What's Next for Faraday Future Which Is Down 20% This Week?

🌟🌟🌟On a day when the US markets are down, it is not surprising that meme stock $Faraday Future Intelligent Electric Inc.(FFIE)$  has also dropped 2.5% on Friday.  It has spiralled down  by 20% this week.

After an exhilarating climb of 367% on May 14, Faraday Future has dropped like a rock to the bottom of the sea this week.

The catalyst was the same as with other meme stocks $GameStop(GME)$ and $AMC Entertainment(AMC)$  with the return of influential trader Keith Gill also known as Roaring Kitty.  This has encouraged traders to look for other heavily shorted stocks that could see a major squeeze.

However Faraday Future's dismal earnings report brought it back to reality.

Faraday Future reported full year revenue of USD 800,000, compared with no revenue on 2022 and a loss of USD 432 million, compared to a USD 602 million loss in 2022.  Faraday Future only began delivering vehicles in Q3 23.  It has yet to report its Q1 24 results. 

Faraday Future's cash balance on December 31 23 was USD 4 million, including restricted cash of USD 2 million compared with cash of USD 17 million at the end of the previous year.  As of May 23, Faraday Future's cash position was USD 5 million, which includes restricted cash of USD 2 million.

On June 13, Faraday Future delivered the latest FF91 2.0 for Jun He, its prominent retail investor.  This marks the resumption of the start of 2nd phase delivery. 

The latest FF91 2.0 EV includes an industry first in car aggregated sports streaming, financial news browsing and stock quotes.  It also utilises the first major over the  air upgrades, comprising of 752 new additions and 846 improvements. 

The next phase of Faraday Future's plans is the US-China Automotive Bridge Strategy.  Faraday Future intends to return to the earlier 2 brand set up to distinguish market segments.  This will enable the integration of Faraday Future high value Ultimate AI  Tech Luxury solutions and features of its AI technology in a more affordable mass market product segments.

Faraday Future has started preliminary discussions with several global OEMs and suppliers about how it can harness its expertise in partnership with them.

The good news for Faraday Future is that it has received a grant from Nasdaq for an extended stay of suspension pending a hearing with Nasdaq 's Hearing Panel.  Faraday Future has fulfilled one of the listing compliance requirements and work in quarterly report for Q1 24 is actively progressing.

However as Faraday Future has once again slipped below the minimum USD 1 per share listing  requirements recently, the outcome maybe not be so favourable.

Faraday Future faces an uncertain future as it faces a very competitive EV market currently.  With over USD 300,000 per vehicle, only the ultra rich can afford it.  Even market leader $Tesla Motors(TSLA)$  is facing dwindling sales of its EVs.

What Faraday Future really needs is a fresh injection of cash to continue to run its flailing business as it continues to burn up cash in its operations.  Time is running out. 

@Daily_Discussion  @TigerStars @MillionaireTiger  @Tiger_comments  @CaptainTiger  

# πŸ’° Stocks to watch today?(31 Oct)

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  • neo26000
    Β·06-23
    TOP
    Kitty can loan Faraday some of their excess cash. Then, both GME and FFIE may have future.
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    • koolgal:Β 
      All the Best πŸ€πŸ€πŸ€
      06-24
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    • koolgal:Β 
      Have a wonderful week aheadπŸŒˆπŸŒˆπŸŒˆπŸ’°πŸ’°πŸ’°
      06-24
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    • koolgal:Β 
      I am sure Kitty followers will approve 😁😁😁
      06-24
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  • Taurus Pink
    Β·06-22
    TOP
    [龇牙] [龇牙] [龇牙]
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    • koolgal:Β 
      Best of luck πŸ€πŸ€πŸ€
      06-22
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    • koolgal:Β 
      Happy weekend 🌈🌈🌈
      06-22
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    • koolgal:Β 
      Thanks 😍😍😍
      06-22
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  • OYoung
    Β·06-22
    TOP

    Will it be delisted soon?

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    • koolgal:Β 
      It is up to Nasdaq
      06-22
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    • koolgal:Β 
      But it is possible.
      06-22
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    • koolgal:Β 
      Hope not for shareholders ' sakeπŸ™
      06-22
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  • CMLeong
    Β·06-23
    TOP
    η₯δ½ ε₯½ι‹βœ¨
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    • koolgal:Β 
      Have a wonderful weekend 🏝️🏝️🏝️
      06-23
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    • koolgal:Β 
      May you be equally blessed  with Bountiful Success and Good Luck too. πŸŒˆπŸŒˆπŸŒˆπŸ€πŸ€πŸ€
      06-23
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    • koolgal:Β 
      Thanks 😍😍😍
      06-23
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  • thanks for sharing
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    • koolgal:Β 
      Best of luck πŸ€πŸ€πŸ€
      06-22
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    • koolgal:Β 
      Happy weekend 🌈🌈🌈
      06-22
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    • koolgal:Β 
      My pleasure 😍😍😍
      06-22
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  • icycrystal
    Β·06-22
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    thanks for sharing
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    • koolgal:Β 
      All the best. πŸ€πŸ€πŸ€πŸŒˆπŸŒˆπŸŒˆ
      06-22
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    • koolgal:Β 
      Have a wonderful weekend 🏝️🏝️🏝️
      06-22
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    • koolgal:Β 
      My pleasure 😍😍😍
      06-22
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  • AuntieAaA
    Β·06-22
    GOOD
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    • koolgal:Β 
      Best of luck πŸ€πŸ€πŸ€
      06-22
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    • koolgal:Β 
      Have a wonderful weekend 🏝️🏝️🏝️
      06-22
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    • koolgal:Β 
      Thanks 😍😍😍
      06-22
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