Written by Cláudio Afonso | LinkedIn | X
The California-based electric vehicle startup Faraday Future announced on Friday that will report its financial results from the last quarter of 2023 on May 28. Shareholders anticipate additional investment updates and 2024 guidance from Faraday Future as the company fights to avoid delisting.
The results of the last quarter and full year be followed by a conference call after market close at 8:00 pm Eastern Time.
In an update to its master plan, the CEO Matthias Aydt said in February that the EV startup has 660 patents filed or issued utility and design patents for both EV and I.A.I. technology competitiveness.
At that point, the company had invested over $200 million into its manufacturing facility in Hanford, California, anticipating a future annual production capacity of 10,000 units.
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In the previous Earnings call, held in November 2023, the CEO said that Faraday would ramp up the production capacity “up to 10,000 units” by the end of this year.
“I think we need to put the mass production into perspective. So I said we are aiming for an installed capacity of 10,000 units per year. We will achieve — in a first step in the middle of next year — a lower number of installed capacity because we are still using a shortened line for vehicle assembly, which will give us 2,500 capacity,” Aydt said.
“And by the end of next year, we will ramp up to the 10,000 units per year, which is two jobs per hour in three shifts,” he added.
In November, Aydt said the company was “in the final step to get the fully automated paint facility, paint tools set up”. Later on, the CEO added that he expected “0.5 jobs per hour by the middle of 2024.
“What we need to do, we are in the final steps of fine-tuning the production processes in the body shop, in our closures built, and in our paint line. So far, we have been painting in the rework area, the first vehicles. And we are in the final step to get our fully automated paint facility, paint tools set up. So our supplier for the paint shop is doing the final steps there,” the CEO commented.
“As soon as we have a more stabilized material flow, and more stabilized quality inflow, we will be able to go to in line build, which gives us 0.5 jobs per hour in the middle of next year,” reffering to 2024.
Shares of the electric vehicle startup Faraday Future surged to a new six-month peak on Friday, extending a multi-day rally of over 5,700 percent. Later in the day, the stock gave up the intraday gains of 130 percent and closed 37.58 lower at $1.03 per share.
After multiple reverse stock splits, the company’s all-time high, set in early 2021, stands at now at an adjusted value of $4,980 per share. Year to date, the shares of the EV startup have surged by 291.21 percent — however, it remains 94.93 percent lower when compared year over year.
| 5 Day | 2,134.27% |
| 1 Month | 1,654.68% |
| 3 Month | 266.42% |
| Year to Date | 48.69% |
| 1 Year | -98.07% |
The electric vehicle startup is currently contesting a delisting notice from Nasdaq after its shares traded below $0.10 for ten consecutive days. Faraday Future initiated an appeal on the first day of May, prompting a temporary suspension of its securities for 15 days, which ended yesterday — on May 16.
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Earlier this year, Faraday Future conducted its second reverse stock split in five months, implementing a one-for-three ratio. This action aimed to regain compliance with listing requirements following financial challenges and supply chain issues, which had nearly wiped out 99% of its market value in 2023.
The FF 91 2.0 Futurist Alliance, with an estimated range of 381 miles and a top speed of 155 mph, is currently available for pre-order in the United States at a base price of $309,000.
The stock has faced heavy short interest, indicating that a considerable portion of available shares for trading has been borrowed and sold by bearish investors anticipating stock price declines.
In late April, the company onboarded Werner Wilhelm as Executive Launch Director. Wilhelm successfully managed the launch of three car models during his time at Audi AG, Volkswagen AG, and Magna Steyr — the manufacturer partner of Fisker.
Nasdaq has previously warned the EV maker in late December, regarding bid price non-compliance and also earlier this month for failing to file its 2023 10-K form.
During this time, the company’s securities will remain listed as it plans to seek an extended stay of the suspension pending a hearing with Nasdaq’s Hearings Panel.
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Written by Cláudio Afonso | LinkedIn | X
