Why EV Maker Faraday Future Plunged Today
Troubled electric vehicle (EV) start-up Faraday Future Intelligent Electric (NASDAQ: FFIE) will provide a business update for investors tomorrow, but it prefaced that with some news that concerned investors yesterday. The reaction had the stock down as much as 15% this morning. As of 12:33 p.m. ET, Faraday Future shares were still lower by 10.4%.
Image source: Faraday Future Intelligent Electric.
Faraday has previously warned investors it would need to secure more funding to be able to launch its first electric car. In its third-quarter report released last month, the company said it was optimistic it would be able to raise additional funding so it could launch its high-performance FF 91.
Source Fool.com
