Faraday Future slides on signaling need for funds to start production

Shares of Faraday Future Intelligent Electric tumbled 21 per cent premarket on Friday after the company unveiled production plans for its much-delayed luxury electric car that hinged on securing additional financing.

The company is one of the many EV startups struggling to launch its products as a bleak global growth outlook and a funding squeeze dented production schedules and compounded losses. "We've implemented a number of cash conservation measures that have significantly reduced our spending to core items that are essential to delivering the FF 91 Futurist," interim Chief Financial Officer Yun Han said on Thursday.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Faraday Future targets April for EV deliveries, sees fresh fundingEV startup Faraday Future Intelligent Electric Inc said on Thursday it was in discussions with investors for additional capital of up to $170 million as it sets a target to deliver its FF 91 Futurist vehicle to customers in April 2023.The Los Angeles-based company said it expects to start production of it
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tesla shares fall as investors bash Musk's Twitter focusSAN FRANCISCO : Tesla shares extended declines to hit their lowest level in more than two years on Wednesday, as investors including a 'fanboy' of CEO Elon Musk lashed out at Musk's distraction from the electric car company following his buy of Twitter. Shares of Tesla, the world's most valuable carmaker
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »