Southern California EV startup Faraday Future has announced a new partnership with South Korean automaker Myoung Shin to produce its FF81 mass-market electric vehicle. The start of production in Korea is planned for 2024 after Faraday Future produced the limited edition of its FF91 EV in the third quarter of this year.
Faraday Future was first founded in 2014 in Carson, California just south of Los Angeles. In addition to developing electric vehicles like the upcoming FF91 and FF81, Faraday Future also describes itself as an internet and technology company, AI product company, software company and user ecosystem company.
In January 2021, Faraday Future announced it would go public on the Nasdaq through a $3.4 billion SPAC merger with Property Solutions Acquisition Corp (PSAC). The company traded under the ticker $FFIE last July.
Last October, investment firm and well-known short seller J Capital Research Ltd. a 27-page report on Faraday Future, noting that the automaker will never deliver an electric vehicle and that its shareholders are ready to sell.
Separately, Faraday Future has continued development of its FF91 Luxury EV counterpart and has now released production plans for a second mass-market model.
Faraday Future locks FF81 manufacturing before FF91 SOP
The EV startup shared the news of its new partnership in a press release with comments from both parties. Under the terms of the agreement, Myoung Shin Co., Ltd. contracted to manufacture Faraday Future’s FF 81, which is scheduled to start production (SOP) in 2024.
The FF81 will be built at Myoung Shin’s Gunsan facility, which will offer scalability, flexibility and port access. According to Faraday Future, the agreement provides that Myoung Shin will also maintain the necessary manufacturing capabilities and capacity to deliver the number of FF 81 electric vehicles that match its creator’s forecasts. Considering we know next to nothing about this second mass-market EV so far, these predictions must be pretty hazy at the moment.
One EV we’re all familiar with is the long-promised FF91, which despite years of development has yet to hit coveted production lines through a turbulent past for the company. Faraday Future has offered a brief update, stating that it intends to start FF91 production in the third quarter of this year. Carsten Breitfeld, Global CEO of Faraday, spoke about both upcoming EV models:
We are pleased to have a partner of Myoung Shin’s quality and reputation. This agreement to produce the FF 81 puts us on track to deliver on our promise to reach volume production in 2024, the key milestone on our path to profitability. Our own launch of the FF 91 in Q3 will redefine the state of the art in the luxury EV segment, and with Myoung Shin, the FF 81 will bring our market-leading technology into the mainstream luxury segment.
According to the press release, Faraday Future plans to expand its geographic reach with manufacturing facilities in China. One step at a time guys.
Personally I like this move from Faraday Future who seems to be excellent and thinks up and designs cars but had some problems to bring them to reality. There’s no shame in working with an automaker that has the experience, infrastructure, and most importantly, the capacity to produce a greater number of mass-market electric vehicles.
Fisker Inc. has taken a similar approach with its Ocean SUV by teaming up with Magna, and appears on track to begin production of this flagship EV this fall. Faraday Future still has work to do to produce the FF91 here in the US, but if successful it will have more funding to bring this second electric vehicle to a larger market… presumably at a more consumer-friendly MSRP as well.
For now, all eyes are on Q3 to see if we’ll be racing the FF91 any time soon. We also look forward to more details on the FF81 from Faraday Future.
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