Looking to the future, Faraday and Lucid have similar long-term strategies: increasing the total addressable market. For both, this primarily means building cheaper cars and expanding their lineups.
Lucid is slightly ahead of Faraday in this regard. Starting at $94,900, the Gravity SUV is expected to go into production later this year. A lower trim version, the Grand Touring, will be introduced in late 2025 for an estimated $79,900. Rawlinson and his team have repeatedly hinted at even cheaper “high-capacity midscale platforms” for 2026.
“We estimate that the total addressable market (for this vehicle) is about 30 times what our market was last year. This is our product, and we expect it to cost about $48,000 to $50,000. “And we have a vision of selling this for $1 million a year,” he said.
Faraday Future is not far behind with the launch of the Faraday X (FX), an “AI electric car for everyone” announced in late September.
While Faraday Future’s (FF) flagship brand remains targeted at the elusive “ultimate AI TechLuxury” market, FX is aimed at the masses. The first two vehicles in the planned lineup, the FX 5 and FX 6, will be priced from $20,000 and $30,000, respectively, and will come with extended range and battery-electric powertrain options.
In a September press release about the new brand, the company said the two companies can “empower each other” through the strength of FF’s products and brands and FX’s large-scale distribution potential.
The company announced on November 13 that it had signed a definitive agreement with an unnamed “top OEM” to “jointly advance” the first phase of the vehicle’s development.
FF Global CEO Matthias Aydt said, “By equipping our FX mass market model with much of the Ultimate AI TechLuxury technology, we hope to fill the gap in the U.S. mass market and offer American users an AIEV with an extremely superior price/performance ratio. “I think so,” he said. release.
FX global CEO Max Ma said he expects the first vehicle to roll off the line by late 2025.
Faraday Future stock price (ticker: FFIE) has been on the decline for the past three months. After reporting its results on Nov. 6, the stock rose a few cents to open at $1.88 per share. The current stock price is $1.54, reducing the market cap to $71.6 million.
Lucid (ticker: LCID) announced earnings after the bell on November 7th, and the stock rose slightly, opening at $2.35 per share on November 8th. Since then, the price has fallen to $2.29 per share, giving Lucid a market cap of $6.9 billion.
