Despite delivering just two vehicles in Q1 2025, electric vehicle startup Faraday Future unexpectedly announces plans to launch an entirely new brand.
According to Carscoops, the first quarter of the year remained a challenging period for Faraday Future. Their flagship electric vehicle, the FF 91, generated only $300,000 in revenue for the company, resulting from the delivery of merely two cars. One of these was delivered in New York, marking their expansion into the East Coast market.
The disappointing financial results led to Faraday Future incurring a net loss of $48.2 million in the first quarter alone. While this may not come as a surprise for a fledgling startup still finding its footing, it does raise concerns about the sustainability of their current business model.
However, instead of tightening their belts, Faraday Future has announced plans to expand their portfolio by introducing a new sub-brand called FX. Under this brand, they intend to offer a diverse range of vehicles, including the Super Van minivan, the FX 6 crossover, and an affordable entry-level model named FX 5, with expected prices ranging from $20,000 to $30,000.
Previously, Faraday Future had announced receiving 1,000 pre-orders for the FX Super One minivan from JC Auto. However, recent reports suggest that this number may, in reality, be as low as two. Similarly, a touted order of 300 vehicles from Sky Horse has been confirmed to be for “at least one car.”
A rare bright spot in this otherwise gloomy picture is the $30,000 in non-refundable deposits that the company has received—a significant sum for a cash-strapped electric vehicle startup like Faraday Future.
PV (Tuoitrethudo)
