AutoBeta(AutoBeta.net)11/29 Report--

On November 29th, Faraday Future announced that the board of directors has appointed FF China CEO Chen Xuefeng as FF Global CEO, effective immediately. FF said Chen Xuefeng's top priority is to make every effort to achieve mass production delivery of FF 91 and fulfill its commitments to shareholders, investors, global partners, users and employees.

According to the data, Chen Xuefeng was born in 1976 and graduated with a master's degree in automotive design and manufacturing from Wuhan University of Technology. He has nearly 20 years of experience in the automotive industry. Before joining FF, he worked at Changan Ford Mazda, Ford Australia and Chery Jaguar Land Rover. In January 2013, Chen Xuefeng joined Chirui Jaguar Land Rover as executive vice president of manufacturing. In November 2015, he was promoted to Executive Vice President of Chery Jaguar Land Rover Co., Ltd. In March 2021, FF announced Chen Xuefeng as CEO in China, reporting directly to FF Global CEO Bi Fukang.

Chen Xuefeng was promoted to global CEO, and Bi Fukang was dismissed against the background of FF 91 mass production jumping again. Earlier, FF's board of directors dismissed Bi Fukang as global CEO after a comprehensive evaluation of the company's performance since its listing in July 2021. According to the principles of corporate governance, management directors are required to submit their resignation to the board of directors when they are dismissed from office. As a result, FF's board of directors has asked Bi Fukang to submit his resignation to the board.

On November 22nd, FF disclosed its third-quarter results for 2022. FF reported a net loss of $103 million in the third quarter, compared with a net loss of $303 million in the same period in 2021, compared with a net loss of $398 million in the first three quarters and a net loss of $432 million in the same period in 2021. FF said the first delivery of FF 91 is uncertain and is not expected to be completed by at least 2022.

It was only one foot away from mass production and kicked for several years. It is understood that FF 91 was officially released in January 2017, after which the company announced the completion of a $1 billion round of financing, with Jia Yueting, founder of Leeco, as the global CEO and chief product officer. In 2018, Faraday announced delays in future delivery, saying on its official Weibo that it "firmly believes in our ability to deliver FF91 to global booking users by 2019." In 2019, Faraday said in the future, "delivery is scheduled for 2020." In 2020, Jia Yueting announced personal bankruptcy restructuring, and the delivery of shares delayed the delivery of FF 91 again.

This is the fourth time that FF has delayed delivery. On July 22, 2021, FF was listed backdoor on NASDAQ and officially traded under the stock symbol "FFIE". The offering price of FFIE was $13.78 and closed up 1.45% on the first day to close at $13.98, with a total market capitalization of $4.535 billion.

On the day Faraday landed on NASDAQ in the future, founder Jia Yueting said in an interview that "we will go all out to achieve 12-month mass production and have great confidence in on-time production with FF 91." In other words, the summer of 2022 is the time node for delivery.

However, at the beginning of this year, Bi Fukang gave an interview with a clear delivery time: "We will deliver the first batch of FF 91 electric cars in the third quarter of this year." This will make FF the first truly high-end, high-performance, smart and luxurious manufacturer of smart electric vehicles. " But in September, FF said in a filing with the Securities and Exchange Commission (SEC): "delivery of the FF 91 is no longer expected to begin in the third or fourth quarter of 2022."

Of course, capital is always inseparable from what is linked to mass production delivery. Since Jia Yueting abandoned Letv and went to the United States to pursue the car dream, it seems that the word "lack of money" has closely followed Jia Yueting, and in order to solve the financial problem, Jia Yueting also found Xu Jiayin of Evergrande, and even in order to solve the debt crisis, he finally sold all his equity to all creditors in the form of personal bankruptcy, but from now on, none of these has solved the fundamental problem.

On September 27th, Faraday issued an announcement announcing that it had reached a final agreement with the company's major shareholder FF Top (FF Global partner) on financing and board restructuring. According to the agreement, FF Top and FF formally reached a package of governance structure adjustment agreements, including restructuring the board of directors, and Jia Yueting, founder of FF, led FF Partners to successfully reorganize the company's board of directors.

At the same time, Faraday will also receive up to $100m in financing from Daguan and US ATW Partners investors in the future. On Nov. 14, FF issued a series of announcements announcing that it had signed a credit line agreement of up to $350 million. FF said in the announcement that its affiliates with Yorkville had reached an agreement on a standby equity credit line of up to $350 million.

As of Sept. 30, the company's cumulative deficit was about $3.3 billion. Faraday's future share price has fallen more than 98% since it went public, with its latest share price at $0.3037. At present, mass production of FF 91 is once again a variable, and it is not known whether there will be a fifth delay in delivery.

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