Electric car maker Faraday Future Intelligent Electric (NASDAQ:FFIE) is not one of the best-known names in electric cars. However, it’s had a good run of things over the last couple of weeks and made another nice gain in Monday afternoon’s trading thanks to one new push to get it closer to selling cars.
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Last week, Faraday surged thanks to a new gain in funding, which helped get the FF 91 Futurist off the ground. Faraday shipped one of the FF 91s off to Shanghai, where it will get market testing and validation for its upcoming future production. Faraday expects its first models to be completed and delivered this April.
The FF 91 should fill a worthwhile market niche. It’s described as an “…all-electric luxury SUV.” Further, it seems as though Faraday should have plenty of capacity to produce such a winner; it leased a factory back in 2020, which it suggests can handle up to 30,000 FF 91s produced every year. However, reports also suggest that there are only 401 FF 91 orders in place so far. Given a comparative dearth of marketing on Faraday’s part, though, that may be part of the problem that it can address once it gets its production line up and running.
The last five days of trading in Faraday stock have been fairly erratic. Despite a win last week, and a win this week, trading is down substantially from last Wednesday. Faraday stock started a rally on Friday, which may continue through today.
