"Riding on" the popularity of Rivian's investment by the public, Faraday Future surged more than 110% intraday
Faraday Future's stock price rose by over 110% at one point during the trading day, closing up 73.21%. Volkswagen plans to establish a joint venture with Rivian Automotive and invest up to $5 billion in this electric vehicle manufacturer by 2026, aiming to jointly create the electrical/electronic architecture for the next generation of electric vehicles. Jia Yueting stated that this investment further highlights the potential and advantages of the American artificial intelligence electric vehicle market, and is also one of the reasons he chose to establish Faraday Future in the United States
Zhītōng Finance noticed that Faraday Future (FFIE.US) continued to rise, with an intraday increase of over 110% and a closing increase of 73.21%. On the news front, founder Jia Yueting made some comments on social media site X about Volkswagen's investment and cooperation with Rivian Automotive (RIVN.US).
Volkswagen plans to establish a joint venture with Rivian Automotive and invest up to $5 billion in this electric vehicle manufacturer by 2026. The joint venture aims to jointly create the electrical/electronic architecture for the next generation of electric vehicles.
Jia Yueting stated, "This investment in Rivian further highlights the huge potential of the American AI electric vehicle market and its leading advantages in technology and products. This has attracted the attention of global giants and is also an important reason why I chose to establish Faraday Future in the United States. We will continue to work hard to unleash the huge potential and infinite possibilities of Faraday Future as soon as possible."
Recently, Faraday Future announced that the board of directors has proposed a reverse stock split to increase the company's stock price to reduce the risk of being delisted by Nasdaq