AutoBeta(AutoBeta.net)06/17 Report--

Jia Yueting added enforcement information on June 16, with the object of execution being 159333088 yuan, and the enforcement court is the Beijing Municipal No. 3 Intermediate people's Court, according to the China Executive Information publicity Network. Relevant information shows that Jia Yueting borrowed 100 million yuan from dawning Real Estate Company in 2017, and neither Jia Yueting nor Letv Investment Management (Beijing) Co., Ltd. made any payment to dawning Real Estate Company after the loan agreement was signed.

It is worth mentioning that on December 4, 2020, Jia Yueting was also included in the list of executees by the Shanghai No. 1 Intermediate people's Court, with the target of execution of about 533 million yuan, case number (2020) Shanghai 01 Zhihui 170. On April 13, 2021, the CSRC issued a decision to ban the market and decided to ban Jia Yueting from the securities market for life.

In October 2016, the capital chain crisis of Letv system broke out, and the stock price began to fall all the way. In May 2017, Letv laid off staff and suffered debt collection from suppliers. Two months later, Jia Yueting left Leeco to help raise money for FF. In November 2017, Leeco announced that Jia Yueting was unable to fulfill the promise of interest-free loans and increased holdings, and "deeply apologized." In 2017, Jia Yueting went to the United States to build a car, but has not returned home. In 2019, Jia Yueting divided his shares in FF to creditors because of the debt crisis. In July 2020, Jia Yueting posted an apology letter entitled "working a Business, restarting my Life, with my apology, gratitude and commitment" on Weibo.

According to relevant data, Jia Yueting's Faraday Future was established in 2014. Since 2016, the future of Faraday has been plagued by financial problems, and the production of the FF91 has been delayed, and other models have also been withdrawn from the plan. FF cut hundreds of jobs in 2018 and sold its Gardena headquarters in 2019 to raise money. Subsequently, due to the outbreak of Jia Yueting's personal debt crisis, FF also fell into financial problems, and the car-building project continued to shut down. In order to thoroughly solve the domestic debt problem of Jia Yueting, Jia Yueting has previously applied for personal bankruptcy reorganization in the United States and set up a creditor trust controlled and managed by the creditor committee and the trust trustee. After the completion of the plan, Jia Yueting will transfer all his equity in Smart King Limited (Faraday Future Global Holdings) to the creditor trust fund to better protect the interests of creditors and repay the remaining debts.

While Jia Yueting has not stopped promoting Faraday's future listing and mass production, FF announced on its website that it has reached a final agreement with SPAC on a business merger, valuing the company at about $3.4 billion (22 billion yuan) after the transaction is completed, and plans to list on the Nasdaq Stock Exchange under the symbol "FFIE" in the second quarter. On January 29th, Geely and FF signed a framework agreement on cooperation in the areas of technical support and engineering services, and explored 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.

On April 5, FF formally submitted S4 listing documents to the US Securities Regulatory Commission. FF currently has three models with the highest-end positioning, the FF91, FF81 and FF71,FF91, which are expected to start at $100000 and are expected to launch a year later, according to the documents. Aimed at the upmarket mass market, FF81 is expected to start mass production 18 months after the launch of the FF91, with a target starting price of $59000. The third model, the FF71, which is aimed at the mass market, is expected to be designed and developed in 2022, with a starting price of $45000.

On June 16th, FF Faraday will release its latest global manufacturing strategy, which mentions that the flagship FF 91 will be built at its 1.1 million-square-foot plant in Hanford, California. It also said the plant has a capacity of about 10000 vehicles per year and is expected to start production within 12 months after the completion of the merger of FF and PSAC.

If Faraday's future Hanford factory can be put into operation smoothly, it may mean that Jia Yueting's "car building" can realize his dream, and it will be the only chance for Jia Yueting to turn around.

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