Faraday Future (NASDAQ:FFIE) stock is down about 1% today after the carmaker shared an update on its recent Investor Community Day, held yesterday, on Monday, July 22. The carmaker offered investors a closer look into the company’s operations, technology, and software development areas ahead of its upcoming annual shareholder meeting, set for July 31.
“In my view, this first Investor Community Day was a huge success,” said Matthias Aydt, Chief Executive of Faraday. He additionally stated:
“The entire FF organization wants to express our sincere gratitude for these investors attending this important day and for their ongoing support as we continue to push forward with our dream to become the pioneer of the Ultimate AI TechLuxury spire market in the AI EV era, and the disruptor of the traditional ultra-luxury car civilization.”
The Investor Community Day was also focused on giving investors a “transparent inside look” into the company’s future plans. This included a peek into the All-Ability aiHypercar, its futuristic logo, Faraday’s user ecosystem, and a discussion of its Auto Industry Bridge Strategy.
Faraday also discussed with investors the creation of a second, less expensive brand that contains some of the technology used in its pricier offerings. As YT Jia, founder and Chief Product Officer at Faraday Future, commented:
“A second brand could strike in the mass market with volume production, bringing everyone the ‘AI car of the future’ and the ‘AI car of the people’. We are preparing to launch the Bridge and second brand strategies in a future event where we will share more details and our progress. We are hopeful to set sail together in the blue ocean market with potential partners.”
FFIE Stock Slides Ahead of Shareholder Meeting
The Investor Community Day is something of a precursor to its upcoming shareholder meeting.
In fact, the Investor Day could be seen as an effort to sway votes towards Faraday’s cause, as it encourages FF stockholders to vote for all proposals at the meeting. These include an up to 40-to-1 reverse stock split in order to meet Nasdaq’s minimum bid price, as well as a share authorization to receive more funding.
Despite Faraday’s best efforts, FFIE stock hasn’t enjoyed a particularly fruitful year thus far. Indeed, FFIE is down 35% this year, trading at just 40 cents per share, below Nasdaq’s minimum share price requirement.
On the date of publication, Shrey Dua 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
