Faraday Future and Canoo, two of the many EV companies fighting to survive an increasingly cutthroat industry, unveiled new financing plans. A recent stock rally provides an extra charge before the inevitable pileup: rob_cyran
and manufacturing delays. Despite having no revenue, Faraday’s market value has quadrupled since the start of the year after a roughly 90% fall. Likewise, $388 million Canoo, whose top line is nonexistent, is selling 50 million shares and 50 million warrants to raise justThe funding comes off as largely speculative.
Consumers are up for grabs in the nascent electric-vehicle market, meaning stocks will whipsaw as investors do their guesswork and short-sellers cover pessimistic trades. Potential mergers, including to acquire technology, also will fuel the frenzy. Most financing deals will provide a limited charge. Latest Updates
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