Faraday Future Stock Soars After the Board Meeting and Production Update

Faraday Future Stock

Faraday Future Intelligent Electric (NASDAQ:FFIE)

After the business announced changes to its board of directors and reaffirmed its production goals, Faraday Future Intelligent Electric (NASDAQ:FFIE) shot up substantially in the pre-market trading session.

The electric vehicle (EV) business located in California made the announcement on Friday that Xuefeng Chen, who had been chosen CEO before the end of November, and Ke Sun, who had previously worked for Yudo Auto as CFO, had both accepted seats on the board of directors as of Tuesday. To make room for the two new members on the Board of Directors, the business announced that previous CEO Dr. Carsten Breitfeld and former Barclays executive Edwin Goh resigned from their positions effective December 26.

Along with the reorganization of the board of directors, the electric vehicle (EV) company restated its intentions to begin production and delivery of its flagship automobiles in the early part of 2023.

According to the company’s statement, “Faraday Future stock expects to start production of a saleable FF 91 Futurist at the end of March 2023, with deliveries before the end of April.” This, however, is contingent upon the timely availability of additional funding and the receipt of shareholder approval for a sufficient increase in FFIE’S authorized shares.

The disclosures noted that significant milestones towards achieving this goal had been reached, keeping the struggling electric vehicle firm on pace to fulfill the benchmarks mentioned earlier.

“The Corporation also just recently announced that it has accomplished production milestone #6, which entails the completion of construction and equipment installation in car assembly areas, “according to the company. “This represents six of the seven milestones that FF put out late in 2021 to recognize its manufacturing successes towards the commencement of production of the FF 91 Futurist. The seventh milestone is “SOP,” which stands for “start of production.”

During pre-market trading, Faraday Future stock increased by 9.07%, and over 500,000 shares changed hands. The share price dropped more than 90 percent in 2022, reaching a low of $0.24 in December.

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