Why Faraday Future Stock Dropped 10% Today
Faraday Future Intelligent Electric (NASDAQ: FFIE) has finally started delivering its unique electric vehicles (EVs). Investors seem to think it might be a little too late, though. After losing much of its value last year, Faraday stock has continued to plunge going into 2024.
After dropping as much as another 15% today, the stock was still down 10.1% as of 12:50 p.m. ET. That came after the company announced some fresh delivery news for its high-powered FF 91 electric car.
The FF 91 has some impressive features. It can go from 0 to 60 mph in under 2.3 seconds. It also claims an EPA range of 381 miles on a single battery charge. Yesterday, the company announced it delivered its first 10 FF 91 2.0 Futurist Alliance EVs in 2023. The latest of the over-$300,000 EVs went to Jim Gao, a Faraday executive overseeing the company's technology platform.
Source Fool.com
