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Faraday Future (NASDAQ:FFIE) shares flew about 25% higher in premarket trading as production of the FF 91 Futurist finally commenced.
Production had been in serious doubt as an initial plan for late 2022 production came and went. The company voiced its need to raise capital around that time and even issued a going concern warning. Following that warning, a CEO shift occurred and a March timeline was set for the start of production, a target just narrowly met on Thursday.
“Start of Production of the FF 91 Futurist Alliance marks FF’s most solid step as a disruptor of the traditional ultra-luxury automotive civilization,” Faraday Future founder YT Jia said. “It’s a promise we made to our users and shareholders, and we have delivered it today successfully. This shows that FF has entered a new phase under the governance and operation of the new board and management. We believe FF will quickly restore its due value to the marketplace.”
Production will begin at an over 1M square foot facility in the Central Valley of California. Sales efforts for the vehicle will also initially focus on California, with Silicon Valley and Los Angeles pinpointed as key end markets by the manufacturer.
A final launch event for the FF 91 Futurist is scheduled for April 26.
Shares of Faraday Future (FFIE) rose 22.4% higher in premarket trading on Thursday.
Read more on the company’s upcoming board meeting.