Shares of electric vehicle maker Faraday Future Intelligent Electric (NASDAQ:FFIE) jumped nearly 15% in the pre-market session today after the company announced an expansion into the Middle East market.
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FFIE aims to begin operations in the region in 2024, having signed strategic cooperation agreements with Master Investment Group and Siraj Holdings. The company plans to launch the FF 91 2.0 Futurist aiFalcon, a model tailored for the Middle East market, with deliveries expected in 2024.
The Middle East market presents a lucrative opportunity for smart and autonomous vehicles. The company plans to showcase its FF 91 2.0 Futurist Alliance at the Abu Dhabi Yas Marina Circuit during the Abu Dhabi Grand Prix week.
FFIE recently delivered its first FF 91 2.0 Futurist Alliance in the U.S. and is increasing output at its manufacturing plant in Central California. Additionally, it is teaming up with multiple influential Co-Creation partners in an attempt to drive sales.
What is Happening with Faraday Future Stock?
While FFIE has now entered the revenue generation phase, it still continues to lose money. Today’s price surge comes after a nearly 98.2% value erosion in FFIE stock over the past year.
While daily trading volumes remain elevated, at an average of 6.46 million shares over the past three months, a beta of 1.47 means that the stock can gyrate more wildly than the broader market.
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