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Faraday Future (FFIE) Drops 11% At Pre-Market on Profit-Taking

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) traded 10 percent lower during pre-market trading as investors prepared to pocket early gains following the company’s 52-percent rally in the previous trading day.

Investors also repositioned their portfolios while waiting on the sidelines as the company is set to reveal its much-anticipated FX prototype car at the Consumer Electronics Show (CES) 2025 from January 5 to 7 in Las Vegas, where it is expected to provide an update on its business and future strategy.

Cars on the road. Photo by Pixabay

New Brand and Strategy Update at CES 2025

Faraday (FFIE) aims to launch two models for its Faraday X or FX at the event: the FX5 and FX6, with price points ranging between $20,000-$30,000 and $30,000-$50,000, respectively.

The FX5 is said to be targeted to the mainstream market, while the FX6 will be a larger model targeted to families. Both variants will be available with fully electric or gasoline range-extended powertrains.

According to the company, it targets to begin production of the two models this year.

Last September, Faraday (FFIE) said that the FX sub-brand would be an asset-light operation, similar to the now-defunct Fisker, with limited marketing and an online-only sales model.

Faraday (FFIE) has long teased more affordable models as follow-ups to its FF 91. Since then, it was said to be making only little progress toward producing vehicles.

The company had previously announced that it would ramp up the production of a more affordable FF 81 at a former General Motors plant in South Korea. But with no mention of the said model or its under-development FF 71 in the corresponding business presentation, the FX appears to be stepping ahead.

So far, Faraday’s (FFIE) only production model is the $309,000 FF 91 electric SUV which was first shown in prototype form at CES in 2017. However, production of the brand has been delayed following financial issues and executive shakeups.

According to reports, the first example was not delivered until August 2023. It remains unclear how many vehicles Faraday has delivered since then.

While we acknowledge the potential of FFIE our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FFIE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

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He Recommended Nvidia at 80 cents. Here’s His First Pick for 2025.

Michael Robinson is a Silicon Valley legend …

And a visionary with a history of spotting profitable tech trends far ahead of time.

Like AI giant Nvidia …

Which he spotted at a split-adjusted 80 cents back in 2016.

The stock is up 17,062% since his recommendation.

Michael was nearly laughed out of the room when he told Fox Business’ hosts that Apple would hit $1,000.

Today, adjusted for stock splits, Apple is well over $2,800.

He met with some of the earliest Bitcoin investors, like the Winklevoss twins, in 2013.

Click to continue reading…