Written by Cláudio Afonso | LinkedIn | X
In a new video shared on Thursday, the founder of the electric vehicle (EV) startup Faraday Future commented on the EV market comparing China, the United States and Europe.
Shareholders of the electric vehicle (EV) startup have been living a real rollercoaster so far this year. The company has delivered only one vehicle so far as it seeks more funding in the Middle East region.
“Tesla is the only dominant player in the US EV market, and a flourishing development of the industry is far from being formed,” Jia said in a video statement.
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Here’s the full video.
FF’s Founder and the current Chief Product & User Ecosystem Officer highlighted the difference between Chinese EVs on AI-powered EVs.
“The Chinese AI EV industry has entered the elimination and the consolidation stage but the preliminary round in the United States has not even begun,” he said before further commenting the U.S. market.
“Although the U.S. government has provided some incentives, such as tax credits and subsidies, the strength and coverage of these policies are not, in my opinion, enough to promote large-scale industry upgrading,” YT Jia stated.
Last Friday, the company said its Annual Meeting of Stockholders will be held on July 31 as it seeks approval on the reverse stock split that would allow the stock price to trade above Nasdaq’s $1 threshold.
The executive defends that the U.S. has still a long way to go when it comes to the policy support on promoting the EV infrastructure, “Comparing with Europe and China, the U.S. lags behind in policy support promoting EV infrastructure construction and technology research and development”.
Among the proposals facing shareholders’ vote in the upcoming Annual meeting, the most significant is the approval of a reverse stock split for the common stock, with a ratio ranging from 1-for-2 to 1-for-40. If approved, the ratio will be defined by the company’s Board of Directors.
Last week, the company announced that the Nasdaq Hearings Panel has granted the conditional continued listing of its shares.
The stock started the year at about $0.68, went south to just below $0.04 in late April before soaring 9,500 percent in 18 trading days to $3.90 amid the comeback of one of the world’s famous trader Keith Gill, known as “Roaring Kitty,” who previously drove meme stocks to remarkable highs in 2021.
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Abdullah Al Qassimi, CEO of Master Investment Group, has recently visited Faraday’s headquarters in Los Angeles for “a strategic meeting”. Here’s the video shared by Faraday Future.
Qassimi teased on his LinkedIn, “A new chapter to be started!” without unveiling further details of the company’s expansion to the Middle East Region as unveiled last December.
By then, Faraday Future said it signed a strategic cooperation agreement with Master Investment Group and Siraj Holding LLC saying both investors would “support FF beginning operations in the Middle East Region in 2024”.
After a four-month hiatus, the electric vehicle startup resumed deliveries earlier this month, handing over the FF91 2.0 to a retail shareholder.
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Written by Cláudio Afonso | LinkedIn | X
