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The Letv supercar project led by Jia Yueting is the earliest member of China's new car-building forces. Letv's LeSEE concept car was unveiled in April 2016. With the outbreak of the financial crisis of Letv system, Jia Yueting left the United States, Letv supercar project was shut down. At the same time, Jia Yueting focuses on another car-building project, FF (Faraday Future, Faraday Future), and FF 91 has so far failed to achieve mass production and listing due to capital chain problems.

In July this year, Jia Yueting announced that the personal bankruptcy reorganization plan came into effect, and the creditor trust was officially established and put into operation. Jia Yueting no longer holds an FF stake. Jia Yueting said that working to start a business to restart life will compensate Letv shareholders. Since then, FF equity financing and IPO projects are expected to be promoted.

After years of building cars but repeatedly skipping tickets due to financial problems, Jia Yueting may be one of the most controversial figures in car-building by the new forces. Recently, there have been comments that "it is time to rehabilitate Jia Yueting."

According to media reports, Sun Yuchen said on his personal moments, "when Xiaopeng's market capitalization exceeds Baidu and NIO's trading volume exceeds Apple and Amazon, it is time to rehabilitate Jia Yueting." He believes that smart cars are indeed an once-in-a-century technology wave. Jia Yueting made two mistakes: one is to do too much money-burning business at the same time, and the other is to do cars in China's capital market.

Sun Yuchen, the founder of the wave field, was the only post-90s student among the first batch of students at Lakeside University founded by Jack Ma in 2015. He attracted attention by photographing the lunch of Warren Buffett in 2019.

Recently, the market capitalization of domestic new car-building enterprises has repeatedly reached record highs, which has aroused concern. As of Nov. 27, U.S. stocks closed at $54, with a total market capitalization of $72.841 billion (478.84 billion yuan), surpassing Daimler and BYD to become the world's fourth-largest automaker by market capitalization. At the same time, NIO has also become the largest car company in China by market capitalization.

Xiaopeng Motor, another start-up, now has a market capitalization of $46.265 billion, which once exceeded Honda's market capitalization.

Perhaps the continued popularity of domestic smart electric cars reminds him of that character.

Sun Yuchen added, "Jia Yueting is indeed an anomaly in China's capital market. It is very difficult for China to accommodate whimsical and subversive innovation. Letv's ending itself is entirely based on China's innovation." Of course there is Musk in China, and Jia Yueting is. "

He further analyzed and said, "the listed company in the world second only to Tesla's earliest entry into smart cars collapsed in China's capital market, while Musk is about to become the richest man in the world, and Xiaopeng surpassed Baidu. Today, when the trading volume of Wei Lai surpasses Amazon, is it a disgrace to Jia Yueting himself? You can take people from China, but don't try to get money from China's capital market. "

He also sighed that fortunately Jia Yueting ran fast.

Reviewing Jia Yueting's car-building history, as early as the end of 2014, Jia Yueting announced Letv's "SEE plan" to build a super car and a vertically integrated Internet intelligent transportation ecosystem and lifestyle. After the announcement of Letv's super car plan, it attracted many senior leaders in many industries to join, and received investment from many investors and Internet companies, making people look forward to the birth of Letv Automobile, but the process is also full of doubts.

Letv supercar LeSEE, which locates a D-class Internet unmanned electric vehicle, unveiled its first concept car on April 20, 2016. In December 2016, the Letv Super Automobile Factory project was officially launched in Mogan Mountain High-tech Industrial Development Zone, Deqing County, Huzhou City, Zhejiang Province, with a total investment of 20 billion yuan.

The outbreak of Letv's financial crisis gave birth to Jia Yueting's online phrase of "return to China next week". At this time, Jia Yueting is in the United States focusing on another start-up, FF, and is looking for financing. In mid-2018, FF received financial support from Evergrande Group, but the two sides broke up in discord due to differences in control and other aspects.

In October 2019, FF officially announced that in order to thoroughly solve the personal domestic debt problem, Mr. Jia Yueting had filed for personal bankruptcy reorganization in the United States and established a creditor trust controlled and managed by the creditor committee and the trust trustee, in order to better protect the interests of creditors and repay the debt.

In July 2020, Jia Yueting officially announced the entry into force of the personal bankruptcy reorganization plan. Jia Yueting said in an open letter that for FF, this means that the asset value has been highly recognized, the biggest obstacles to equity financing and promoting the dual-home strategy of China and the United States have been removed, and the development of FF has officially embarked on the fast track. For individuals, it means a restart of life, working in an entrepreneurial mentality and starting a business in a part-time way. "past successful experiences and lessons learned from failures will be valuable assets for FF to succeed, and I will never repeat my past mistakes. In the six years since its inception, FF has achieved product and technological innovation, business model innovation, user ecological innovation and governance architecture innovation. The ultra-luxury intelligent Internet model FF 91 is only a step away from delivery. "

Jia Yueting also said that he was the first responsible person for the overnight collapse of the Letv system, was responsible for the current situation of Leeco, and would coordinate the compensation of shareholders.

Jia Yueting, known as the "Lao Lai", seems to be trying his best to restore his reputation. Jia Yueting may be serious about the car-building business, but whether he can eventually achieve mass production and listing is a big question mark.

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