Faraday Future’s stock plunges, registering its largest-ever daily decline

That marked Faraday Future’s largest single-day decline on record, based on available data going back to Aug. 28, 2020, according to Dow Jones Market Data. The stock, which ended the session at 44 cents, also registered its lowest close since May 14, when it closed at 29 cents.

Shares were weighed down by Faraday Future’s full-year results late Tuesday. The EV startup reported full-year revenue of $800,000, compared with no revenue in 2022, and a loss of $432 million, compared with a $602 million loss for 2022.

Shares were weighed down by Faraday Future’s full-year results late Tuesday. The EV startup reported full-year revenue of $800,000, compared with no revenue in 2022, and a loss of $432 million, compared with a $602 million loss for 2022.

The company’s stock went stratospheric on no news earlier this month amid the recent meme-stock rally. The EV startup’s shares surged to extraordinary levels, closing up 367.5% on May 14 and registering gains of 147.2% and 134% on May 15 and May 16, respectively. 

In February, Faraday Future announced a reverse stock split and an updated plan for growth in 2024. But in April, the startup said that it had received a Nasdaq delisting determination letter, because its stock had a closing bid price of 10 cents or less for 10 consecutive trading days. Faraday Future said it is appealing the delisting determination.

Faraday Future shares are down 35.9% in 2024, compared with the S&P 500 index’s gain of 10.4%.