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LOS ANGELES - Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) will announce what it describes as a major strategic upgrade on Saturday, August 16, at Pebble Beach during Monterey Car Week, according to a press release issued by the company. The announcement comes as the company’s stock has shown remarkable momentum, with an 87.5% price return over the past six months, according to InvestingPro data.
The California-based electric vehicle maker, currently valued at $295.74 million, completed a five-day countdown campaign today, with each day highlighting different components of its upcoming strategy announcement: Treasury, Index, Eco-chemistry, Flywheel Effect, and the FF Bridge Strategy.
The announcement will mark what the company calls "the second chapter" of its Bridge Strategy, which was initially launched in May 2024. Faraday Future will showcase both its FF 91 2.0 and FX Super One vehicles at the Monterey Car Week events running from Friday through Sunday.
The company’s activities at Pebble Beach will include a formal announcement scheduled for Saturday at 7:30 p.m. PDT, along with vehicle displays throughout the weekend. Faraday Future is also running two online campaigns: a social media initiative encouraging the public to share photos of its vehicles traveling from Los Angeles to Monterey, and a design challenge for the FX Super One’s front AI communication system.
The FX Super One made its global debut in Los Angeles on July 17, featuring what the company calls the "world’s first Super EAI F.A.C.E. (Front AI Communication Ecosystem)."
Faraday Future describes itself as a "shared intelligent electric mobility ecosystem company" founded in 2014. The company’s strategy includes its flagship FF 91 model and plans for mass-market FX vehicles at lower price points.
The information in this article is based on a press release statement from Faraday Future.
In other recent news, Faraday Future Intelligent Electric Inc. announced it has secured approximately $105 million in new cash financing. This funding includes $82 million from new financing commitments, mainly through unsecured convertible notes and warrants, along with $22 million in cash from previous investors. The company is also seeking stockholder approval to increase its authorized common stock by 65.2 million shares and preferred stock by 5 million shares to support its business strategy and meet obligations under the newly secured financing. In production developments, Faraday Future has begun trial production of its FX Super One model at its California manufacturing facility, focusing on verifying production processes and quality standards.
Additionally, Nature’s Miracle Holding Inc. has placed a non-binding pre-order for 1,000 FX Super One multi-purpose vehicles from Faraday Future, valued at up to $100 million, with deliveries expected to start by the end of 2025. However, Faraday Future disclosed it received a Wells Notice from the U.S. Securities and Exchange Commission, indicating potential enforcement action related to alleged violations of anti-fraud provisions of federal securities laws. The SEC’s preliminary determination involves the company, two current executives, and two former employees. These developments highlight both opportunities and challenges for Faraday Future in its ongoing operations.
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