Faraday Future Intelligent Electric (NASDAQ:FFIE) soared in Tuesday trading with a gain of 70.99% to $6.07. Shares are now up more than 143% over the last week .
Volume on FFIE was over 40M shares with more than half the day left for the stock to swap hands. Options trading volume is also very high on FFIE.
Short interest on FFIE stands at around 25% of the total float and may be a contributing factor to the breakout.
The electric vehicle maker has been pointing out that its FF91 model is one of only three consumer EV models with +1,000 horsepower and one of only two models with a 0-to-60 mph time of under 2.5 seconds. Looking ahead, Faraday Future (FFIE) is planning on using a hybrid asset-light manufacturing strategy with the model.
Shares of FFIE are now only down 1.49% on a year-to-date basis, which is one of the best YTD returns in the electric vehicle sector.
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