Faraday Future jumps after strategic meeting with UAE-based investment firm

Faraday Future Intelligent Electric

26/06/2024 15:49

** Shares of electric-vehicle startup Faraday Future
Intelligent Electric  FFIE.O  rise 73.6% to 46 cents
    ** FFIE says it hosted Sheikh Abdullah bin Mohamed Al
Qassimi, CEO of UAE-based Master Investment Group, at its Los
Angeles headquarters for a strategic meeting
    ** "This visit was a pivotal moment for us as we shared
insights and strengthened our collaborative plans moving
forward" - Faraday Future says
    ** FFIE said last month it was withdrawing its production
forecast for 2024 due to current market conditions and levels of
funding
    ** At the end of 2023, Faraday Future had $1.9 mln in cash
on its balance sheet, down from $16.9 mln a year earlier
    ** Up to last close, stock had fallen ~67% this year

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))