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Reports: debts are high, personal assets are frozen, they are added to the debt list, and they are ordered to return to China by the regulatory authorities.
On March 22, 2018, Jia Yueting appeared at the Faraday General Assembly, revealing that his car company Faraday Future (Faraday Future, Faraday or FF) received $1.5 billion in financing, of which $550 million has been received; The factory in Hanford has started, and all long-term production equipment has been placed; in addition, after the full assembly, all employees of the company will receive the promised options.
Since the summer of 2017, he resigned Jia Yueting Letv 300104, attending all the duties of Dong shares, has been living in the United States Southern California town, not far from the headquarters of Faraday. He seems to be bent on making the car. However, he seems to have forgotten the mess he left in the country: debts are high, personal assets are frozen, he is added to the debt list, and he is ordered to return to China by the regulatory authorities.
Civil strife
Just one month before Jia Yueting’s debut, on February 13, 2018, Faraday hosted the first Global Supplier Summit, and Jia Yueting gave a speech at the scene. A number of global suppliers including Bosch, LG Chem, Fuji Technical & Miyazu arrived at the site.
Jia Yueting said at the time that Faraday's first mass-produced SUV, the first mass production of the FF 91, will be delivered by the end of 2018. In addition, the Hanford plant project, which is critical to the delivery of the FF 91, will be launched at the end of the first quarter of 2018.
It seems that Faraday’s previous “funds shortage†seems to have eased. In 2017, a number of media broke the news that Faraday had no money to pay employees, or even "only a few weeks from bankruptcy." However, the US media The Verge quoted people familiar with the matter in early 2018, saying that at the moment of the FF summit, the company has already received about $1.5 billion in financing, and the investor may be a Hong Kong-based entity.
The news of financing has been rumored for a few months, but people who have been hurt by "returning to China next week" still seem to have doubts. Even if Jia Yueting confirmed it personally, people still worry that this is still only a high-profile "painting cake."
Judging from the current situation of Faraday, in addition to the legendary funding problems, “internal chaos†such as frequent resignation of executives and cultural differences is also a big problem.
For example, in March 2017, Faraday hired former BMW executive Stefan Krause as chief financial officer, and when he joined the company, Krause had said he would raise $1 billion for the company within a year. However, this plan has not yet been realized, and Krause announced his departure in October 2017.
Also leaving the Deutsche Bank executives, Faraday's then chief technology officer Ulrich? Ulrich Kranz. According to foreign media reports, at least 12 people left the company from September to November 2017.
After leaving, two executives, Krause and Kranz, co-founded the electric car company Evelozcity. Evelozcity's business seems to have a high degree of overlap with Faraday. Not only that, but the company has also hired a number of top talents who have left Faraday, including chief designer Richard? Richard Kim, head of automotive engineering, Sohel Merchant, and head of automotive production line, Bill Strickland.
In January 2018, Faraday filed a paper complaint against Evelozcity, accusing Krause and Kranz of illegally stealing his core business secrets, covering batteries, motors and the Internet of Vehicles.
Subsequently, Evelozcity responded, “We don’t have and don’t need Faraday’s technology. The lawsuit against us is wrong and very inflammatory, and we will respond to it at the right time.†The lawsuit is not yet available. Clear results. However, in March 2018, Evelozcity announced a $1 billion financing.
According to Business Insider, among the reasons for the departure of executives in 2017, apart from the company's financial crisis, there are cultural differences. The article quoted Faraday's resigned employee as saying that the employee's dissatisfaction is that Jia Yueting used to mix LeTV and Faraday projects. For example, a patent belonging to Faraday will be used for LeTV, the funds of the two companies will be circulated, and the former employees will be sent to work for the latter.
According to the December 2017 Securities Daily quoted a person close to Faraday, and LeTV has been a company invested by Jia Yueting, but it is not directly related at the capital level. According to the report, nearly 300 employees of LeTV will be transferred to FF and become employees of FF China. After the integration of LeTV into FF, the two independent companies will be integrated in capital and organizational structure. FF91 (FF brand) and LESEE (LeTV brand two car brands.)
In addition, a former US employee recalled that Jia Yueting said in a PP t for investors that “Americans care too much and like to quote 'law'.â€
$1 billion mirage
“Welcome home, Faraday.†In April 2016, Nevada Governor Brian Sandoval expressed such excitement in an event that welcomed Faraday to the local factory. At that time, Faraday planned to invest $1 billion to build a 900-acre factory in a dusty desert 10 miles north of Las Vegas Boulevard in Nevada, and plans to hire nearly 4,500 people. The company received a $215 million government tax credit.
