Why Is Faraday Future (FFIE) Stock Down 32% Today?


  • Faraday Future (FFIE) stock is down on Wednesday alongside its latest earnings report.
  • The company’s results for fiscal 2023 failed to impress investors.
  • It also withdrew its production outlook for 2024.
FFIE Stock - Why Is Faraday Future (FFIE) Stock Down 32% Today?

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Faraday Future (NASDAQ:FFIE) stock is down on Wednesday following the release of the electric vehicle (EV) company’s earnings report for its full fiscal year of 2023.

The bad news for Faraday Future starts with its revenue of $800,000 during the year. That’s worse than the $2.59 million in revenue that Wall Street was expecting. Investors will note this is the first year the company has reported revenue.

One improvement for FFIE was its net loss. This came in at -$432 million during the year. That’s better than the -$602 million reported in 2022. It’s worth noting that Faraday Future only started selling EVs during its third quarter of the year.

Faraday Future Global CEO Matthias Aydt said the following in the earnings report:

“Looking forward, I am excited by the future as we remain steadfast in our pursuit of growth through efficiency and the new markets we entered in 2023. We remain dedicated to elevating both our product strength and stockholder value.”

What’s Next for FFIE Stock?

It’s hard to know what will happen with FFIE in 2024 when the company withdraws its production outlook for the year. The one thing that is clear is this isn’t a good sign for investors in Faraday Future.

FFIE stock is down 31.6% as of Wednesday morning. This comes with 55.1 million shares traded. That’s still below its daily average trading volume of about 95.4 million units.

Investors will want to keep reading for all of the latest stock market stories today!

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On the date of publication, William White did not have (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.

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