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Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) shares are trading higher premarket on Friday after the company disclosed a deal for official entry into the United Arab Emirates (UAE) market.
The company penned a strategic cooperation with RAK Motors, an automotive dealer based in Ras Al Khaimah, one of the emirates in the UAE.
As an experienced automotive distributor representing major global brands like Toyota (NYSE:TM) and Nissan (OTC:NSANY), RAK Motors will serve as Faraday Future’s exclusive agent in the UAE for up to one year.
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This partnership authorizes RAK Motors to handle the sales, delivery, and after-sales service for the FX Super One within the UAE region.
These responsibilities include managing displays, test drives, delivery, and providing full customer care, all under the close direction of FF.
This cooperation is a significant milestone for FF, as it establishes a full, end-to-end ecosystem in the UAE for the FX Super One, covering everything from production to service.
FF Executive Vice President and Head of UAE, Tin Mok added,
“The Middle East will serve as a critical springboard for FF and FX’s future expansion into Europe, Africa, and other global markets.”
Last week, the company achieved a major production milestone for the FX Super One. It signed the procurement agreement for the first batch of complete parts, and shipment is starting immediately.
Price Action: FFAI shares are up 2.08% at $1.470 premarket at the last check on Friday.
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