However, according to the Nevada Independent report, Faraday's local assembly plant project was put on hold in June 2017 due to shortage of funds. At the same time, Faraday and its construction partner AECOM were also suspended because they did not pay millions of dollars on time. By July 2017, Faraday had abandoned the plan and the project has now been completely stopped. The report said that the company has returned some of the preferential funds to the Nevada state government.
In August 2017, Faraday announced the establishment of a factory in the town of Hanford, California, but four months later, the media visited the site and found that the factory was empty and no production facilities were in place.
According to The Verge, in February 2018, Faraday's global manufacturing executive Dag Reckhorn said in a statement that the Hanford factory had reached the design stage and began recruiting new employees. As of February 1, 2018, the factory's land has been completely emptied, and equipment construction will begin in the first quarter of 2018. â€
Building a car
Faraday promised to deliver FF 91 by the end of 2018.
However, at the CES conference in January 2018, many media conducted a test ride on the FF 91 and thought that the FF 91 is still in a semi-finished state. They mentioned a number of issues, including the lack of intelligent interactive software in the car, the lack of interiors in the car, and the incomplete assembly of the body parts. Whether the FF 91 can achieve mass production delivery is considered a mystery.
According to relevant reports, considering the tariffs, the price of Faraday FF91 in China may exceed 2 million yuan, which can be said to be high. It is also possible to take this into consideration. At the Global Supplier Summit in February 2018, Faraday stated that it plans to launch the second model FF 81, which is mainly aimed at the Chinese mass market. According to the new wisdom report, FF 81 is a reduced version of FF 91, and the price is expected to be 6 digits.
On March 12, 2018, Jia Yueting exposed the latest red Faraday FF91 snow test in Weibo. It is reported that the test site is in the extremely cold state of Minnesota in the western United States. Jia Yueting seems to be satisfied with the test results.
On March 24, 2018, The Verge reported that the FF 91 will be the fastest or will be officially put into production in August this year. The car will be powered by a pure electric system with a maximum power of 1,050 hp and a maximum cruising range of 378 mph. 700 km (NEDC).
Returning to China?
In addition to the rumors about the vehicle, Jia Yueting’s news of returning home to build a car has also been frequently reported. Since 2018, Faraday China's official WeChat public account has issued a number of recruitment notices involving more than 200 jobs in Beijing and Shanghai. Some positions have a job requirement: have certain working experience in the automotive industry.
In addition, a snowball user named "Time Magic Apprentice" broke the news that on February 12, 2018, a newly established company, Ruichi Smart Auto (Guangzhou) Co., Ltd., had a considerable share of shareholders and Faraday. More associations.
According to industry and commerce information, the company was established on February 12, 2018, and is registered on the 9th floor of No. 171, Haibin Road, Nansha District, Guangzhou. The registered capital is 300 million US dollars. The company's 100% shareholder is SMART MOBILITY (HONG KONG) HOLDINGS LIMITED. The original name of SMART MOBILITY is FF HONG Kong Holdings Limitedied, namely Fafa Automotive Ecology (Hong Kong) Limited (FF Hong Kong).
Faraday's domestic WeChat and Weibo certified company is Fafa Automotive (China) Co., Ltd., and its Weibo and WeChat names are "FF China". FF Hong Kong is the controlling shareholder of FF China with a shareholding ratio of 95%.
It can be seen that Ruichi Smart Car and FF China may be the holding companies of FF Hong Kong, and Ruichi Smart Car may be the new company of Jia Yueting in China. The snowball netizen "Time Magic Apprentice" also said that FF Hong Kong established the Ruichi smart car, or for a piece of land in the Guangzhou area.
At the beginning of March 2018, Guangzhou Nansha District publicly listed three industrial land for sale. The land address is located in the processing and manufacturing block of Wanqingsha Bonded Port in Nansha District of Guangzhou and the Dagang Advanced Manufacturing Base. Among them, there is a land parcel named "2018NGY-2", which clearly indicates that the business scope is "technical research and development of vehicle engineering; manufacturing and sales of auto parts and accessories; sales of automobiles", and it is required to set up a company in Nansha District. Registered capital reached 300 million US dollars. These requirements can almost be satisfied by Faraday.
According to Caixin, a source close to the Nansha District Government said that the plot will be won by Faraday's domestic project company.
According to public information, the land area is about 400,000 square meters and the starting price is 364.1 million yuan. If you purchase, you need to register by March 26, 2018, and pay the deposit. If this land is really taken down by Jia Yueting, the difference is now paid. Does Jia Yueting still have money to pay?
Many people think that after the series of LeTV crisis, the car may be the only card left in Jia Yueting's hand, which is related to whether he can make a comeback. However, it is still unclear whether this card is a king or a bad card. In any case, building a car is not an easy task, and Musk's Tesla has proved this very well. Just over three months in 2018, can Jia Yueting and his Faraday in the United States bring miracles to people?
(Edit: 冉 one party)
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