Faraday Future Intelligent Electric Inc. soared 78.4% on Monday on reports that the Faraday Future FX prototype car will be unveiled at CES 2025 in Las Vegas on January 5-7. The company is also expected to provide a strategy update at CES. The shares jumped another 14.3% in extended trading.

In addition, the electric vehicle company announced that entrepreneur Luke Hans will take delivery of the first FF 91 2.0 Futurist Alliance EV in 2025 during a delivery ceremony with executives. Hans was noted to have business interests spanning real estate, car rental, oil, pharmaceutical, and film production, with operations in China, Canada, and the U.S.

Hans was signed as a Faraday Future Developer Co-Creation Officer, and is expected to play a key role in supporting the company’s business development, product sales, and collaborative innovation efforts. Hans is considered a leader in the Los Angeles Chinese community. His partnership with Faraday Future (FFIE) is expected to amplify the company’s outreach and drive more in-depth engagement with influential communities.

Last week, Faraday Future (FFIE) secured approximately $30 million in cash financing commitments. The funds will be used to accelerate the company’s growth and the development of Faraday X, FF’s strategy of launching affordable high performance AIEV equipped vehicles. The commitment includes a pre-funded $7.5 million, which was received in Q4 this year, and $22.5 million in new cash commitments, structured in the form of unsecured convertible notes and warrants to acquire additional shares.

Shares of Faraday Future (FFIE) were up 54.5% at 10:10 a.m. and swapped hands as high as $2.72 earlier in the session. The market cap on FFIE is back over $125 million, with the push higher on Monday.