Faraday Future Intelligent Electric Inc. (FFIE) saw its stock rise by 7.48% today, closing at $1.15, up from the previous close of $1.07. The stock opened at $1.05 and reached an intraday high of $1.18, with a trading volume of 5,511,961 shares, which is 77.03% of its average volume. The upward movement in FFIE's stock price can be attributed to the recent appointment of Dr. Lei Gu as the President of its FX Global EV Research and Development Center. Dr. Gu's extensive experience in the automotive industry, particularly with Ford and Chery Automobile, is expected to bolster Faraday Future's development strategy for its FF and FX vehicle lines, enhancing its market position in the electric vehicle sector.
Despite the positive news, discussions on Reddit reflect a mix of skepticism and frustration among investors. Some users express concerns about the company's lack of vehicle production, with comments like "FFIE making a car does not equal revival, it equals a quick demise." Others suggest that Faraday Future should focus on technology development and leverage its brand name for collaborations with Chinese EV makers, rather than rushing into production. This sentiment is captured in a user's remark, "As long as they keep selling hope and stock instead of cars, they keep this going for another year."