On July 22, California-based electric car company Faraday Future (FF) went public on the NASDAQ through a merger with Property Solutions Acquisition Corp (PSAC), a special purpose acquisition company (SPAC).
FF's ticker symbol is "FFIE" and its offering price was $13.78. It surged 50 percent in pre-market trading on Thursday and opened at $16.80, up 22 percent from its offering price.
By Thursday's close, the stock closed up 1.45 percent at $13.98, with a market cap of $4.5 billion.
FF is an electric car company founded by Jia Yueting, an entrepreneur who filed for bankruptcy in the US in October 2019 after accumulating billions of dollars in personal debt.
Before FF began trading on Thursday, Jia laid out the company's two-phase goal, saying the first phase is to achieve disruption of traditional ultra-luxury car brands such as Maybach, Ferrari and Bentley with the FF 91.
In the second phase, FF aims to become one of the mainstream high-value user market leaders as more models are launched.
The production version of the FF 91, built by Jia, is open for pre-order with a $5,000 deposit in the US.
FF's CEO Carsten Breitfeld said FF 91 sales will reach 40,000 units in the next two years.
Jia said FF 91 is the only production car in the world that is currently positioned above the Tesla Model S in terms of product and technology.
FF 91 is also a super car robot, as well as a third Internet living space, Jia claimed.
Previously, Jia has said that FF 91 will start delivery in the next year or so, and that he will prepare for delivery with all his might.
FF claims that FF 91 ion battery cells have about twice the energy density of other mass-produced electric car batteries, with a range of 378 miles by US EPA standards, slightly lower than Tesla Model S, and about 700 miles by EU NEDC standards.
FF 91 is now being produced in a California factory, and FF has also said that mass production of FF 81 and FF 71 will begin in 2023 and 2024.