Recently, Faraday Future announced that it has signed a contract with South Korea's Myoung Shin to produce Faraday's second car, the FF81, which is scheduled to start production in 2024. The FF 81 is a more mass-market electric model, with a lower positioning than the more luxurious FF91.
Located near Seoul, South Korea, Myoung Shin is a component supplier and automaker to numerous front-line OEMs. The plant that will produce the FF81 in Gunsan, South Korea, will be large, flexible, and have port access.
Carsten Breitfeld, Global CEO of Faraday Future, said: "We are delighted to be a partner with Myoung Shin. This agreement to produce FF 81 puts us on track to deliver on our commitment to high-volume production by 2024, the most important milestone on our road to profitability. Our FF 91 in the third quarter will redefine the latest technology in the luxury electric car space, and Myoung Shin's FF 81 will bring our market-leading technology to the mainstream luxury car space."
Faraday Future said its strategy is based on an asset-light business model, employing a global hybrid manufacturing strategy, including Faraday Future's leased manufacturing facility in Hanford, California, and a partnership with Myoung Shin.
![Faraday Future announced a partnership with Myoung Shin to develop a second electric model[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)