Faraday Future Intelligent Electric (NASDAQ: FFIE) stock plummeted over 7% in intraday trading Wednesday. The significant downturn comes after the company named Werner Wilhelm the Executive Launch Director.
Faraday Future (FFIE), the EV startup company, has just confirmed the immediate appointment of Werner Wilhelm as their Executive Launch Director.
The automotive industry veteran, Mr. Wilhelm, with four decades of experience, has a history of successful vehicle launches and executive management.
The illustrious career of Wilhelm has seen him hold key positions at leading automotive giants such as Audi AG, Volkswagen AG, and Magna Steyr. His roles there have ranged from a bodywork designer to the Vice President of Research & Development. Wilhelm’s noteworthy stint as the Executive Launch Director at Qoros Auto Co., Ltd. in China saw him successfully oversee the launch of three car models. In recent times, Wilhelm has been leveraging his expertise in consulting roles, driving operational efficiencies, and shaping product strategies for automotive firms in Germany, Austria, and China.
Matthias Aydt, Global CEO of Faraday Future, expressed confidence in Wilhelm’s appointment, stating,
“Werner’s expertise in automotive engineering and project management will be crucial to us when the Company is enhancing its overall delivery capabilities in the areas of vehicle engineering, product delivery, and supply chain.”
YT Jia, Founder and Chief Product and User Ecosystem Officer, said,
“Bringing Werner Wilhelm onboard is a human resource step towards accelerating our entrance into the SOD-3 phase, significantly reducing costs, and enhancing the performance and quality of our products. Werner’s extensive experience in the automotive industry will be instrumental in helping achieve these objectives efficiently.”
Faraday Future (NASDAQ: FFIE) Stock Price Action
At the time of this report, FFIE stock is priced at $0.0499, showing a 7.59% decrease from the previous trading session. This week, it has undergone an 18.33% decline in value. Trading activity indicates that 59,836,784 (59.83 million) shares have changed hands, significantly higher than the average daily volume of 20.38 million.
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