Faraday Future Intelligent Electric Inc Share News

LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“Faraday Future,” “FF” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced the appointment of Macias Gini & O'Connell LLP (“MGO”) as its independent auditor. MGO succeeds Mazars USA LLP, which was the Company's independent registered public acco...

Losses have been mounting for years, but Fisker's bankruptcy shows the market won't fund EV dreams forever. Who will be next to fail in the EV market?

Polestar (PSNY), Canoo (GOEV), and Faraday Future (FFIE) stock prices have tumbled this year amid the rising concerns about the electric vehicle (EV) industry. Polestar's stock has crashed by more than 69% this year while Canoo and Faraday Future have tumbled by 70% and 42%, respectively.

EV company Fisker has declared bankruptcy. The company filed chapter 11, and has assets estimated between $500m – $1 billion, with liabilities somewhere between $1 – $10 billion.

The stock market continues to climb. But in this case, a rising tide isn't necessarily lifting all boats.

You could almost feel retail investors celebrating in late May after shares of electric vehicle maker Faraday Future Intelligent Electric (NASDAQ: FFIE ) surged from 4 cents to $1.80. The stock briefly became the most researched stock on InvestorPlace.com, and social media sites made it sound as if the only direction FFIE could go was up.

In an extremely crowded and challenging electric vehicle market, investors need to be highly selective. Faraday Future Intelligent Electric (NASDAQ: FFIE ), which is often shortened to Faraday Future, might seem like an intriguing EV startup.

Despite progress, the electric vehicle (EV) industry still relies upon subsidies and tax incentives to increase adoption. These monies counter the high cost of batteries that put EVs above the price of average gasoline-powered cars.