Meme Stock Faraday Future Poised For Another Surge Following FF 91 Luxury EV Update: Retail Mood Lights Up

Faraday Future Intelligent Electric, Inc. ($FFIE) shares surged up by over 33% on Friday and could continue from where they left off. The stock, counted among the memes, is up an incremental 26% in premarket trading as of 4:54 a.m. EDT.

The Los Angeles-based struggling electric vehicle startup announced late Sunday that it will deliver the new FF 91 2.0 Futuristic Alliance electric vehicle (EV) to Luke Hans, a prominent Los Angeles Chinese community leader, in January. The company said this will mark the first delivery of the EV in 2025.

‘’Signed as an FF Developer Co-Creation Officer, Hans will play a key role in supporting the Company’s business development, product sales, and collaborative innovation efforts,” the company said.

The FF 91 2.0 has a range of 381 miles and accelerates from 0 miles per hour (mph) to 60 mph in 2.27 seconds. Its base price is $309,000. 

Earlier this month, Faraday Future said it secured $30 million in financing that will help accelerate its growth and the development of Faraday X, its affordable lineup of high-performance artificial intelligence electric vehicles (AIEV). 

The company said the first two FX prototype mules will arrive in Los Angeles later this month. Product development and testing are scheduled to begin at the company’s manufacturing facility in Hanford, California. 

The U.S. EV market is experiencing challenges due to falling demand. As has been the case with any startup, Faraday Future has been struggling with production ramp-up, a cash crunch, and weak demand for its pricier EVs. The company even issued a “going concern” warning in late May.

After stalling production of the FF 91 in the first half of the year due to a liquidity crunch, the company restarted production by the middle of the year. 

Faraday Future stock has plunged 94% this year even as the broader market has advanced by double-digit percentage points. 

FFIE sentiment and message volume December 30, 2024, premarket as of 4:54 am ET | Source: Stocktwits

Retail sentiment toward Faraday Future stock remains ‘bullish’ (70/100) and message volume has been ‘high.’

A bullish stock watcher said it is time to enter the stock before it becomes too late.

But another cautioned regarding “pump-and-dump” manipulations.

The sharp occasional spikes, despite the questionable fundamentals, could be due to the huge short interest in the stock. About 38.09% of the outstanding stock is held as short.

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