Jia Yueting Announces the Second Brand Strategy for Faraday Future

On July 22, Faraday Future’s founder Jia Yueting, who is also the founder of LeEco, shared plans for the second brand under Faraday Future.

Jia Yueting said, “Only grand dreams can give birth to grand miracles. At FF, our dream is to pioneer the intelligent electric vehicle era, challenging traditional ultra-luxury car brands like Ferrari and Maybach. We aim to infuse our second brand of mass-market models with FF’s five cutting-edge capabilities, creating ‘AI Luxury’ and ‘AI Future Cars’ that are accessible to all. Our goal is to lead the ‘extreme cost-performance’ AI EV market.”

Significant progress has been made in Faraday Future’s bridge strategy and the development of its second brand. Accordingly, Faraday Future is gearing up for the announcement of its “Bridge Strategy,” where it will reveal more details and updates.

According to Faraday Future’s official announcement, by the end of 2023, the company had delivered a total of 10 FF 91 2.0 Futurist Alliance vehicles to the market. Jia Yueting himself is one of the owners, while the tenth FF 91 2.0 Futurist Alliance was delivered to Jim Gao, a senior executive overseeing Faraday Future’s intelligent internet application service platform.

Per the financial report, Faraday Future’s revenue in 2023 was $800,000, while the cost of sales amounted to $43 million. Both revenue and cost of sales were zero the previous year. The company reported an operating loss of $286 million, down from an operating loss of $437 million the previous year. The net loss was $432 million, a decrease from a net loss of $602 million the previous year.

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