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American car company FaradayFuture (Faraday Future, referred to as FF), which has not yet achieved mass production, did not proceed smoothly until the founder Jia Yueting's personal bankruptcy restructuring plan came into effect, and recently began to release a series of news to attract the attention of investors. Well, the FF 91 pre-production car is here again.

Recently, there have been media reports that more than 91 pre-production cars of FF have gone offline and will be equipped with the industry's largest head-up display (HUD). The company is committed to promoting mass production of models. According to people familiar with the matter, despite financial difficulties, FF has been improving product quality through product testing and I.A.I system upgrades, while at the product level, more than 91 pre-production FF cars have been released, and the latest pre-production car is in the process of being built.

FF insiders said that the mass production plan of FF 91 has been progressing steadily, and once IPO succeeds, FF will get back on track in the shortest possible time and deliver high-quality products to users in a timely manner.

At present, what FF lacks most is still "capital". The company has said it hopes to raise between $800m and $850 million to launch FF 91. Bi Fukang, chief executive of FF, said FF would deliver its first electric luxury SUV FF 91 nine months after receiving financing and begin 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.

Founded in 2016, FF officially launched its first mass-production electric car, the FF 91, in Las Vegas in January the following year, after which the company announced the completion of a $1 billion round of financing, with Leeco founder Jia Yueting as global CEO and chief product officer. Jia Yueting is the actual controller of FF. Subsequently, due to the outbreak of Jia Yueting's personal debt crisis, FF fell into financial problems, and the car-building project continued to shut down.

On July 2, 2020, Jia Yueting issued an apology letter entitled "working for a Business, restarting my Life, with my apology, gratitude and commitment". In the letter, he expressed his apology and gratitude to Leeco shareholders and Letv ecological creditors.

Jia Yueting no longer holds FF shares.

Jia Yueting said in the apology letter that the personal bankruptcy restructuring has officially taken effect and that for all his creditors, they will share the future success of FF as shareholders of FF. At the same time, Jia Yueting no longer owns FF shares. For Leeco investors, they can also get the compensation of the established share from the creditor trust after meeting certain conditions; for FF, this means that the asset value has been highly recognized, the biggest obstacles to equity financing and promoting Sino-US dual home strategy have been eliminated, and the development of FF has officially embarked on the fast track. For him personally, it means a restart of life. Jia Yueting said that he will work in an entrepreneurial mentality and start a business in a part-time way. Turning FF into a business is a commitment made by him and all the partners of FF. "Thanksgiving creditors shareholders, investors and Leeco shareholders for my support, trust and understanding, so that I can 'embark' on the road home."

"it is hard to blame Leeco for the current situation, and it will coordinate the compensation of shareholders."

Jia Yueting said, "although in the past three years, I have not actually controlled and managed Leeco. I can only look at the current situation of Leeco and feel anxious." But I have never forgotten the Leeco investors, and I sympathize with the losses and disappointments they have suffered. As the founder of Leeco, I cannot absolve myself of the blame for the current situation of Leeco, so after getting the approval of my personal creditor committee, I have reserved no more than 10% in the creditor trust, which is mainly used for the contingent compensation of Leeco shareholders, which can be implemented after the completion of the relevant legal procedures. I will also arrange a special team to coordinate the compensation of Leeco shareholders. "

"I am the first responsible person for the overnight collapse of Letv's system."

Jia Yueting said, "I was the first responsible person for the collapse of Letv's system overnight." I am fully aware of the great losses suffered by all parties concerned and your families, and I would like to express my sincerest apologies to you again. I firmly believe that the past experiences of success and the lessons of failure will be valuable assets for FF to succeed, and I will never repeat the mistakes of the past. Over the years, I have tried to make FF with apology and guilt, including filing for personal bankruptcy restructuring in the United States for the purpose of protecting the interests of all creditors, because it is the only and best solution for creditors and FF. I am well aware of the important task I shoulder, and I am well aware of the suffering that my personal mistakes have brought to creditors, investors, Leeco investors, users, employees and your families. I must give you an account and will never be a deserter. "

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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