AutoBeta(AutoBeta.net)10/15 Report--

Under the leadership of Jia Yueting, the electric car start-up Faraday Future (FF) has so far failed to achieve mass production, and the financing of FF was carried out smoothly as Jia Yueting's personal bankruptcy restructuring plan took effect.

On Oct. 15, FF officially announced that the company has received a $45 million debt financing loan from two major financial institutions in the United States, which is based on the expansion and extension of the 2019 advanced bridge financing loan program and will expire in October 2021. It is said that the loan will be used to support the final production of its electric car FF 91 project.

It is understood that the two major US financial institutions that provide financial support for FF this time include BIRCH LAKE FUND MANAGEMENT LP and ATW Partner.

The company said it hoped to raise between $800m and $850 million to launch FF 91. Bi Fukang, chief executive of FF, had previously said that FF would deliver its first electric luxury SUV FF 91 nine months after receiving financing and start mass production 12 months after such a deal was completed. It is said that the price of FF 91 may exceed 1.4 million yuan.

According to the latest news from foreign media, FF is preparing to seek US stock IPO by way of SPAC (special purpose merger and acquisition). According to FF insiders, FF's mass production plan has been progressing steadily, and once IPO succeeds, FF will get back on track in the shortest possible time.

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.

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