Faraday Future shares surged another 29% in premarket trading on Thursday after soaring 73% on Wednesday.
Faraday Future shares soared 120% one time after founder comments on the Rivian deal on Wednesday.
The EV industry is abuzz yesterday following a major partnership between Rivian and Volkswagen. Volkswagen will invest up to $5 billion into Rivian over the next few years, starting with a $1 billion investment in exchange for a convertible promissory note.
While the deal doesn’t carry any impact toward Faraday Future, the company — and other EV companies like Lucid — rallied higher on the news.
The electric vehicle startup’s Founder, YT Jia, published a new video on social media on Wednesday. On X, he stated that the investment in Rivian “further underscores the immense potential of the American AI EV market and its leading edge in technology and products”.
“This attracted global giants and was a key reason I chose to start FF in the US. We will continue to strive to unleash FF’s enormous potential and limitless possibilities as soon as possible”, he added.
A short squeeze could possibly be behind the rise in FFIE stock, although short interest as as percentage of float is only 6.39%, equivalent to 27.8 million shares, according to Fintel. A short interest of 10% or greater is generally considered high.
