Faraday Future cooperates with Korean foundries to put into production FF 81 in 2024

According to foreign media reports, on February 9, Faraday Future announced that it has signed a contract with South Korean automaker Myoung Shin, which will produce Faraday's second model, the FF 81, and plans to put into production in South Korea in 2024. The FF 81 is a luxury electric vehicle for the mass market, and compared to the FF 91 planned for the third quarter of 2022, the FF 81 has advanced intelligent networking technology and a user experience tailored to a wider range of users.

Myoung Shin is a foundry manufacturer of numerous component suppliers and car manufacturers. The company will produce the FF 81 at its Gunsan, South Korea plant, which not only has a production capacity of scale and flexibility, but also has convenient port access. Under the agreement, Myoung Shin will provide sufficient production capacity and capacity for the FF 81 in accordance with Faraday's future production expectations.

(Image source: Faraday Future)

Carsten Breitfeld, Global CEO of Faraday Future, said: "We are delighted to have a reputable and high-quality partner like Myoung Shin. This production agreement puts us on track to deliver on our commitment to mass production in 2024, which is the most important milestone on our road to profitability." Our FF 91 in the third quarter will redefine technology in luxury electric vehicles, and the FF 81, produced in partnership with Myoung Shin, will bring our market-leading technology to the mainstream luxury car space." ”

Tae Kyu Lee, President of Myoung Shin, said, "We will work with Faraday Future to build the future of the electric vehicle industry and provide consumers with top quality products. As an electric vehicle foundry manufacturer, we seek creativity, innovation, reliability and a sense of responsibility, which we incorporate into the production of the FF 81. ”

Faraday's future strategy is based on an asset-light business model, and its global manufacturing strategy includes leasing a car manufacturing plant in Hanford, California, and partnering with South Korean foundry maker Myoung Shin. Over time, Faraday will continue to expand its production and open manufacturing operations in China, the world's largest electric vehicle market.