Reported 4 months ago
Faraday Future, an electric vehicle maker, has decided to withdraw its production forecast for 2024 due to market conditions and funding levels. The company aimed to produce 1,000 vehicles this year but is now seeking additional strategic investors and financial support. Facing potential delisting from Nasdaq, Faraday's shares dropped over 11% after announcing delays in filing reports. The EV industry is experiencing slowed demand with buyers opting for hybrid vehicles due to high interest rates and inflation, leading Faraday to plan a reverse stock split to combat value loss and funding challenges.
Source: YAHOO