Faraday Future shares rise after announcing ‘updated timing’ for deliveries

Shares of electric vehicle company Faraday Future (FFIE) are up 14% or 4c per share to 31c per share after announcing, earlier on Thursday, the updated timing for start of deliveries of its FF 91 vehicle to users, including its three-phase delivery plan for its FF 91 vehicle, and date of its first vehicle coming off the production line. This also marks the first event of the Company’s final launch and delivery campaign and a new chapter in the Company’s development. The off-the-line event will be webcast via FF intelligent APP, FF.com, and all the FF social channels on April 14th at 6:00 pm PDT. Certain of the Company’s suppliers informed the Company that they will be unable to meet the Company’s timing requirements and, therefore, the Company has updated the timing for the start of deliveries for its FF 91 vehicle, and the previously announced three-phase delivery plan. The Company will start the first phase of the delivery process at the end of May… The company’s "three-phase delivery plan outlined above is subject to timely receipt of sufficient financing and parts and completion of required crash tests. As of April 11 the Company has approximately $29.8M cash on hand including $1.5M restricted cash. The Company expects to need substantial additional financing to start the second and third phase delivery and is in discussions with additional potential investors. As the Company executes the three-phase delivery plan, it plans to continue to move vehicles into production and off-the-line with high quality and high product power. Starting in May, the Company will announce its co-creation and co-sharing program, as well as the product launch event. The Company is also targeting to hold a global supplier summit in the near future, inviting hundreds of supplier representatives to discuss the Company’s mid- to long-term strategic plans on its production capacity planning, supplier support, etc. The Company has received full support and positive feedback from top global suppliers. Other publicly traded electric vehicle companies include Tesla (TSLA), Nio (NIO), Rivian Automotive (RIVN)