AutoBeta(AutoBeta.net)07/13 Report--

On July 12, Letv Automobile (Beijing) Co., Ltd. added two pieces of information about the person subject to execution, the case numbers are (2021) Beijing 0105 holding No. 29352 and (2021) Beijing 0105 holding No. 29351, the plaintiffs are both Leeco Information Technology (Beijing) Co., Ltd., the total amount of the two execution objects is 30 million yuan, and the related case is an advertising contract dispute.

According to enterprise investigation, Letv Automobile currently has four items of untrustworthy information, totaling 5.5 million yuan, which has been executed 11 times in history, totaling 8.8204 million yuan.

When it comes to Letv cars, you may not be familiar with it, but when it comes to the future of Faraday, you may be more impressed. In fact, there is still a certain connection between the two. According to the data, Letv Automobile (Beijing) Co., Ltd. was established in July 2014. the two major shareholders are French Automobile (China) Co., Ltd. And Letv Zhile Technology (Beijing) Co., Ltd., the former holds 99% of the shares and the latter holds 1%. Through equity penetration, French Automobile (China) Co., Ltd. is held by FF Hong Kong Holding Limited and Letv Automotive Technology (Beijing) Co., Ltd., the former holding 95%, and FF Hong Kong Holding Limited is Faraday's future affiliated company.

How does Letv car have anything to do with Faraday's future? In 2014, two new forces of Internet car-making in China were set up at the same time. One is Ulai Automobile, which was jointly founded by Li Bin and others. At present, three mass production models have been launched and listed in the United States to become a domestic first-tier car manufacturer; the other is Letv supercar, dominated by Jia Yueting, which has attracted a lot of attention because of Jia Yueting's feelings of building cars.

At 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. According to officials, Letv supercars make China's auto industry bend to subvert the traditional giants of Europe, the United States, Japan and South Korea, effectively solve urban haze and traffic congestion, while electric vehicles have high hopes for almost zero emissions compared with traditional fossil fuel vehicles. After the establishment of Letv Automobile has attracted many industry senior leaders to join, and won the investment of many investors and Internet enterprises, so that 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. "when I saw this car, I wanted to cry and burst into tears," Jia Yueting said at the press conference. "few people understand the ups and downs, storms and even tribulations we have experienced. Although it is not yet a mass production car, we promise that the day of mass production will not be too far away. 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 mass production of Letv's car seems to be just a foot in the door, but this year has also become a turning point for Letv's car.

It was in this year that the Letv system capital chain crisis broke out and the stock price began to fall all the way. In May 2017, Letv laid off staff and encountered debt collection from suppliers. Two months later, Jia Yueting abandoned Leeco and left the United States to help FF finance. Letv's mass production listing was shelved and gradually forgotten by the market.

In January 2017, Faraday officially launched its first electric car, the FF 91, after which the company announced the completion of a $1 billion round of financing, with Jia Yueting, founder of Leeco, as 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.

Although Letv's car has failed, Jia Yueting is promoting the future listing and mass production of Faraday, which is also the only chance for Jia Yueting to turn around. 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) upon completion, and plans to list on the Nasdaq Stock Exchange under the symbol "FFIE" in the second quarter.

At present, the combined listing of FF and PSAC is in the shareholder voting stage, and the PSAC shareholders' meeting is expected to be held at 11:00 est (11:00 Beijing time) on July 20 to approve the joint listing with FF. If the listing is successful, FF will raise 1 billion US dollars, laying a solid foundation for FF91 mass production.

Data show that French Automobile (China) Co., Ltd. was established on March 3, 2017. According to the current actions of FF, China will become the production base of FF. On December 14, 2020, French Automobile (Zhuhai) Co., Ltd. was established with a registered capital of 250 million yuan. It is reported that Zhuhai SASAC intends to invest 2 billion yuan in FF, and FF is likely to settle in Zhuhai in the future.

It can be said that Letv car no longer exists. At present, all Jia Yueting's energies are focused on the future launch of Faraday and the mass production and delivery of the first model. It is impossible to verify whether Jia Yueting really built a car. Jia Yueting is serious about car building or Jia Yueting. As for how long Jia Yueting's car-building story can last, everything is unknown.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat