Faraday Future falls after withdrawing 2024 production goal

Faraday Future Intelligent Electric

28/05/2024 22:18

** EV maker Faraday Future Intelligent Electric's  FFIE.O 
shares fall 7.7% to $1.08 in after-hours trading
    ** Company withdraws its 2024 production target guidance,
given "current market conditions and current levels of funding"
    ** FFIE says it is "committed to increased production and
deliveries while maintaining financial discipline" and is in
continued search of additional strategic investors
    ** Posts revenue of $0.8 mln for 2023, compared with no
revenue in 2022
    ** Stock has risen 68.9% YTD

 (Reporting by Juby Babu in Mexico City)
 ((Juby.Babu@thomsonreuters.com;))