New energy vehicle maker Faraday Future (FF) listed on the Nasdaq Stock Exchange on Thursday, also holding a bell ringing ceremony to mark the occasion. The firm has initiated trading under the ticker symbol “FFIE”.
The Los Angeles-based company issued stocks at $13.78/ADS and opened at $16.8, surging 22% from the issue price, amassing a total market value of $5.4 billion.
According to information on its official website, pre-orders for the FF91, the first car of FF, are now live with a booking fee of 50,000 yuan ($7,725). The new car is planned to be launched in the first half of 2022.
The FF91 model features 1050 horsepower, with peak torque exceeding 1800Nm, and can accelerate to 100 kph in 2.39 seconds. It is equipped with a 130kWh battery pack and its NEDC lasts for longer than 700km.
Carsten Breitfeld, FF’s CEO, said that after the listing the firm will initiate mass production, aiming for the FF91 sales volume to reach 40,000 units over the next two years.
Faraday Future was founded in May 2014 and announced the completion of Round A funding worth $1 billion in the following year. Jia Yueting became the company’s global CEO and chief product officer. In 2017, Faraday Future released its first new energy production model, the FF91. However, the delivery date of the new product has been significantly delayed.
It is still unclear where Faraday Future will go after the listing.
Making new energy vehicles requires hefty capital investments throughout the early stages. According to listing documents submitted by FF to the SEC a few days ago, the firm’s net losses in the first quarter of 2019, 2020 and 2021 were $142 million, $147 million and $75.525 million, respectively. The company has been mired in a state of continued loss.
The price of the FF91 model is currently listed on the company’s website at $180,000. Compared with Tesla, XPeng and NIO, FF is so far not competitive in terms of pricing.
Pandaily previously reported that according to a document submitted by FF to the SEC on July 15, a fund investor who originally planned to contribute $175 million will not take shares in Faraday Future. The document revealed that the investor hails from “a first-tier city in China,” later confirmed to be Zhuhai, Guangdong province.
Chinese real estate giant Evergrande, which holds 20% of FF shares, saw its own shares rise significantly, closing at HK $15.88 for an increase of 20.30%. At present, the total market value of Evergrande is $155.1 billion.