Embattled EV start-up Faraday Future's shares pop on Nasdaq debut
- Following years of turmoil, Faraday Future has new life – and $1 billion in fresh capital – as it begins trading on the Nasdaq following a SPAC deal.
- The company was once considered the "next Tesla" that would be a leader in the EV industry, but things didn't go to plan.
- Faraday Future plans to begin production of a limited-edition $180,000 EV in the next 12 months, followed by less expensive models and other EVs in the years ahead.
Faraday Future was expected to be the "next Tesla." It was going to be a leader in electric vehicles with its groundbreaking FF 91 crossover that would usher in an "entirely new species" of automobile.
Those were some of the claims surrounding the California EV start-up during an elaborate unveiling of the FF 91 at the Consumer Electronics Show in January 2017. If all had gone to plan, the vehicle would have been on the market now for several years, ahead of an influx of EVs from emerging start-ups and traditional automakers.
Instead, the opposite happened. The executives …
More on: www.cnbc.com