Faraday Future slumps on withdrawal of 2024 production forecast

Faraday Future Intelligent Electric

29/05/2024 11:21

** Shares of EV maker Faraday Future Intelligent Electric
 FFIE.O  fall 53% to 56 cents premarket
    ** Co after trading hours on Tuesday said it is withdrawing
production forecast for 2024 due to current market conditions
and level of funding
    ** FFIE said it is pursuing additional strategic investors
to support growth, and intellectual property-backed financing to
reduce reliance on dilutive funding
    ** Co reported revenue of $0.8 mln for 2023, compared with
no revenue in 2022
    ** Operating expenses stood at $244 mln in 2023 compared to
$437 mln in 2022, primarily due to lower research and
development expenses
    ** Up to last close, FFIE stock up ~69% YTD

 (Reporting by Priyanka.G)
 ((Priyanka.g@thomsonreuters.com))