FFIE - Why QuantumScape Lordstown and Faraday Future Stocks Sank Today
Followers of the electric vehicle (EV) sector likely always believed that there would be some big winners and many big losers. A new Securities and Exchange Commission (SEC) filing yesterday has put speculative names back into focus today, with investors selling shares. The stocks of QuantumScape (NYSE: QS) , Lordstown Motors (NASDAQ: RIDE) , and Faraday Future Intelligent Electric (NASDAQ: FFIE) are all dropping today after an SEC filing from Faraday Future. As of 1:45 p.m. ET, these EV stocks were lower as follows:
Investors think QuantumScape has massive potential with its solid-state battery technology for the EV industry. As recently as last November, the company was valued at more than $15 billion even though it hasn't yet proven the technology can be commercialized. So when Faraday Future said last night that it will be delaying the initial production of its FF 91 EV, and that it needs additional cash for commercial launch, other speculative EV stocks also took a hit.
For further details see:
Why QuantumScape, Lordstown, and Faraday Future Stocks Sank Today