AutoBeta(AutoBeta.net)06/20 Report--

Coinciding with Father's Day, Jia Yueting today posted on Weibo that "FF:FF is like my child, and I will always be proud of it." FF partners and I will continue to be fully engaged and lead the automotive industry to change in the direction of Internet smart electric. Happy Father's Day to all of you! " With a picture of the FF concept car

In this regard, many netizens on Weibo asked Jia Yueting when he would return home.

Data show that FF was founded in 2016. 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 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. However, up to now, there is still no news about when Jia Yueting will return to China.

In the letter of apology, Jia Yueting expressed his apology and gratitude to Leeco shareholders and Letv ecological creditors. 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." 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.

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 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.

According to official information, there are about 880 utility and design patents being applied for or authorized by FF worldwide, of which 530 patents have been granted, which is also outstanding among similar car companies.

It was reported in April that the FF car founded by Jia Yueting is about to go on sale in the United States with a valuation of 20 billion. In May this year, according to the US SEC website, Property Solutions Acquisition Corp., which is in the process of merger and listing with FF, resubmitted a revised 8K document for the first quarter of 2021 in accordance with the requirements of the Securities and Exchange Commission of SEC, which indicates that the audit process has been completed for the combined listing of PSAC and FF.

On June 16th, Faraday unveiled its latest global manufacturing strategy, with the flagship FF 91 being built at its 1.1 million-square-foot plant in Hanford, California. Officials say the infrastructure in the Hanford plant is already capable of mass production. It is understood that the China Securities Regulatory Commission issued a decision on administrative punishment on April 15 this year, pointing out that Leeco made financial fraud from 2007 to 2016, and there were five items of false information in its application for initial public offering and listing. Jia Yueting is the largest shareholder and suspected actual controller of the company. According to the prohibition of the CSRC, Jia Yueting is not allowed to engage in securities business or serve as a director, supervisor or senior manager of a listed company for life.

In terms of listing, the merger agreement between FF and PSAC is expected to close in July 2021, after which FF will trade on Nasdaq under the ticker symbol "FFIE". At the same time, the company expects FF91 to start production within 12 months after the completion of the merger of FF and PSAC. Production is based in Hanford, California, with a production capacity of about 10000 vehicles a year.

According to relevant documents, 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 be launched a year after its launch. 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.

Maybe Jia Yueting is serious about building cars. How long Jia Yueting's car-building story will last is unknown.

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