California-based electric car start-up Faraday Future has announced a partnership with South Korean carmaker Myoung Shin for the production of its second model FF 81.
Myoung Shin (MS) will manufacture the FF 81 at its plant in Gunsan, South Korea, from 2024, according to Faraday Future. According to the published images, the signing ceremony for the memorandum of understanding already took place on 4 February, but was only now disseminated by Faraday Future via a press release. Financial details of the agreement are not disclosed.
The FF 81 will be Faraday Future’s second model and first for the mass market, following the FF 91, which is scheduled for launch in the third quarter of 2022. According to information from October 2021, the FF 91 will be built in Hanford, California, from July 2022.
As part of an “asset-light” strategy, the company led by Carsten Breitfeld wants to have the FF 81 built at MS with only a small amount of its own capital investment in order to become profitable by 2025. The planned number of units is not mentioned. The memo simply says: “Pursuant to the agreement, Myoung Shin will maintain sufficient manufacturing capabilities and capacity to supply FF 81 vehicles in accordance with FF’s forecasts.”
“This agreement to produce the FF 81 puts us on track to deliver on our promise to reach high volume production in 2024, the most important milestone on our path to profitability,” says Breitfeld. “Our own third quarter launch of the FF 91 will redefine the state of the art in the luxury EV segment, and with Myoung Shin, the FF 81 will bring our market-leading technology to the mainstream luxury segment.”
MS is headquartered near Seoul and operates as a supplier and contract manufacturer. The Gunsan plant is located in the south of the country and is said to offer port access as well as sufficient size and flexibility. “We will work together with Faraday Future to build the future of the EV industry and offer top of the line, quality products to consumers,” says Taekyu Lee, president of Myoung Shin. “Our vision as an EV contract manufacturer is to seek creation, innovation, reliability, accountability, and corporate citizenship, all of which we will provide to Faraday Future as we manufacture their FF 81 vehicle.”
FF has been listed on the stock exchange since July 2021, which it says has given it the funding it needs to produce the FF 91. The target stated at the time was for production to start within a year of the IPO. In addition, the FF 81 was announced for 2023 – in cooperation with a “leading contract manufacturing partner in South Korea”.
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