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Why Faraday Future Stock Popped Today, But Lordstown Motors and Nio Dropped

Rich Smith, The Motley Fool
·3 min read
Why Faraday Future Stock Popped Today, But Lordstown Motors and Nio Dropped

In a bold announcement, start-up Faraday Future (NASDAQ: FFIE) -- which bills itself as not just an electric vehicle (EV) maker but a "global shared intelligent electric mobility ecosystem company" -- announced today that it has secured enough cash to begin production of its long-awaited FF 91 electric SUV. In contrast, rival EV makers Lordstown Motors (NASDAQ: RIDE) and Nio (NYSE: NIO) are down 2.7% and 4%, respectively. With no sales to its name, and consequently no revenue or profits, Faraday isn't in a position to fund its own growth just yet.

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