AutoBeta(AutoBeta.net)02/18 Report--

After eight years of car construction, the official of Faraday Future Automobile (FF), founded by Jia Yueting, announced that the first model, FF91, will officially launch a production version of FF91 live online at 8: 00 a.m. on February 24, Beijing time.

According to the product description on FF's official website, the FF 91 drive motor with up to 1050 horsepower can accelerate 100 kilometers in 2.39 seconds with a peak torque of more than 1800Nm, and the battery capacity is 130kWh. FF claims that this is the highest energy density in the world, and the NEDC lasts longer than the 700km. The car sells for as much as $2 million in China and $200000 in the United States, respectively. FF received a refundable deposit of 50, 000 per customer last year, and a total of 300 users paid the deposit, according to the independent director investigation committee of FF on the 9th of this month. FF went public on Nasdaq last year by buying a shell, and FF claims to have received 14000 of FF 91 orders.

Since 2014, Faraday's road to building cars in the future has been full of ups and downs, resulting in a continuous jump in delivery time, and this is the closest FF car to reality. On January 3, 2017, three years after the establishment of Faraday, the first model was released, inviting domestic multi-channel science and technology and financial media to visit the United States, but automotive professional media were not invited. In July of the same year, Jia Yueting left the United States because of Letv's debt problem. when he left China, he said that he would only go to the United States for a short time and would return to China in about ten days. The day after arriving in the United States, he stepped down as chairman of Leeco to become the global chairman of Letv Automotive Ecology, thus focusing on the auto business. FF cars are said to be delivered to car owners the following year. By the end of the year, the media reported that the American factory of FF was so dilapidated and overgrown that only one employee clocked in and there was no production equipment in the factory. By 2018, the progress of FF 91 has changed from delivering to car owners to starting the whole vehicle assembly, while the actual offline of the vehicle will be delayed until February 24 next week.

From the point of view of the company's operation, in the following years, FF's focus was to absorb capital. At one point, Evergrande was even brought in, and Evergrande President Xia Haijun was also chairman of FF, but soon Evergrande and FF split up to find their own way out. Evergrande car Buy Buy, Evergrande Health renamed Evergrande Automobile. FF cars are not bad, just as it is popular in the capital market to go public through SPAC in recent years, and FF cars have also embarked on this simple listing road. Capital master Jia Yueting naturally drew many shareholders in this gust of Dongfeng to achieve his dream of building a car. Even Geely Motor also made a small amount of financial investment in the listing of FF cars, and traded under the stock code FFIE in 2021. Faraday opened up more than 22 per cent on its first day of trading and closed up 1.45 per cent at $13.98, with a total market capitalisation of $4.511 billion, while FF shares were trading at $5.02 yesterday, nearly a third of their peak.

On Oct. 7, 2021, Mechkin Investment Consulting released a short report against FF, saying that FF had no money, no factory and no progress, and it was impossible to sell a car. However, Jia Yueting also immediately responded, saying that the other party was frying cold rice. When it goes on sale, FF will launch products within a year. The fall in FF's share price has nothing to do with the short report. According to the historical share price, FF car peaked as soon as it went public and has been growing downwards ever since.

SEC, the US stock regulator, has warned that FF could face delisting if it does not file its results. It was only then that the public realized that FF had not submitted a single financial report after its launch, and FF explained that it did not submit a report because it was investigating the short report.

Earlier this month, a special committee made up of an independent board of directors of FF said there was no evidence to support the short-selling report of the previous shorting agency, J Capital Research. But only a few hundred people paid for Farah's 14000 order, a statement that misled investors. Subsequently, at the request of the board of directors, FF Motors demoted or suspended a number of responsible people, and Jia Yueting's nephew was suspended without pay. He was vice president of global capital markets at FF Automobile, and Jia Yueting himself cut his salary by 25%.

If nothing happens, the production version of FF 91 will be released next week, which may cushion the car-free allegations of shorting the report. At the same time as the findings of the investigation committee were released, FF Motors announced that it had reached an agreement with South Korean foundry to produce the next generation of mass market product FF 81, whether it is FF 91 or FF 81. A prerequisite for order users is to be patient enough to wait for delivery.

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