the production and delivery of the next two models, the FF management team stated that they will continue to announce FF's milestone points and fulfill commitments.

Financial issues have always been a constraint in FF's development, and FF has been continuously releasing news to boost market confidence. On September 6th, FF announced that the company had received financing commitments of $30 million from investors in the Middle East, the USA, and Asia, with UAE Ras Al Khaimah Investment Authority and Master Invest Group participating in this financing. In addition, FF has also received notification from Nasdaq confirming that the company has met all the standards for continuing to be listed on Nasdaq.

On August 15th, FF's Q2 2024 financial report showed that in the first half of 2024, FF only achieved revenue of $0.295 million, with a net loss of $0.157 billion. At the same time, FF's cash used in operating activities was only $29.1 million.

In addition to continuing financing, FF also has high hopes for the growth in sales volume. Compared to the mere delivery of 14 new vehicles by FF 91, FF is particularly hopeful for the market performance of its second brand, FX. The management expects that the sales volume of new vehicles can reach tens of thousands in the early stage and hundreds of thousands in the later stage. At the same time, FX is also considering a more diverse product portfolio and lower-priced products. The management revealed that FX has already started product definition and has made some substantial progress.