AutoBeta(AutoBeta.net)10/06 Report--

FaradayFuture (FF), an American car company controlled by founder Jia Yueting, has failed to achieve mass production after many ticket jumps. After Jia Yueting's personal bankruptcy restructuring plan officially came into effect, the obstacles to equity financing, IPO projects and access to the Chinese market were removed, and the obstacles for FF to seek financing in the market were temporarily resolved. Recently, Faraday revealed the news of the listing again in the future, saying that the company hopes to raise $800 million to $850 million to launch FF 91.

According to media news, Faraday's future CEO Bi Fukang said that Faraday plans to go public as soon as possible through a reverse merger with a special procurement acquisition company (SPAC). "We are working hard to reach such an agreement and are expected to announce some news in the near future," Bi Fukang said. "

According to reports, SPAC is a shell company that raises funds to buy an operating entity through an initial public offering (IPO), usually within two years. Companies like SPAC have become a fast way for companies, especially automotive technology startups, to enter the stock market.

Bi Fukang, who once worked for BMW and Chinese electric car start-up Baiteng, officially joined FF to become the global CEO in September 2019. Prior to that, Bi Fukang worked at BMW for 20 years as group vice president and i8 project leader, and then became chairman and CEO of Baiteng.

Mr Bifukang also said that Faraday would deliver the first electric luxury SUV FF 91 nine months after receiving the funding and begin mass production 12 months after the agreement was reached. The company said it hoped to raise between $800m and $850 million to launch FF 91.

In June this year, Jia Yueting announced the completion of the personal bankruptcy reorganization process, which no longer holds Faraday's future shares, while the creditor trust was officially set up and started operation, which is also a kind of compensation to the creditors.

Jia Yueting said in a "letter of apology" that the personal bankruptcy restructuring has officially come into effect, and for all his creditors, they will share the future success of FF as shareholders of FF; at the same time, they no longer own FF shares and will work with all partners of FF to build FF and return home to promote the dual home strategy of China and the United States. For Leeco shareholders, they can also get the compensation of the established share from the creditor trust after meeting certain conditions.

As for the future of FF, Jia Yueting said that all partners work together to start a business, share risks, govern together, and exercise top-level control over FF, and finally realize their dream and mission. At the same time, FF's first model, FF 91, is only one foot away from delivery. FF's research and development, financing, BD and other businesses are also progressing smoothly, and vehicle software and operating systems are constantly being upgraded. At the beginning of 2019, the FF IPO plan formulated by FF is also in full swing, and the momentum of progress is good. FF is planning to quickly complete the IPO project in the near future.

It has been a year and a half since Jia Yueting said for the first time that there is only one foot left in the delivery of FF 91, and there is no definite statement as to whether FF 91 can be mass produced and put on the market and delivered. CEO Bi Fukang has revealed that the price of FF 91 may exceed 1.4 million yuan and will be delivered by September 2020. Now it seems that the ticket has jumped again.

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