Faraday Future Shares Plunge 17% After Reverse Split, Affordable EV Brand Strategy Reveal
Shares of Faraday Future Intelligent Electric Inc. plummeted over 16% on Sunday, following the company's announcement of a new "China-U.S. Automotive Bridge Strategy" and plans to introduce a second, more affordable electric vehicle brand targeting the $20,000 to $80,000 price segment.In a press release, Faraday Future revealed its intentions to leverage cutting-edge AI and software technologies to develop a mass-market EV line, in addition to its existing ultra-luxury offering, the $300,000 F