Faraday Future Is Cutting Costs. The Stock Is Rising.

EV start-up Faraday Future Intelligent Electric has a Master Plan, just like Tesla. It’s plan isn’t as detailed as Tesla’s, but Faraday is focused on achieving profitability. Investors are reacting positively at the start of a new trading day.

There isn’t a lot of detail. Still, shares are up about 4.6% in premarket trading at $1.13 apiece, while S&P 500 and Nasdaq Composite futures are down about 0.3% and 0.4%, respectively. Newsletter Sign-up Faraday ended the second quarter with roughly $20 million in cash, and another $60 million in deposits for preorders. Management said the company began generating sales in August. The number of deliveries isn’t known. Faraday didn’t immediately return a request for comment.

When Faraday was raising money via a merger with a special-purpose acquisition company in 2021, it projected 2023 sales of about $4 billion, and 2024 sales of about $10.5 billion. That just isn’t going to happen.

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Faraday Future to cut operational costs as part of plan to reach profitabilityFaraday Future Intelligent Electric has adopted a masterplan to reach profitability and reduce dependence on external funding.
Source: MarketWatch - 🏆 3. / 97 Read more »