California’s EV startup Faraday Future ends internal disputes with one of its shareholders by securing $100 million to fund the production of the first SUV model named F91. In the morning Nasdaq: FFIE rose 40% to $1.12 after announcing the news.
Looks like the stock is making a correction towards below $1 value after reaching the volume of 75 million shares. The earliest investors have lost more than 91% of their investments as the EV market is still emerging and needs a well-established system to make the startup’s business lively.
Besides F91 Faraday has an FFZERO1, concept sports electric car which was unveiled in 2016. After six years it is still not ready to enter the mass market.