What happened

California-based electric vehicle start-up Faraday Future Intelligent Electric (FFIE -4.08%) has had an eventful month of May as a publicly listed company. After being granted an exception by the Nasdaq stock exchange for the filing date of its 2021 third-quarter report, it finally met the new deadline with that Form 10-Q on May 6. It followed that up with its fourth-quarter and annual report on Friday, and investors brought a relief rally to the stock. 

Shares of Faraday Future soared more than 33% early Monday, but that rally mostly faded. As of 3:02 p.m. ET, the stock was still up 4.5% for the session, however. 

So what

Though shares are down 43% in the past month, the stock has risen 12% since the company met its third-quarter filing deadline. That included a jump late last week when it told investors it was on track to launch its first electric vehicle in the third quarter of 2022. But the rally faded as investors likely turned their focus onto the business itself, and the challenges related to a new manufacturing start-up. 

Rear view of Faraday Future FF 91 electric vehicle.

Image source: Faraday Future Intelligent Electric.

Now what

In its fourth-quarter report, the company conveyed that its past filing issues are being put to rest. It said the board of directors has accepted the submission from a special committee investigation of "past disclosures and allegations" and has begun to implement remedial actions. 

It also told investors that it remains on track to launch its first electric vehicle in the third quarter of 2022. The FF 91 will be its flagship production model as an all-electric, autonomous-ready vehicle that the company hopes will highlight its plans to make the user experience "more connected, more engaging, [and] more effortless." 

But while investors breathed a sigh of relief with the filing updates, the company will still be facing manufacturing challenges and growing competition. Until it shows it can successfully execute and bring in meaningful revenue, the more subdued reaction that followed this morning's spike is more likely to continue.