Faraday Future Intelligent Electric (NASDAQ:FFIE) shares are up nearly 3.5% in the pre-market session today after the EV maker delivered the FF 91 2.0 Futurist Alliance to its Founder and Chief Product and User Ecosystem Officer, YT Jia, at its Delivery Co-Creation day event in Los Angeles.
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Mr. Jia noted that FFIE is entering the revenue generation phase and has formed a complete operational loop. However, the Founder added that, while FFIE has set up all the foundations for substantial growth, its trajectory hinges on the availability of funding.
Is Faraday Future Stock a Good Buy?
FFIE shares have tanked by a jaw-dropping 95% so far this year. From a high of about $1,532 in February 2021, the stock has plummeted to the current $1.13 level. The company has incurred losses for over eight consecutive quarters and is currently “making every effort” to attract institutional and strategic investors to ramp up production.
Further, FFIE aims to improve its supply chain management and streamline costs to notch lower operational costs while increasing production. Amid the tanking share price, FFIE executed a 1-for-80 reverse stock split in August, and how its current plans pan out remains to be seen.
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