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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00:00.449 --> 00:04.480
For those of you keeping track of the handful
of EV startups still standing,
00:04.849 --> 00:07.199
you may not have thought Faraday Future was one
of them.
00:07.449 --> 00:12.689
The California company established in 2014 made
news in February when it was revealed that the
00:12.689 --> 00:17.079
automaker had been served with an eviction
notice from its Gardena headquarters,
00:17.250 --> 00:21.879
one it narrowly avoided in the end after making
some payments and agreeing to some fresh terms.
00:22.090 --> 00:27.260
In May, Faraday warned investors it could
potentially file for bankruptcy and That it was
00:27.260 --> 00:29.659
at risk of being delisted by the NASDAQ.
00:30.379 --> 00:35.169
Fast forward to January and the automaker who
has delivered just 16 vehicles to date,
00:35.540 --> 00:39.569
put on a display at the Consumer Electronics
Show with an interesting pledge.
00:39.970 --> 00:45.439
Fairday Future is working on a line of minivans,
and the price tag might be the most shocking
00:45.439 --> 00:46.979
thing from this company yet.
00:47.610 --> 00:53.159
They say the vans will start at $20,000 or
$30,000 in an auto market where vehicle prices
00:53.159 --> 00:57.970
have been rising year over year for the last
several, it's hard to imagine such a price
00:57.970 --> 01:00.889
point.
Faraday is reportedly describing its upcoming
01:00.889 --> 01:04.440
FX line of vans as being AI enhanced.
01:04.830 --> 01:08.870
A characterization backed up with few details.
According to Motor Authority,
01:08.949 --> 01:14.110
they did say that the first FX would be ready
in 2025 and that both electric and range
01:14.110 --> 01:16.099
extended powertrains will be offered.
01:16.349 --> 01:20.260
At CES, Faraday showed off a prototype of the
flagship of this line,
01:20.550 --> 01:22.650
a luxury minivan called the Super One.
01:22.870 --> 01:26.150
And while no price was clarified for the Super
One, consider that.
01:26.260 --> 01:32.440
Some of its previously sold luxury vehicles
like its FF 91 sold for prices north of
01:32.440 --> 01:38.209
$3000 and it seems they'd need to put out a lot
of those higher priced ones to continue selling
01:38.209 --> 01:43.559
the bargain basement FX line when you consider
the firm as as cash strapped as you can get.
01:43.769 --> 01:47.800
After $3 billion in investments over the life
of the company,
01:48.089 --> 01:53.160
as of September, Faraday Futures said it had
just $7 million on hand.
01:53.650 --> 01:55.809
I'm Anna Wells.
This is manufacturing now.