Electric vehicle company Faraday Future (NASDAQ:FFIE) announced that it’s got a target date in mind for the production of its FF91 Futurist luxury SUV line, and it’s a lot sooner than you might think. Investors were pleasantly surprised too, and Faraday Future shares gained accordingly.
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When Faraday Future landed an additional $135 million in funding, things changed. In fact, that hefty funding allowed a lot of the missing pieces to fall into place. Now, it plans to start production on the FF91 on March 30. Meanwhile, deliveries of completed units should start in April. The FF91 will be an ultra-luxury model, coming with a sizable video screen in the back. That screen will be not only usable for movies and similar entertainment but also for video calling.
Faraday Future’s global CEO, Chen Xuefeng, noted that this announcement represents “…our most important historic moment since Faraday Future was established.” The firm will need more historic moments if it’s to compete with the vast array of other electric vehicle makers in the market.
The last five trading days show Faraday Future on the decline, even with the gains seen today. So far, Faraday Future stock is down 8.32% over this timeframe.
