In May 12 trading, shares of electric car producer Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) surged 18% to $2.03. The FFIE stock has dropped more than 81% in the last year, but investors were encouraged by the news that production will begin soon.
Faraday Future Intelligent Electric Inc. (FFIE) is not yet manufacturing electric vehicles, so its report is largely useful for updates on the cars’ ongoing road tests and a financial reserve that should be adequate to keep operations running.
Faraday Future’s declaration that the first batch of electric vehicles might be delivered as early as the third quarter of 2022 is more intriguing. Faraday Future’s California facility is quickly boosting manufacturing capacity and will soon be able to mass-produce its flagship FF 91 electric vehicle.
It was good news for Faraday Future Intelligent Electric Inc. (FFIE) investors, especially considering the charges made by J Capital Research. It called Faraday a new electric car scam, accusing the company’s management of misleading investors about the plant’s construction. In order to avoid delisting, Faraday Future Intelligent Electric Inc. (FFIE) also submitted a financial disclosure report with the US Securities and Exchange Commission (SEC).
Overall, Faraday is a risky investment, especially considering that competitors are now mass-producing tens of thousands of electric vehicles every month.
With the features of the flagship FF 91 EV, Faraday management hopes to attract investors and buyers. This is a three-motor crossover with a total capacity of more than 1000 horsepower. They allow you to accelerate from zero to 100 kilometers per hour in around 2.4 seconds. On a single charge, the battery has a range of around 480 kilometers.
It should be noted that the capacity exceeds 1000 liters, and Lucid Group, Inc. (LCID), an electric car manufacturer, currently provides a similar range in its sedans. The Faraday FF 91 EV’s distinguishing characteristics are a large number of displays and a foldable massaging back seat, which, however, is unlikely to be a deciding factor when selecting a vehicle for the driver.
Faraday Future Intelligent Electric Inc. (FFIE) also revealed the FFZERO1 electric supercar prototype in 2016 and hopes to develop electric watercraft in the future. However, for the time being, they are only intents with undetermined outcomes.
FFIE is down -77.78% over the last year and up 3.80% over the previous week in terms of performance. The stock’s price index has dropped 46.75% in one month and 46.41% in three months. In the last six months, it has returned -71.02%.