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FARADAY FUTURE INTELLIGENT ELECTRIC INC.

(FFIE)
  Report
Delayed Nasdaq  -  04:00:01 2023-03-24 pm EDT
0.3727 USD   -4.73%
03/24Faraday future - the countdown begins to ff 91 futurist production start
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03/24Faraday Future Intelligent Electric - THE COUNTDOWN BEGINS TO FF 91 FUTURIST PRODUCTION START
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03/23The Countdown Begins to FF 91 Futurist Production Start
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Faraday Future shares gain on securing funding to start EV production

02/06/2023 | 10:28am EDT

Feb 6 (Reuters) - Shares of Faraday Future Intelligent Electric Inc rose about 8% to $1.17 on Monday after the company said it had raised enough funds to start production of its electric luxury car FF 91 Futurist in March.

Delivery of the sports utility vehicle, originally slated to start in late 2022, will now begin before the end of April, the company said on Sunday.

The stock has plummeted 92% since listing in July 2021 as the loss-making startup grappled with a boardroom battle, governance issues and a dwindling cash balance that upended its production plans.

Faraday plans to hold an investor meeting on Feb. 28 to vote on a proposal for increasing its outstanding stock, in a bid to raise financing in the future to support deliveries.

Major shareholder FF Top Holdings, which has an 8.4% stake, has agreed to support such a proposal at the meeting, it said.

Los Angeles-based Faraday has moved to save cash in recent months by slowing development of cars. It had $22.5 million in cash as of Nov. 30, down from $31.76 million at the end of the third quarter.

In November, the company named China head Xuefeng Chen as its chief executive officer after Carsten Breitfeld was asked to resign following a review of its performance since the listing. (Reporting by Akash Sriram in Bengaluru; Editing by Devika Syamnath and Sriraj Kalluvila)


ę Reuters 2023
Stocks mentioned in the article
ChangeLast1st jan.
F&F CO., LTD -0.38% 132700 End-of-day quote.-8.17%
F&F HOLDINGS CO., LTD. -1.87% 23600 End-of-day quote.-22.50%
FARADAY FUTURE INTELLIGENT ELECTRIC INC. -4.73% 0.3727 Delayed Quote.28.38%
All news about FARADAY FUTURE INTELLIGENT ELECTRIC INC.
03/24Faraday future - the countdown begins to ff 91 futurist production start
AQ
03/24Faraday Future Intelligent Electric - THE COUNTDOWN BEGINS TO FF 91 FUTURIST PRODUCTION..
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03/23The Countdown Begins to FF 91 Futurist Production Start
BU
03/23Faraday Future Intelligent Electric : Entry into a Material Definitive Agreement, Unregis..
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03/20Faraday future plans to host an annual meeting of stockholders on april 14, 2023, appoi..
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03/17Faraday Future Plans to Host an Annual Meeting of Stockholders on April 14, 2023, Appoi..
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03/17Faraday Future Intelligent Electric Inc. Announces Executive Changes
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03/17Faraday Future Intelligent Electric : Change in Directors or Principal Officers (form 8-K..
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03/15Faraday Future Intelligent Electric : Change in Directors or Principal Officers (form 8-K..
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03/15Faraday Future Intelligent Electric Inc. Announces Resignation of Matthias Aydt from Bo..
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Analyst Recommendations on FARADAY FUTURE INTELLIGENT ELECTRIC INC.
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Financials (USD)
Sales 2023 140 M - -
Net income 2023 -328 M - -
Net Debt 2023 - - -
P/E ratio 2023 -0,87x
Yield 2023 -
Capitalization 290 M 290 M -
Capi. / Sales 2023 2,07x
Capi. / Sales 2024 0,87x
Nbr of Employees 586
Free-Float 31,8%
Chart FARADAY FUTURE INTELLIGENT ELECTRIC INC.
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Technical analysis trends FARADAY FUTURE INTELLIGENT ELECTRIC INC.
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TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Last Close Price 0,37
Average target price
Spread / Average Target -
EPS Revisions
Managers and Directors
Xue Feng Chen Global Chief Executive Officer & Director
Yun Han Chief Financial & Accounting Officer
Xin He Non-Executive Chairman
Terry Wang Head-User Ecosystem Strategy & Operations
Chui Tin Mok Executive Director
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