Why Faraday Future Stock Popped Today, But Lordstown Motors and Nio Dropped

In a bold announcement, start-up Faraday Future (NASDAQ: FFIE) -- which bills itself as not just an electric vehicle (EV) maker but a "global shared intelligent electric mobility ecosystem company" -- announced today that it has secured enough cash to begin production of its long-awaited FF 91 electric SUV. In contrast, rival EV makers Lordstown Motors (NASDAQ: RIDE) and Nio (NYSE: NIO) are down 2.7% and 4%, respectively. With no sales to its name, and consequently no revenue or profits, Faraday isn't in a position to fund its own growth just yet.