Faraday Future(US:FFIE) 3 6 Ke·2025-12-25 07:11Core Viewpoint - Faraday Future's founder Jia Yueting announced the successful offline production of the FX Super One pre-production vehicle, marking it as the first mass-market model following the FF 91. The company also completed deliveries of two vehicles in the UAE and the US, setting a new delivery record [1][4]. Group 1: Market Response and Pricing - Following the announcement, Faraday Future's stock price rose by 10% on the same day, with a further increase of 1.6% in pre-market trading the next day, indicating a strong market reaction to the pre-production vehicle [4]. - The FX Super One is priced at 309,000 AED (approximately 590,375.4 RMB) for the high-end Max version, which is significantly higher than the target price range of $20,000 to $80,000 (approximately 140,000 to 570,000 RMB) for the second brand focused on AI EVs [4][5]. - The company has reportedly secured over 13,000 legally binding paid pre-orders for the FX Super One, suggesting initial market interest [4][15]. Group 2: Challenges and Concerns - The FX Super One faces challenges in converting pre-orders into actual sales, particularly among individual consumers who may be hesitant to invest nearly 600,000 RMB in a brand still struggling with delivery issues [5][16]. - Faraday Future's previous model, the FF 91, has seen limited success, with cumulative deliveries failing to exceed 100 units since its launch, raising concerns about brand loyalty and market acceptance [6][10]. - The company has acknowledged the potential for continued significant losses, which could hinder its ability to achieve and maintain profitability [10][20]. Group 3: Strategic Adjustments and Future Outlook - Faraday Future's strategy appears to be shifting, with a focus on the FX Super One as a potential savior for the company, especially given the significant financial pressures it faces [10][21]. - The FX Super One's development was notably rapid, taking just over a year from concept to production, which reflects a strategic pivot in the company's approach [13][15]. - The success of the FX Super One is critical for Faraday Future's survival, as it relies heavily on the vehicle's performance to generate cash flow and restore investor confidence [21][24]. Group 4: Financial Context - As of Q3 2025, Faraday Future reported an operating loss of $206.8 million (approximately 1.468 billion RMB), with total liabilities around $271 million and founder Jia Yueting's personal debts estimated at $2 billion [17][20]. - The company has been primarily sustained through financing, with recent rounds of funding aimed at supporting the FX Super One's launch and production [20][21]. - The upcoming CES event in January 2026 will be a critical moment for the company, as it plans to unveil detailed production and delivery timelines for the FX Super One, which will significantly impact market confidence [25][26].