Faraday Future Intelligent Electric Inc. (FFIE) gained in the pre-market after recently announcing its partnership with Myoung Shin. FFIE values at $5.19, gaining more than 6.7% compared to yesterday’s closing price. The stock closed at $4.75 at the end of the last trading session. The stock volume traded in the last trading session was around 1.27 million shares. The current market cap of the company is around $1.54 billion.
FFIE partnership with Myoung Shin
Faraday Future Intelligent Electric Inc. (FFIE) has partnered with the South Korean manufacturer to produce the FF 81 starting production in 2024. The ultimate smart tech luxury EV FF91 will be released with enhanced connection and a more user-friendly experience in the third quarter of 2022.
Myoung Shin is an automobile manufacturer and parts supplier based near Seoul, South Korea. The FF 81 manufacturing facility in Gunsan is large and easily accessible to the port. Myoung Shin will be able to produce enough FF 81 EVs to meet the agreement’s requirements.
CEO’s remarks
Faraday Future CEO Carsten Breitfeld is pleased to welcome Myoung Shin as a partner. He said that the company will assist them to achieve big-scale production in 2024, which is vital to their profitability. For the firm, Myoung Shin will help them introduce their top technology to the famed luxury class.
FFIE Future Outlook
Faraday Future and South Korean contract manufacturer Myoung Shin have developed a global hybrid manufacturing strategy based on a low-asset approach. China is the world’s largest luxury and electric vehicle market, and Faraday Future plans to develop manufacturing facilities there in the future.
Conclusion
The company’s stock is gaining in the pre-market in relation to the partnership announced last week. The company is currently at the pre-revenue stage and is hoping to dominate the luxury electric vehicle market in China.
