What's Going On With Faraday Future Stock On Monday?

Faraday Future Intelligent Electric Inc. FFAI on Sunday, disclosed a new binding pre-order agreement for 300 units with a non-refundable $30,000 deposit from Sky Horse Auto LLC.

Sky Horse will be a co-creation partner, delivering the “First Class AI-MPV experience.”

The FX Super One MPVs will join Sky Horse’s premium fleet for leisure and business travelers, deployed mainly across key West Coast markets (Orange County, Los Angeles, San Francisco, Las Vegas) for luxury self-drive and chauffeur services.

Also Read: FF Open AI Day: Faraday Future Launches AIHER, Aims To Revolutionize EV And Hybrid Powertrains

The FX Super One, an affordable mass market EV, is slated for initial production by late 2025.

Faraday Future targets tens of thousands of FX sales within two years of production, pending necessary agreements and funding.

The FX Super One is expected to be unveiled in June 2025, with non-binding paid reservations to follow. Development of two additional potential FX models is underway.

The company’s FX brand strategy targets “four blue ocean markets” in the U.S. AIEV sector: range-extended vehicles, intelligent vehicles (mobile living spaces), and affordable AIEVs priced between $20,000 and $40,000.

YT Jia, Founder and Co-Global CEO of Faraday Future added, “We are both proud and excited to assist them with helping them grow their fleet and business with cutting edge and innovative vehicles that will serve their clientele with the utmost in comfort, innovation, technology, performance and with the quality and reliability they have come to expect with their entire fleet.”

This announcement follows last week’s announcement of a signing its first binding business-to-business (B2B) pre-order agreement, including a non-refundable deposit and a non-binding reservation for 1,000 units of its upcoming FX Super One MPV.

Last month, at the company’s recent “FF Stockholder Community and FX Co-Creation Day” in Los Angeles, the company outlined strategic goals including launching the first FX model by end of 2025, achieving positive gross margin and operating cash flow and pursuing global AI and AIEV M&A initiatives.

Price Action: FFAI shares are down 1.09% to $1.16 at the last check on Monday.

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