California startup Faraday Future has resumed the $309,000 FF 91 electric car customer delivery after suspending it in mid-2023 due to various challenges in the market.
However, the company faces another obstacle with the NASDAQ’s recent warning to delist its stock due to its notably low share price, as per Car Scoops.
Delivery progress
Faraday Future officially relaunched the delivery of its first and only electric car offering, the FF 91. In hindsight, the automaker initially started customer delivery on May 31 last year. However, it halted the delivery operations just a couple of days after starting due to major obstacles as an EV startup, such as investment shortages and supply chain problems.
On January 2, 2024, Faraday Future proudly announced the successful delivery of ten FF 91 2.0 Futurist Alliance models last year. The latest customer to receive the luxury EV was Jim Gao, the company’s Vice President of Intelligent Internet Application Service Platform.
“Even before joining FF in June 2018, I had pre-ordered the FF 91 due to my belief in the product and FF’s commitment to its technology and its features. “I have always strongly identified with the User R&D Co-Creation approaches, aiming to enhance product quality and user experience. FF also established a User Co-Creation platform. We promptly address all feedback and resolve issues through Over-The-Air (OTA) updates. Taking possession of this vehicle, which I participated in designing and developing, is one of the best New Year’s gifts of my life.”
Jim Gao, Faraday Future’s Vice President of Intelligent Internet Application Service Platform
Warning
Despite Faraday Future’s strong commitment to progress in the electric vehicle market, it continues to encounter serious struggles that impede its operations.
According to the report, the Nasdaq recently sent a written notice to warn the American automaker about its failure to retain at least a $1 per share bid price for 30 straight trading days from November 9 to December 27, 2023.
As of January 2, the company’s share price declined by approximately 96% since the beginning of September to $0.23.
As a result, the Nasdaq gives the company 180 calendar days, or until June 24, to boost its share price to at least meet the $1/share minimum bid price for a minimum of 10 consecutive trading days.
Notably, Faraday Future can still secure a second 180 calendar-day grace period if it fails to meet the minimum bid price requirement until June 24. However, it will be at risk of delisting from Nasdaq if its share price still fails to recover.
In hindsight, the company already launched a stock split in August to stimulate its share price. However, the effort did not deliver a significant impact. In addition, Electrek reported that the company also secured a significant investment of $90 million from ATW Partners and Senyun International two months before splitting its stock.
About the FF 91 EV
The base variant of the FF 91 luxury EV starts at $249,000. Meanwhile, the higher-end variant “Futurist Alliance” has a base price of $309,000.
It apparently has a top speed of 155 mph. It can accelerate from 0-60 mph in just below 2.3 seconds. It also boasts a maximum driving range of 382 miles between chargers.
Despite the progress in the FF 91’s delivery, Faraday Future’s stock continued to decline by another 10% on January 3. Since its founding in 2014, the company constantly struggled with numerous lapses and delays due to investment shortages and supply chain issues. All that said, the company’s strong commitment to delivering its first electric car model is indeed remarkable. It would be interesting to see how the company will boost its share price to meet the $1/share threshold in the given timeline to avoid getting delisted from NASDAQ.
