Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) traded 10 percent lower during pre-market trading as investors prepared to pocket early gains following the company’s 52-percent rally in the previous trading day.
Investors also repositioned their portfolios while waiting on the sidelines as the company is set to reveal its much-anticipated FX prototype car at the Consumer Electronics Show (CES) 2025 from January 5 to 7 in Las Vegas, where it is expected to provide an update on its business and future strategy.
Cars on the road. Photo by Pixabay
New Brand and Strategy Update at CES 2025
Faraday (FFIE) aims to launch two models for its Faraday X or FX at the event: the FX5 and FX6, with price points ranging between $20,000-$30,000 and $30,000-$50,000, respectively.
The FX5 is said to be targeted to the mainstream market, while the FX6 will be a larger model targeted to families. Both variants will be available with fully electric or gasoline range-extended powertrains.
According to the company, it targets to begin production of the two models this year.
Last September, Faraday (FFIE) said that the FX sub-brand would be an asset-light operation, similar to the now-defunct Fisker, with limited marketing and an online-only sales model.
Faraday (FFIE) has long teased more affordable models as follow-ups to its FF 91. Since then, it was said to be making only little progress toward producing vehicles.
The company had previously announced that it would ramp up the production of a more affordable FF 81 at a former General Motors plant in South Korea. But with no mention of the said model or its under-development FF 71 in the corresponding business presentation, the FX appears to be stepping ahead.
So far, Faraday’s (FFIE) only production model is the $309,000 FF 91 electric SUV which was first shown in prototype form at CES in 2017. However, production of the brand has been delayed following financial issues and executive shakeups.
According to reports, the first example was not delivered until August 2023. It remains unclear how many vehicles Faraday has delivered since then.
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Disclosure: None. This article is originally published at Insider Monkey.