Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) announced its upcoming launch event for the China-U.S. automotive bridge strategy, scheduled for September 19, 2024. The company aims to integrate the strengths of the U.S. automotive industry with those of Chinese OEMs and parts suppliers, focusing on the $20,000 to $80,000 price segment.
The company's CEO, Matthias Aydt, highlighted that the bridge strategy could introduce a 'performance capable EV at a fraction of the price' by empowering a second brand with core technologies used in the $300,000 FF 91, potentially making the 'AI car of the future' accessible to a broader market.
Faraday Future has engaged in discussions with leading Chinese OEMs and global suppliers, receiving positive feedback on how it could facilitate collaboration between the U.S. and Chinese automotive industries through industrial coordination. The company plans to leverage its expertise, capabilities, and manufacturing plant in Hanford, California, to support this initiative.
This strategy marks a return to a two-brand approach for Faraday Future, as it seeks to accelerate its mass-market entry while maintaining its ultra-luxury offering. The company aims to leverage cutting-edge AI and software technologies for users across multiple market segments, aligning with its vision of intelligent electric mobility for a broader audience.
Faraday Future's focus on advancing electric vehicle technology to meet evolving user needs and preferences, driven by a pursuit of intelligent and AI-driven mobility, underscores its commitment to innovation and market expansion. Today the company's shares have moved -22.3% to a price of $3.99. Check out the company's full 8-K submission here.
