$Faraday Future Intelligent Electric Inc.(FFIE)$
It remains a mystery why US market is so negative / bias towards this luxury EV maker that was once touted to be $Tesla Motors(TSLA)$ ’s main rival.
All this due to its more than fantastic technical specifications deemed worthy of a luxury sedan.
All these harked back in its heady days where its stock price peaked at $55.35 in January 2021.
Before its subsequent, 2 reverse stock split exercises, required to prevent FF from being delisted on the US bourse.
Fast forward to 10 Apr 2024, its stock price has fallen by -99.84% to $0.091 per share.
On 09 Apr 2024, Faraday Future (FF) made the following announcement:
- It has just opened a sales office in Dubai.
- This is a big step in their plan to sell electric cars in more places around the world.
- FF will focus on selling EVs in 3 regions: the US, China, and the Middle East.
- These regions are known for liking new and expensive technology.
- In November 2023, FF started planning to sell cars in the Middle East by partnering with some local companies.
- The new sales office is the next step in that plan.
- FF wants to change the way people travel by making electric cars that are smart and connected.
- FF is also looking for other businesses in the Middle East to work with.
- They're interested in finding partners (a) to invest, (b) help them grow their business, and (c) sell more cars.
Faraday’s CEO Matthias Aydt has the followings to say:
- Opening the Middle East sales office is a key moment for the company, as they make inroads into the Middle East.
- It shows FF’s commitment in being a part of an exciting and fast-growing market for electric, smart, and AI-powered cars in the region.
Despite the positive next-step, I guessed the luxury car maker has forgotten that in order to flourish it must be able to:
- Spur demand.
- Ramp up production and meet demand.
- Be profitable ultimately.
Otherwise, it will forever remains a wannabe.
What do you think are vital for FF to succeed as a luxury EV leader ?
- Do you think Faraday Friday will be able to find its knight in shiny armour to get out of the rut?
- Do you think can become a successful EV maker under the new CEO?
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Comments
What is this? Look at TSLA, the others don’t even have a chance!!!
aftermarket squeeze???
Only if there is good news for this again...
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