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Sept 19 (Reuters) - Faraday Future Intelligent Electric Inc FFIE.O:
FARADAY FUTURE ANNOUNCES ‘BORN LEADERS ENTERTAINMENT’ TO TAKE DELIVERY OF LATEST FF 91 2.0 EV ON SEPTEMBER 20
Source text for Eikon: (Full Story)
Further company coverage: FFIE.O
Faraday Future Intelligent Electric Inc FFIE.O:
FARADAY FUTURE - APPOINTED KOTI MEKA AS COMPANY'S CFO AND PRINCIPAL FINANCIAL OFFICER
FARADAY FUTURE -ON SEPT 15, JONATHAN MAROKO NOTIFIED DECISION TO RESIGN FROM HIS POSITION AS INTERIM CHIEF FINANCIAL OFFICER OF THE COMPANY
Source text for Eikon: [ID:n0001213900-24-079952]
Further company coverage: FFIE.O
The broader market strength pervaded into the electric-vehicle space and most stocks belonging to the industry posted decent gains in the week ended Sept. 13. That said, some of the upstarts continued to bleed, reflecting ongoing struggles.
Here’s a rundown on what happened in the EV space during the week:
Tesla China Sales Momentum Accelerates: After weighed down by competitive pressures in China following the COVID-19 pandemic, Tesla, Inc. appears to be on the road to recovery in this key market. China insurance registration data for Tesla vehicles came in at a robust 16,200 for the week ended Sept. 8, CnEVPost reported, citing data provided by Li Auto, Inc. .
Commenting on the data, Tesla bull and fund manager Gary Black said the weekly registration data suggested Tesla is on track to record the best quarter ever. With three weeks left in the quarter, the quarter-to-Sept. 8 data showed 15% year-over-year and 25% sequential growth, he said.
Meanwhile, sell-side analysts have begun trimming their quarterly delivery and earnings per share estimates for Tesla, ahead of the deliveries report, likely due on Oct. 2. CANACCORD Genuity’s George Gianarikas reduced his estimate from 480,000 units to 469,200 units, which however, is higher than the consensus estimate of 458,000 units. Most analysts suggested that they would look past the deliveries report and into the Oct. 10 Robotaxi unveil event.
See Also: Best EV Stocks
Lucid Offers Another Sneak-Peek Into Midrange EV: Luxury EV maker Lucid Group, Inc. , which held its Technology and Manufacturing Day at its Arizona facility this week, shared another glimpse of its mid-sized EV, which is set to roll off the production line in late-2026. The EV will have starting price under $50K, which will pitch it against EV leader Tesla’s hugely successful Model Y electric SUV.
Lucid Motors@LucidMotorsSep 10, 2024Wrapping up Tech & Manufacturing day: A new sneak peek at one of our upcoming midsize vehicles, set for production in late 2026 with a starting price under $50k.
With leading technology and efficiency, it will be able to deliver the same range as competitors while using a... pic.twitter.com/yJ5re2fIlt
At the event, Lucid showcased its technological advancements and provided updates on its roadmap.
Ford Eyes India As EV Export Base: Legacy automaker Ford Motor Co. , which closed down auto manufacturing operations in India three years ago, will likely restart production in the country. Local media outlets reported that Ford International Markets Group President Kay Hart has submitted a letter of intent to the local government of the Indian state of Tamil Nadu, where its manufacturing plant functioned out of. The company reportedly wants to manufacture EVs for export, with the operations likely resuming in 2025. Down the line, the company also plans to have a battery manufacturing unit in the state.
Canoo Withdraws Guidance: In a filing with the SEC, Canoo, Inc. said it was withdrawing its previously-issued revenue guidance for the year ending Dec. 31, 2024, and also its previously-issued operational guidance relating to the manufacturing run rate, production and delivery of vehicles in 2024 and subsequent periods. The company announced preliminary third-quarter revenue of $0.1 million to $1.2 million and an adjusted EDITDA loss of $30 million to $40 million. The revenue guidance trailed the $2.45 million consensus estimate.
The company also said it has entered into the equity distribution agreement with Northland Securities to sell up to $200 million shares from time to time, through an “at the market offering” program. Canoo’s woes reflect the state of the EV startup ecosystem, which has been stymied by cash crunch, production hiccups and weak demand.
VinFast On Regulator’s Radar: The National Highway Traffic Safety Administration has initiated a probe into EVs manufactured by Vietnamese EV maker VinFast Auto Ltd. based on complaints lodged by vehicle owners. The probe covered around 3,118 vehicles manufactured in 2023 and 2024, with owners alleging that the vehicles had problems with the “Lane Keep Assist system. The system had difficulty detecting lanes on the roadway, and provided improper steering inputs, making it difficult to override by the driver, the regulator said, citing the complaint.
The KraneShares Electric Vehicles and Future Mobility Index ETF fell 0.56% on Friday before ending at $19.38, according to Benzinga Pro data. For the week, the ETF , however, gained 4.47%.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Here’s how the EV stocks fared this week:
Weekly Change (+/-) | |
Tesla | +9.28% |
Nio, Inc. | +10.56% |
XPeng, Inc. | +5.04% |
Li Auto, Inc. | +4.42% |
Workhorse, Inc. | +17.19% |
Hyzon Motors, Inc. H | -30.77% |
Canoo | -13.19% |
Rivian Automotive, Inc. | +2.04% |
Lucid Group | +10.36% |
Faraday Future Intelligent Electric Inc. | -16.88% |
Nikola Corp. | +2.66% |
VinFast Auto Ltd. | +5.88% |
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Faraday Future Intelligent Electric Inc FFIE.O:
FARADAY FUTURE ANNOUNCES NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER DERIVATIVE ACTIONS
Source text for Eikon: (Full Story)
Further company coverage: FFIE.O
New York, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the first closing of a convertible note offering (the “Offering”) of approximately $30 million for its client Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday Future” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company.
The Offering includes a previously funded $7.50 million and $22.50 million of new investment (the “Financing”) in the form of convertible notes (“Convertible Notes”) and warrants to acquire additional shares of the Company’s common stock (“Warrants”). The conversion price for the Convertible Notes and exercise price for the Warrants, are $5.24 and $6.29 per share, respectively, subject to adjustment as set forth therein. The shares of common stock underlying the Convertible Notes and Warrants issued in the Offering are currently unregistered, subject to trading restrictions, and not immediately tradable.
The aggregate gross proceeds to the Company was approximately $30 million.
Univest Securities, LLC acted as the sole placement agent.
The Convertible Notes, along with the Warrants, were offered and sold in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws. Accordingly, the Convertible Notes, Warrants and underlying shares of common stock issuable upon conversion of the Convertible Notes and exercise of the Warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. For additional information regarding the material terms relating to the Financing, please see the Company’s Form 8-K filed with the SEC at http://www.sec.gov on September 6, 2024.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About Univest Securities, LLC
Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.
About Faraday Future Intelligent Electric Inc.
Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. Faraday Future is not just an EV Company, but also a software-driven intelligent internet Company. Ultimately Faraday Future aims to become a User Company by offering a shared intelligent mobility ecosystem. Faraday Future remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility. For more information, please visit the Company's website at: https://www.ff.com/.
Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Univest Securities, LLC
Edric Guo
Chief Executive Officer
75 Rockefeller Plaza, Suite 18C
New York, NY 10019
Phone: (212) 343-8888
Email: info@univest.us
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