Faraday Future plans to race FF 91 to top of Pikes Peak, SpaceX launches Chinese experiment, and Snap Inc. shares fall after price target lowered.
Faraday Future announced on Monday that it plans to race its electric SUV, the FF 91, in the running of the Pikes Peak International Hill Climb on June 25 to demonstrate its engineering progress in light of cash shortages, reports the Business Journal. The Gardena-based electric car manufacturer’s financial woes have led to construction stoppages at its Las Vegas factory and several lawsuits alleging the company failed to pay its bills.
SpaceX launched a Chinese experiment aboard its Falcon 9 rocket to the International Space Station, reports Ars Technica. Chinese experiments are banned from the International Space Station, but SpaceX subcontractor, NanoRacks, was granted an exception by ensuring that the experiment was confined and would not communicate with the station’s information technology systems.
Shares of Snap Inc. fell more than 4 percent Monday after the stock's price target was cut to $18 from $20 by analysts at J.P. Morgan, reports MarketWatch. The analysts lowered their price target because they see Snap's ad business decelerating in the third quarter, due to seasonality, and believe the company will have a slower-than-expected growth as its platform takes time to be adopted by advertisers.
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
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