Faraday Future Intelligent Electric Inc. (FFIE) saw a significant rise in its stock price, closing at $1.55, up 10.71% from the previous close of $1.40. The stock opened at $1.43 and reached an intraday high of $1.66, with a trading volume of 11,823,182 shares, which is 76.85% of its average volume. The upward momentum was driven by positive news regarding the company's FX series, particularly the FX6 model. The company's founder and CEO, Jia Yueting, announced substantial progress and plans to unveil more developments in March, with the first FX vehicle expected to roll out by the end of the year. This announcement has sparked investor optimism, as the FX series aims to redefine the driving experience with features like an intelligent cockpit and advanced AI technologies.
Social media platforms, particularly Reddit, have been buzzing with speculative discussions about FFIE's potential, with users expressing bullish sentiments and highlighting technical patterns such as a "rare 100% fibonacci retracement." This has contributed to the heightened interest and trading activity in the stock.