Faraday Future alleges "coordinated effort" to undermine valuation


FILE PHOTO: The interior of Faraday Future's luxury electric car FF91 is seen at the company's headquarters in Gardena, California, U.S. November 21, 2019. REUTERS/Lucy Nicholson/File Photo

(Reuters) - Faraday Future Intelligent Electric on Thursday said it has recently observed a series of "suspicious activities" which the electric-vehicle startup believes suggested a "coordinated effort" to undermine its valuation.

The EV maker alleged efforts to spread misinformation and manipulate market sentiment.

Faraday did not immediately respond to a Reuters' query seeking details on the claim.

The Los Angeles-based company said it intends to take legal action if it finds any illegal short selling and other market manipulation or misinformation.

In July, Faraday Future's interim finance chief resigned, and the company said it will restate its financial statements for 2022 and the quarter ended March 2023 after it uncovered some errors, highlighting sustained turmoil at the EV firm.

The company has been roiled by a cash crunch and a governance dispute with one of its largest shareholders, FF Top Holding, which resulted in a board reshuffle.

It also faced delivery delays with its FF 91 2.0 Futurist Alliance vehicle, the first of which it delivered in August.

(Reporting by Mrinmay Dey in Bengaluru; Editing by Dhanya Ann Thoppil)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

Musk now says it's 'pointless' to build a $25,000 Tesla for human drivers
Google defeats lawsuit over gift card fraud
Russian court fines Apple for not deleting two podcasts, RIA reports
GlobalFoundries forecasts upbeat Q4 results on strong demand from smartphone makers
Emerson sharpens automation focus with offer for rest of AspenTech in $15 billion deal
Palantir shares surge to record as AI boom powers forecast raise
Tax fraud investigators search Netflix offices in Paris and Amsterdam, says source
Singapore's Keppel to buy Japanese AI-ready data centre
Tesla increases wages for staff at German gigafactory by 4%
Apple explores push into smart glasses with ‘Atlas’ user study

Others Also Read