Faraday Future Intelligent Electric Inc. (FFIE) saw a remarkable surge in its stock price, closing at $3.14, up 78.41% from the previous close of $1.76. The stock opened at $2.29 and reached an intraday high of $3.24, with a low of $2.19, reflecting significant volatility. The trading volume was extraordinarily high at 150,274,689 shares, representing 2063.96% of the average volume, indicating intense trading activity.
The surge was primarily driven by the company's announcement of the upcoming unveiling of the Faraday Future FX prototype car at CES 2025 in Las Vegas from January 5-7. Additionally, the company announced the first delivery of the FF 91 2.0 Futurist Alliance electric vehicle to Luke Hans, a prominent figure in the Los Angeles Chinese community, in January 2025. This delivery marks a significant milestone for the company, generating excitement among investors. Furthermore, the company secured $30 million in financing, which is expected to accelerate the development of its affordable lineup of high-performance AI electric vehicles.
On social media, particularly Reddit, there was speculation about FFIE's potential for a short squeeze, with some users eyeing a price target of $10. However, caution was advised, with warnings about the stock's history of sharp spikes and subsequent declines.