EV stocks mixed in morning trading. Tesla rose 1%; NIO rose 2%; XPeng rose 4%; Li Auto rose 5%; Faraday Future rose 9%; while Rivian fell 1%; WeRide fell 11%; Nikola fell 42%.

Nikola said on Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges.

Faraday Future announced that it has begun hiring for key positions to help support its AI initiatives as it furthers its plans to significantly expand AI R&D efforts and input, launching recruitment of AI talents, especially those specialized in large-model development and algorithm training programs. The Company also plans to change its Nasdaq ticker symbol to “FFAI” on March 10, 2025, and host an "FF Open AI Day" on March 17.