Why Faraday Future Stock Jumped, Then Dropped Today
Investors initially cheered this morning after troubled electric vehicle (EV) start-up Faraday Future Intelligent Electric (NASDAQ: FFIE) announced it has finally begun production of its first EV offering. The stock popped more than 14% when the market opened today, but it quickly reversed course into negative territory. As of 10:55 a.m. ET, shares are barely back in the black, up 1.7%.
Image source: Faraday Future Intelligent Electric.
Manufacturing was delayed as the company struggled to attain enough financing to begin production of its high-performance FF 91 Futurist. The company had previously warned that it would run out of cash before it could start production if it didn't raise additional capital. After securing $135 million through the issuance of convertible secured notes announced in February, the company said last night it has finally begun production.
Source Fool.com
