Faraday Future to enter Middle East market
Company hopes to capitalise on large ultra-luxury segment in the region
California EV pure play Faraday Future (FF) has signing a cooperation agreement with UAE hedge funds Master Investment Group and Siraj Holding to expand out of its home US market and into the Middle East.
“The Middle East market presents an exciting opportunity for smart and autonomous vehicles and is well aligned with FF product technology and brand positioning,” the firm says.
It plans to launch a limited-edition model, the FF 91 2.0 Futurist AI Falcon, “tailored to the Middle East market, with delivery targeted in 2024”. FF does not specify what features would be tailored to the new market.
As part of the agreement, Sheikh Abdullah bin Mohamed Al Qassimi and Siraj chairman Ahmed Khalaf Ahmed Khalaf Otaiba will join the automaker’s global advisory board as well as become board directors of FF Middle East.
The firm sees considerable addressable customer pool in the Middle East as it works to build “brand positioning and recognition in the ultra-luxury market segment”. But the company is not producing vehicles at volume and has still only delivered a handful of its luxury performance electric SUVs.
“We are delighted to form this strategic cooperation with Master Investment Group and Siraj Holding, which will open the door to our global expansion in the Middle East market,” says FF CEO Matthias Aydt.
“FF continues to make tremendous progress with our operations. The team’s collective expertise and passion underscores our readiness to enter markets like the Middle East. We look forward to this being our first of many future events and collaborations around the globe,” he adds.