Look Out, Tesla, Here Comes Faraday Future (Eventually)

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The world of automotive social media pricked up its ears last week when someone spotted a new and different Tesla EV prototype in the wild, under camouflage. How could we not know about this? The answer, as it turns out, is simple. That was no Tesla, it was the startup Faraday Future shaking out the final kinks of its first production EV, Faraday X, finally to be unveiled next month after a long nine years of many fits, starts, a comeback from the dead, and the promise of an affordable electric vehicle.

What’s All This About An Affordable Electric Vehicle?

On the surface, Faraday Future would appear to be one of the least likely EV makers to target the affordability market. Faraday Future Intelligent Electric Inc. surfaced on the pages of CleanTechnica in 2016, when the global California-based EV startup broke ground on a $1 billion factory outside of Las Vegas and unveiled its futuristic — and pricey — FFzero1 electric car at CES 2016.

The company did indicate that the bell-and-whistle version of its electric dreams was just the first step in a journey that would take it to a mass-produced, affordable electric car. As with some other EV startups, though, Faraday Future’s journey took it on a detour into financial purgatory (see lots more FF background here).

Somewhat miraculously, Faraday Future re-emerged several years ago with plans back on track. “Lately, it’s been delivering FF 91 2.0 Futurist Alliance EVs one by one to famous people, like fashion designer and YouTube influencer Suede Brooks and entrepreneur Luke Hans,” CleanTechnica editor Zachary Shahan noted back on December 31 last year.

“The company has also been rolling out significant software updates for the FF 91 2.0 Futurist Alliance. It has also started in-sourcing its seat production. Also, a week ago, the company secured $30 million, which is helping with the development of Faraday X (FX),” Shahan added.

An Affordable EV Starting At $20,000

In a press release leading up to CES 2025 in Las Vegas on January 5–7, Faraday affirmed its commitment to produce affordable EVs.

“The FX brand is accelerating its efforts to deliver ‘twice the performance at half the price’ AIEV products to U.S. consumers and is advancing toward the goal of delivering performance and technology capable EV’s at an affordable price point,” Faraday Future stated.

Half the price compared to what is the question. In a press release dated April 8, Faraday Future previewed the front fascia design of its “first potential Faraday X (FX) model,” putting the end of this year down for assembly-line production.

“The FX brand is planned to target the mass market segment, advancing a new chapter in the Company’s overall product strategy,” the company stated.

“The new FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91 2.0, targeting a broader market with middle-to-low price range offerings,” with FF 91 2.0 referring to the company’s electric supercar with an MSRP of $309,000. Yes, $309,000.

“FX currently plans for up to three models: an AI-MPV product — named the Super One, the FX 5, and the FX 6, focusing on the $20,000–$80,000 base price segment,” the company added.

Faraday Future Is Ready To Roll

If you’re wondering how Faraday Future plans to get from $309,000 all the way down to $20,000, that’s a good question. The company’s website provides some insights. In addition to a pivot to its existing factory in California, overseas factories are part of the plan. “Faraday Future intends to manufacture vehicles at its production facility in Hanford, California, with additional future production capacity needs addressed through a contract manufacturing partner in South Korea,” the company states.

“The company has additional engineering, sales, and operational capabilities in China and plans to develop its manufacturing capability in China through a joint venture,” they add.

Faraday Future Vs. General Motors And Toyota

Those plans could change depending on the direction of Trump’s tariff winds, which have been blowing in all directions. Still, Faraday Future did not seem too worried as of May 8, when it posted a recap of its Q1 2025 earnings call with the following highlights, among others:

• Q1 total net asset increased by $24.8 million, or 21.6% compared to year-end 2024
• Announced F ’s First Class AI-MPV product strategy and FX Super One concept
• Officially enter East Coast market with the 1st FF 91 2.0 delivery in NYC
• Kicked off the U.S. Homologation and testing including ADAS (Advanced Driver-Assistance System) for FX Prototype Mules of Super One̵ Ticker Symbol change to “FFAI“
• Established the Future AI Hybrid Extended-Range (AIHER) subsidiary
• Secured new $41 million in funding commitments, subject to closing conditions.

Looking ahead, Faraday Future also outlined product launch plans for the first FX Super One in June, crediting it with superior product power “at lower prices than the Escalade in the U.S. and the Alphard in China,” with the latter vehicle referring to Toyota’s luxury minivan. The company emphasized that the new EV will redefine “standard price for premium business and family vehicles,” as a “disruptor to Alphard in Asia and Escalade in US.”

Faraday Future Vs. Tesla

We’ll know soon enough if Faraday Future hits the right note with EV buyers. The company is targeting 10,000 non-binding, pre-order reservations within two days preceding and within the official launch date.

As for affordability, that’s a matter of degree. Tesla has taken some hits for failing to deliver an affordable EV, but that’s a matter of perspective. Affordable could mean an EV that can compete on upfront cost with inexpensive gasmobiles for households on a budget, for example, or it could mean for households with a generous, though not a limitless, mobility budget.

In 2010, Tesla famously secured a $465 million, taxpayer-financed loan from the US government with the specific aim of producing a more affordable electric vehicle than its pricey, limited edition Roadster electric sports car.

The “more” in more affordable is the key word, at least as described in a press release issued by the US Department of Energy on November 9, 2010. The DOE anticipated that Tesla’s EVs would clock in at approximately $50,000 less than the Roadster. At the time, the base price of the Roadster ranged from about $109,000 to $128,000. At $50,000 less, Tesla was tasked with cracking the zero emission mobility market for vehicles ranging around $59,000 at minimum.

That’s a much larger market than the one for sporty little two-seaters in the six-figure range, but it does not address the many households on a mobility budget. By way of comparison, in 2010, DOE put the average price of a new, light duty vehicle in the US at $24,296, making $59,000 somewhat of a stretch for many car buyers.

Still, Tesla raced out of the gate with its government-funded springboard and never looked back, at least not until this year, when its sales began to crater after the company’s high-profile CEO inserted himself into the US government.

Now — if all goes according to plan — Faraday Future will provide budget-conscious drivers with a more affordable EV option than Tesla offers, while also competing against Tesla at its own price points.

For that matter, Faraday Future isn’t the only automaker chasing the $20,000 EV market before Tesla even comes close. Thoughts?

Photo: The US-based futuristic supercar maker Faraday Future is on track to launch itself at the affordable EV market this year, with a “twice the power, half the price” promise (courtesy of Faraday Future).