It went up because people thought the price went up, but actually it's reverse stock split and people followed along
Faraday Future Extends Rally to 130%, Boosted by Affordable EV Brand Strategy Reveal
Strategy could introduce a 'performance capable EV at a fraction of the price,' Faraday Future CEO says. Faraday Future Intelligent Electric Inc. will host a launch event for its China-U.S. Automotive Bridge Strategy on Sept. 19, part of its plan to introduce a mass-market second brand, the company announced Monday.Shares of Faraday Future , which completed a reverse stock split Friday, were down 21.3% Monday morning, compared with the S&P 500's SPX gain of 0.2%.The strategy aims to harness Chinese original equipment manufacturers and parts suppliers and their respective supply chains, the company said in a statement. "Our Bridge Strategy could introduce a 'performance capable EV at a fraction of the price,' by empowering a second brand with much of the core technologies used on the $300,000 FF 91," Faraday Future Global CEO Matthias Aydt said in a statement.Related: Sometime meme stock Faraday Future slides on reverse stock split. The strategy and second-brand approach will tap artifi
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