Is Faraday Future a Good Electric Vehicle Stock to Buy? By StockNews
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Electric vehicle maker Faraday Future’s (FFIE) FF 91 is poised to be a top entrant in the luxury automobile market. It is a wise decision to invest in the stock, even though no cars have been produced by the company. Let’s find out.Global shared intelligent mobility ecosystem company Faraday Future Intelligent Electric Inc. (FFIE), which is headquartered in Los Angeles, made its stock market debut on July 22, 2021, merging with special purpose acquisition company (SPAC) Property Solutions Acquisition Corp. Consequently, it added $1 billion to its cash supply. On its opening trading day, however, the stock fell by 1.8% to $13.53.
The stock’s price has dropped 8.1% over the last month, closing its previous trading session at $8.23. In addition, several investigations are being conducted regarding the company’s forecasts, which some observers suspect are overblown.
The ongoing semiconductor shortage and intense competition in the EV space also make FFIE’s near-term prospects bleak.
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