Faraday Future (NASDAQ:FFIE) stock surged by as high as 35% this morning but has since pared back most of its gains. The company released a press release this morning detailing the appointment of three senior executives:
- Matthias Aydt – Global Senior Vice President, Product Execution. The position was previously held by Bob Kruse.
- Xiaoyang Ning – Acting head of Business Development. The position was previously held by Matthias Aydt.
- Xiao Ma becomes – Acting head of Production Definition and Eco Mobile Systems. Ma previously held the position of deputy head of Product & Mobility Ecosystem and Corporate Operations.
Global CEO Xuefeng “XF” Chen added:
“The FF 91 Futurist is expected to start production soon and the experience that these dedicated leaders bring to FF will help further strengthen the company, as well as accelerate the next stage of funding activities and assist the company in delivering the FF 91 Futurist in a timely manner and with high quality.”
FFIE Stock: Faraday Names Three New Executives
Aydt was previously responsible for Faraday’s Product Definition & Eco Mobile Systems and Business Development. Before Faraday, Aydt worked in China and Germany with automotive companies and original equipment manufacturer (OEM) suppliers. In addition, the executive boasts over 15 registered patents.
Xiaoyang Ning will take over Aydt’s position as acting head of Business Development and leave his role of leading strategic partner relationships. A replacement for Ning’s old role, if any, was not named in the press release. A replacement for Xiao Ma’s old role was not named either.
Meanwhile, another major catalyst is just around the corner. On Dec. 15, Faraday will host its Global Investor Business Update Meeting. At the meeting, the company will unveil its transformation plan and a vehicle delivery plan for the FF 91 Futurist. The company recently announced that it had achieved manufacturing milestone #6, which is “the completion of construction and equipment installation in vehicle assembly areas.” In addition, performance metrics testing for features such as range and 0-60 acceleration have “exceeded expectations.”
With the year winding down, it’s highly likely that FF 91 deliveries won’t start until next year. As of Nov. 17, there were 369 vehicle preorders, down from 399 preorders on June 30.
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
