Why Faraday Future Shares Dropped as Much as 23% Today
Faraday Future Intelligent Electric (NASDAQ: FFIE) shares have taken a wild ride over the past six weeks. But the reality of the electric vehicle (EV) start-up's financial and operational situation became more clear after a recent update. That caused shares to tumble nearly 24% earlier today. The stock remained down 21.4% as of 1 p.m. ET.
Earlier this month, Faraday Future said it needed to delay the launch of its high-performance FF 91 vehicle as it works to raise money to fund the vehicle's development. When the EV company reported its second-quarter report just two weeks ago, it said deliveries would be in the third or fourth quarter.
Image source: Faraday Future Intelligent Electric.
Source Fool.com
