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2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
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AutoBeta(AutoBeta.net)05/07 Report--
On May 6, Faraday Future (FF) announced its results for the third quarter ended September 30, 2021. The results show that Faraday's net loss for the third quarter ended September 30, 2021 was $304 million, compared with a net loss of $33 million in the same period last year. The increase in net loss is due to a substantial increase in operating expenses and losses related to the fair value measurement of notes payable by related parties. The company chooses to use the fair value option to account for notes payable, warrants liabilities, and settlement of related party notes payable, notes payable and trust losses payable by suppliers. In addition, data show that operating expenses for the third quarter ended September 30, 2021 were $186 million, compared with $18 million in the same period last year; the increase in operating expenses was mainly due to the "full commercial production" of the Hanford facility; as of September 30, 2021, Faraday's future cash and cash equivalents are $666 million. The cash balance as at 31 March 2022 was $276 million, including scheduled repayment of $97 million of bills and accrued interest.
In fact, according to the original plan, Faraday's future third-quarter financial results should have been submitted earlier. On November 24 last year, Faraday released news in the future that the company had received a warning letter from NASDAQ. Because it failed to submit its Q3 financial report for 2021 on time, it was accused of not complying with the Nasdaq listing rules. NASDAQ pointed out in the letter that Faraday was advised to submit its quarterly report to September 30, 2021 within 60 days. Abide by the Nasdaq listing rules, no more than 180 days at the latest. Faraday responded at the time that the failure to submit third-quarter results was affected by a short report released by J Capital Research Mechkin, a US short seller, and was under independent review of its allegations of financial fraud.
As of the close on may 6th, Faraday's future share price remained at $2.370, up 3.04%, with a total market capitalization of 716 million. Compared with the market capitalization of $16.80 per share and $4.5 billion on the day of Faraday's future listing on July 22 last year, Faraday's future market value has greatly "shrunk" and the total market capitalization has fallen by more than 80 per cent.
In response to the above financial performance, Jia Yueting forwarded the financial results for the third quarter of 2021 on his personal Weibo account and posted a text saying: "through the submission of this 10murQ financial document, we are one step closer to realizing the original vision." We are confident to complete the production of FF 91 Futurist on time and with high quality. "
In this regard, some netizens asked: "when will you return home?" And Weibo platform recently launched the "IP territorial display" function, users' personal information, comments and other places will be forced to mark IP locality, and can not be closed, careful netizens noticed this. Jia Yueting's Weibo was posted in Beijing and his personal social account IP shows that it is also in Beijing, so some netizens teased: "IP shows that it is already in Beijing, when did you come back?" , "is this back?"
However, this question was quickly confirmed, and it was learned from relevant people that, like most celebrity accounts run by professional operating teams, Jia Yueting's social media account took into account jet lag, according to the Financial Association. part of the content is released with the assistance of the domestic operation team.
Jia Yueting left the United States because of Letv's debt problem on July 4, 2017, and Letv's mass production listing was shelved, according to public data. Before going to the United States, Jia Yueting said that he would only go to the United States for a short time and return to China next week, but he has not returned yet, so "Jia Yueting's return to China next week" once became a very popular joke. On July 22, 2021, the Faraday Future FF founded by Jia Yueting landed on the Nasdaq market in the form of SPAC. Jia Yueting said in an interview: "the listing of FF is a new starting point, solving the biggest funding problem, and then go all out to achieve mass production and delivery in 12 months." At the same time, when the media asked Jia Yueting if he had any plans to return home, Jia Yueting said bluntly: "that's necessary."
But Faraday was shorted in the future soon after it was put on the market. Through a survey of FF's factories and some office sites, as well as an analysis of FF's technical capabilities and R & D investment, the report concluded that FF could not sell a single car. On February 2, a special committee of independent directors set up by Faraday said there was no evidence to support the short report of J Capital Research, the shorting agency. According to the 8Muk document submitted to SEC by a special committee of Faraday's future independent board, Faraday has received more than 14000 bookings for FF91 vehicles in the future may be misleading because only a few hundred of these bookings have been paid, while the others (a total of 14000) have not been paid. Affected by this, Faraday future CEO Bi Fukang and Jia Yueting were both asked for a 25 per cent pay cut. Since Faraday was shorted in the future, Faraday also received a delisting warning letter from Nasdaq in the future. Faraday explained in the future that it was affected by inaccurate allegations made by US short sellers, and Faraday failed to submit its financial report on time in the future. in fact, there have been doubts about Faraday's future car-building process.
Faraday Future (FF) was founded in 2013. FF91 is the first brand-new model of FF. The car was first launched in Las Vegas in January 2017, positioning high-end luxury electric vehicles. Since the global debut of FF91 in Las Vegas in 2017, the future FF91 of Faraday has not yet been delivered. From the point of view of time, compared with other car brands, FF has a very long way to build a car, which takes as long as 8 years. And its production plan also skipped tickets many times during the car-building period. On February 24 this year, Jia Yueting posted that the first FF model, the FF91 quasi-production car, had officially gone offline and said it would start production in the third quarter of this year.
According to the latest news, on May 4, Faraday released news that Dr. Faraday Future CEO Bifukang led a team at the Hanford factory to learn about the latest progress of FF91. The video mentioned: the FF91 project is moving forward as planned, the testing and verification work is going on as scheduled, and we are on the right track to launch FF91 in the third quarter of 2022. Whether FF91 can be mass produced in the third quarter of this year is still a question mark. Perhaps the answer will not be known until the third quarter of this year.
Public data show that at present, FF has planned three models, including the most high-end FF91 model mentioned above, and the other two models are positioned as high-end mass market FF81 models and mass market FF71 models, of which FF81 and FF71 are expected to achieve mass production by the end of 2023 and 2024 respectively. According to FF, after FF91 is officially offline FF plans to start producing more quasi-production cars at its plant in Hanford, Calif., later this year for final engineering verification and certification. FF CEO Bi Fukang said that FF will produce its second electric car, the FF81, in South Korea in 2024, and FF is expected to be profitable by 2025.
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