Faraday Future Intelligent Electric Inc (NASDAQ: FFIE) said on Monday it has reached a key milestone and started foundation construction for all remaining areas at the Hanford, California facility and that the company is on track to begin production next year.
What Happened: The pre-production electric vehicle maker said it plans to begin the installation of production and assembly equipment soon and that the construction has commenced in areas that include body, propulsion, warehouse and vehicle assembly.
Faraday Future said it plans to begin production of the FF91 electric vehicles in the spring of 2022.
Why It Matters: The development comes two months after activist short-seller J Capital Research alleged that the recently-listed EV SPAC is a scam and that it would never sell a car.
The short seller’s latest report alleges that China-based Faraday Future has invented most of its bookings and has failed to deliver a single car.
Faraday Future went public in a $1 billion SPAC deal early this year and began trading on the Nasdaq. It is backed by data analytics company Palantir Technologies (NYSE: PLTR), which invested $25 million in its PIPE.
Price Action: FFIE shares closed 9.8% lower at $4.88 a share on Monday.
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