Why Fararaday Future Stock Jumped 50% Today

Shares of electric vehicle (EV) company Faraday Future Intelligent Electric (NASDAQ: FFIE) jumped as much as 50% in trading on Tuesday as investors became more bullish on the company's turnaround plan. The volatile stock lost nearly all of its gains mid-day but closed the day up 30.9%.

Earlier this week, Rivian signed a deal with Volkswagen that would provide electronic architecture to the larger automaker through a joint venture. VW also made a large investment in Rivian.

This indicated there's at least some appetite for large automakers to partner with smaller rivals that may have technology that would be beneficial. But there's no such deal for Faraday, so any pop in shares is purely speculative.

Source Fool.com