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FF is one step closer to listing! According to several media reports, FF (Faraday Future), a US electric car company, formally submitted the S4 listing document to the US Securities Regulatory Commission on April 5. As the most important legal registration document in the listing process of US Securities Regulatory Commission, the submission mark of S4 document, FF, is expected to enter the countdown to NASDAQ in the second quarter, and the listing transaction process may be completed within May.

According to S4 listing documents, FF is expected to deliver its first mass production electric vehicles in 2022, while FF 91 plans to launch within about 12 months after the SPAC listing transaction is completed, and is expected to deliver more than 450000 vehicles by 2025. FF currently has three models, the FF91, FF81 and FF71,FF91, with the most high-end positioning, which are expected to start at $100000. Aimed at the upmarket mass market, FF81 is expected to begin mass production 18 months after the launch of the FF91, with a starting price of US $59000, including Tesla Model S and Model X, BMW 5-Series and Xerox ES8. The third model, the FF71, which is aimed at the mass market, is expected to begin design and development in 2022, with a starting price of $45000 for the Standard Tesla Model 3 Magi Model Y and the BMW 3-Series.

S4 listing documents show that FF already has a sales partner. In the United States, FF signed a memorandum of understanding with a company called Jolta. Jolta will help FF build stores and showrooms in the United States, FF partner, which is expected to cover 15 major cities in the United States by 2025. In China, FF has signed memorandums of understanding with Harmony Auto, Topyoung, Huachi Fuwei and Haipai to sell and provide services in more than 30 major cities in China.

As an electric car company founded in 2016, it officially launched its first electric vehicle, the FF 91, in January 2017, and then announced the completion of a $1 billion round of financing, with Leeco founder Jia Yueting as the global CEO and chief product officer. However, due to the report of Jia Yueting's personal debt crisis, FF got into financial difficulties and the car-building project continued to shut down. In 2019, Jia Yueting declared personal bankruptcy and reorganization, transferred his personal assets to creditors by way of creditor trust, and became a shareholder of FF. According to the ownership structure disclosed in this S4 filing, FF's original shareholders and creditors (through debt-to-equity swaps) will continue to own the majority of the company after the transaction, with an equity ratio of 66 per cent.

On the evening of January 28, Faraday Future announced on its website that it had reached a final agreement with the special purpose acquisition company (SPAC) on the business merger, valuing the company at about $3.4 billion (22 billion yuan) after the transaction was completed, and planned to list on the Nasdaq Stock Exchange in the second quarter under the symbol "FFIE." It is understood that FF 91 is expected to complete delivery 12 months after the deal with SPAC.

On January 29th, the partnership between FF and Geely was also settled. Geely and FF have signed a framework agreement on cooperation in the areas of technical support and engineering services, and to explore the possibility of a joint venture between Geely and Foxconn to provide contract manufacturing services. At the same time, Geely Holdings Group also participated in a small amount of investment in the listing of Faraday Future SPAC.

On March 17th, the former Chery Jaguar Land Rover executive officially joined FF as CEO of FF China and reported directly to Dr. Bi Fukang, CEO of FF Global. Chen Xuefeng will be fully responsible for FF China related business, including related project landing, production strategy, local product development and user ecological construction.

On March 26th, Faraday Future announced that it had raised nearly $100m in debt financing, which was led by a credit group managed by Ares Management Corporation and was also attended by existing lenders such as Birch Lake. Faraday Future said that the new financing will comprehensively accelerate the implementation of FF's complete product strategy, officially start the preparatory work for the production of FF Hanford plant, advance the countdown to FF 91 delivery, and accelerate the landing of FF's business in China.

If FF goes public, it may not worry too much about the capital, and further promote the mass production of new cars. However, the mass production listing of FF91 is just the beginning, and its follow-up still needs a lot of money to build brand awareness, end market, etc., which is also a lot of money. Take NIO Automobile as an example, as the first to achieve mass production and delivery and a certain degree of awareness of the car brand, it is still in a state of loss, the follow-up FF still has a lot of development uncertainty. According to the financial report, FF lost $142 million in 2019 and $147 million in 2020.

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