Faraday Future Rose More Than 5% in Premarket Trading

Faraday Future rose more than 5% in premarket trading.

California-based electric vehicle (EV) firm Faraday Future (FF) announced on Thursday that the production version of its FF 91 model will be officially released on February 23.

Previously, FF said that its Hanford factory would be turned into an advanced production base, and that the firm is building advanced facilities, adopting highly skilled technology and leading automated production processes to rival the world’s top luxury automobile manufacturers.

Since its listing in July last year, FF has completed three of the seven manufacturing milestones, including completing the installation of equipment to support mass-produced vehicle manufacturing, and qualifying the factory for final production.

However, in October 2021, J Capital Research, a Wall Street short seller, published a 28-page investigative report on FFIE, questioning the company’s financial situation, car pre-orders and mass production capacity. The agency even bluntly claimed that it would be impossible for FFIE to sell a single car, claiming that the firm was only Jia Yueting’s “tool for making money.”

Following the report, the FFIE independent board of directors conducted a comprehensive investigation of the company, according to the report. In February 2022, it was found that the company’s alleged 14,000 pre-orders were misleading, as only a few hundred had actually been paid for with deposits.