Faraday Future has contracted with Myoung Shin Co., Ltd., an automotive manufacturer headquartered in South Korea, to manufacture Faraday Future’s second electric vehicle, the FF 81, with start of production scheduled for 2024. The FF 81 is a luxury, mass-market electric vehicle from FF, with advanced connectivity and a user experience tailored to a wider audience than the FF 91, which is scheduled to launch in Q3 2022.

Located near Seoul, South Korea, Myoung Shin is a parts supplier and automotive manufacturer for numerous first tier OEMs. The plant in Gunsan, where the FF 81 will be manufactured, offers scale, flexibility, and attractive port access.

Pursuant to the agreement, Myoung Shin will maintain sufficient manufacturing capabilities and capacity to supply FF 81 vehicles in accordance with FF’s forecasts.

Faraday Future’s strategy is based on an asset-light business model, with a global, hybrid manufacturing strategy consisting of a leased manufacturing facility in Hanford, California operated by Faraday Future, and a collaboration with Myoung Shin, a leading contract manufacturing partner in South Korea.

Over time, Faraday Future will continue to expand its geographic reach with manufacturing operations in China, the world’s largest luxury market, and the world’s largest EV market.