AutoBeta(AutoBeta.net)07/26 Report--

Today, according to media reports, Faraday said in a document on July 25 that the delivery of the FF91 Electric SUV, which was scheduled to go on sale this month, had been postponed to "the third or fourth quarter of 2022". "the company also said it needed additional cash to commercialize FF 91 and is seeking to raise additional capital to fund its operations until December 31, 2022." It also said that any challenges in supplier collaboration, delays in capacity or workforce improvements at the company's Hanford, Calif., manufacturing plant, rising material prices and continued disruptions in the global supply chain could further increase the additional funding requirements for the launch of the FF 91 series. In addition to the FF 91 series, a large amount of additional funding is needed to finance the operation, research, development and design of future vehicles. It is hoped that 325 million US dollars can be raised by the end of this year. Or affected by the news, as of press time, Faraday fell 11.54% to 2.3 US dollars per share in the future.

It is worth noting that Faraday has said many times earlier that it plans to deliver its first model, the FF91, in July this year. In July last year, Faraday was listed on the NASDAQ Stock Exchange in the United States. Jia Yueting said in an interview with the media that "we will go all out to achieve mass production and delivery in 12 months, and have great confidence in on-time production with FF 91." FF 91 is scheduled to begin mass production in the third quarter of this year and is expected to produce 6000 to 8000 vehicles in 2023. Earlier, FF CEO Bi Fukang said in an interview that FF could launch FF91 without additional capital, while the company also said that it would start production in China in the future, and that negotiations were at an early stage. Now, as time approaches, officials have once again changed their story, postponing mass production delivery from July to the third or fourth quarter.

According to relevant data, Faraday will be established in 2014. The FF 91 is the first model of Faraday in the future. it is a luxury electric car priced at more than $100000. It can accelerate at 0-60 mph in 2.39 seconds, can output 1050 horsepower, can drive 300 + miles on a single charge, and has a range of up to 700km under NEDC conditions. For FF91, Faraday's future founder Jia Yueting also said that FF91 has subverted traditional super-luxury brands such as S Maybach, Ferrari and Bentley. According to official figures, as of March 31, 2022, the cumulative number of FF 91 bookings was 401. Although FF91 made its debut as early as 2017, Faraday ran into financial problems in the future due to the personal debt problems of founder Jia Yueting. Although he led Evergrande to introduce funds in 2018, the two sides broke up in disagreement over the issue of control, and the progress of the first FF91 model also stagnated. It was not until February this year that the FF91 quasi-production car was officially put off the line.

Along the way, the mass production and delivery of FF 91 is not smooth. Based on the current development of Faraday in the future, it is uncertain whether it can be mass produced in the third and fourth quarter. Bifukang, FF global CEO, has said that FF is expected to have a 3 per cent market share in the luxury car market, with sales of FF 91 reaching 40, 000 in the next two years and 270000 in five years. It will produce its second electric car, the FF 81, in South Korea in 2024, and the company is expected to make a profit by 2025. But according to Faraday's fourth-quarter and annual results in 2021, FF posted a net loss of $517 million (about 3.516 billion yuan) in 2021, compared with a net loss of $142 million for FF in 2019 and a net loss of $147 million for FF in 2020.

At present, FF has no hematopoietic ability, and loss is the norm. According to the relevant data, the net loss of FF in 2019 and 2020 is 142.2 million US dollars and 147.1 million US dollars respectively, the cumulative loss is 2.2441 billion US dollars and 2.3911 billion US dollars respectively, the net cash used in operating activities is 189.8 million US dollars and 41.2 million US dollars respectively, and the working capital deficit of FF is 688.2 million US dollars and 835.3 million US dollars respectively. Some industry insiders pointed out: at this stage, with the postponement of FF91 delivery, it is not easy for the market to raise funds. in addition, even if FF91 starts production, it is difficult to immediately convert into cash flow, and it still needs to input a lot of funds to support it.

Reviewing Jia Yueting's process of founding Faraday's future FF, there are also twists and turns. Jia Yueting founded Faraday Future in 2014 and has since harvested a lot of attention. In December 2015, FF said it would spend $1 billion to build a 3 million-square-foot manufacturing plant in North Las Vegas, Nevada, but a year later FF had funding problems and the project was suspended. Jia Yueting unveiled in Singapore with FF's first car, the FF91, in 2017, and the delivery date has been uncertain since then. In February 2018, Evergrande Group Xu Jiayin became the largest shareholder in FF with HK $6.7 billion. Evergrande had no choice but to withdraw because of the struggle for dominance, retaining only 20 per cent of FF's pre-IPO stake. Finally, FF went public on July 22, 2021, raising more than $1 billion, but Faraday was shorted in the future shortly after its listing, and J Capital Research Mechkin Investment, a US short seller, said bluntly that Faraday was unlikely to sell a car in the future. In response, Jia Yueting once said, "A friend advised me to give up FF, sell my shares and 'hide' in the United States by way of bankruptcy liquidation, but he still doesn't know me well enough, and giving up and running away will never be my life's choice."

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