Nearly Evicted EV-Maker Plots Return with Super Cheap Minivan

Is this for real?

Transcript

For those of you keeping track of the handful of EV startups still standing, you may not have thought Faraday Future was one of them.

The California company, established in 2014, made news in February when it was revealed that the automaker had been served with an eviction notice from its Gardena headquarters – one it narrowly evaded in the end after making some payments and agreeing to some fresh terms.

In May, Faraday warned investors it could potentially file for bankruptcy – AND, that it was at risk of being de-listed by the Nasdaq.

Fast forward to January, and the automaker – who has delivered just 16 vehicles to date – put on a display at the Consumer Electronics Show with an interesting pledge: Faraday Future is working on a line of minivans, and the price tag might be the most shocking thing from this company yet. They say the vans will start at $20- or $30,000.

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In an auto market where vehicle prices have been rising year-over-year for the last several, it’s hard to imagine such a price point.

Faraday is reportedly describing its upcoming FX line of vans as being “AI-enhanced,” – a characterization backed up with few details. According to Motor Authority, they did say that the first FX would be ready in 2025 and that both electric and range-extended powertrains will be offered. 

At CES, Faraday showed off a prototype of the flagship of this line – a luxury minivan called the Super One. And while no price was clarified for the Super One, consider that some of its previously sold luxury vehicles – like its FF 91 – sold for prices north of $300K.

And it seems they’d need to put out a lot of those higher priced ones to continue selling the bargain basement FX line when you consider the firm is as cash-strapped as you can get. After $3 billion in investments over the life of the company, as of September Faraday Future said it had just $7 million on hand.

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