FFIE - Faraday Future stock starts trading in latest challenge to Tesla

Hiroshi Watanabe/DigitalVision via Getty Images Faraday Future Intelligent Electric (FFIE) opens for trading after the automaker's merger with Property Solutions Acquisition Corp. (PSAC) in a SPAC deal. The business combination will result in gross proceeds of approximately $1B for Faraday Future. The transaction proceeds are expected to fully finance the launch of the class defining FF 91 into the market within 12 months after closing. Faraday has had a long and somewhat troubled path in trying to challenge Tesla (TSLA) in the EV market, but execs think this time is different. "We have been able to convince the capital market that this is a different company now, a company which can deliver a serious business plan," says Faraday Future CEO Carsten Breitfeld. Faraday says it will capture the growing market with an entirely differentiated product. "Since its inception, FF has been committed to promoting the transformation of the automotive industry

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Faraday Future stock starts trading in latest challenge to Tesla