Electric vehicle maker Faraday Future’s (FFIE) FF 91 is poised to be a top entrant in the luxury automobile market. But is it wise to buy the stock now even though the company has so far produced no vehicles? Let’s find out.Global shared intelligent mobility ecosystem company Faraday Future Intelligent Electric Inc. (FFIE), which is headquartered in Los Angeles, made its stock market debut on July 22, 2021, merging with special purpose acquisition company (SPAC) Property Solutions Acquisition Corp. Consequently, it added $1 billion to its cash supply. However, the stock declined 1.8% in price on its first trading day to close the trading session at $13.53.
Furthermore, the stock has retreated 8.1% in price over the past month to close its last trading session at $8.23. In addition, several investigations are being conducted regarding the company’s forecasts, which some observers suspect are overblown.
The ongoing semiconductor shortage and intense competition in the EV space also make FFIE’s near-term prospects bleak.