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On December 16, Faraday Future, an electric car startup, held a global investor business communication meeting. Faraday Global CEO Chen Xuefeng, who took office late last month, appeared at the communication meeting. According to the official introduction, the first production car FF91 Futurist is expected to start production at its "FF ieFactory California" manufacturing plant at the end of March 2023, and will be rolled off the assembly line in early April, and the delivery of new cars to users will begin in the same month, provided Faraday can receive additional financing in time.

Since August, FF has received $132 million in financing commitments, with $70 million in the first committed financing, said Han Yun, the finance director who recently took over. Faraday had cash reserves of $22.5 million as of Nov. 30, of which restricted cash was $2.1 million, compared with total cash reserves of $33.5 million as of Sept. 21. FF is also in discussions with potential new investors, as well as existing investors, to secure about $150 million to $170 million in additional funding needed to produce FF91 Futurist, Han said. Of course, investors may worry that the money is in place but the car still can't be built.

It is understood that FF91 was officially launched in January 2017, and then the company announced the completion of $1 billion Series A financing, with Le.com founder Jia Yueting as global CEO and chief product officer. By 2018, Faraday Future announced a delay in delivery, saying in its official Weibo account that it "firmly believes we have the ability to deliver FF91 to global subscribers in 2019." By 2019, Faraday Future said,"Delivery is scheduled for 2020." By 2020, Jia Yueting announced personal bankruptcy reorganization, equity delivery made FF 91 delivery postponed again.

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

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

However, in an interview at the beginning of the year, former global CEO Bi Fukang made clear the delivery time node: "We will deliver the first batch of FF 91 electric vehicles in the third quarter of this year." By September, FF said in an 8-K filing with the Securities and Exchange Commission that it "no longer expects to begin delivering FF 91 in the third or fourth quarter of 2022."

So far, Faraday Future has been established for 8 years, FF91 has also been released for nearly 6 years, although in the past few years, Faraday Future and Jia Yueting have been releasing news that FF 91 is about to be mass-produced, but until now the car is still in the PPT stage.

We say that the mass production of FF91 is particularly important, and whether it can be delivered smoothly depends on whether it avoids bankruptcy, but in fact mass production delivery is only the first step, and subsequent orders are the most important. First of all, with the launch of brand-new electric vehicles by major automobile enterprises one after another, there is no shortage of excellent new energy vehicles on the market. FF 91Futurist enters at this time, and it is difficult to occupy a large advantage. Moreover, Faraday's future brand image has been seriously damaged. What reason do consumers have to consider FF 91Futurist? Secondly, FF 91Futurist sells for millions. On the one hand, the high price is destined to have a large market. On the other hand, BMW and Mercedes-Benz, the first-tier luxury brands, have launched million-level electric vehicles to the market, which are much more reliable than Faraday in the future. Therefore, even if FF91 Futurist is delivered in mass production, it is very difficult to sold well. Of course, if our expectations for a brand are reduced to "mass production," how long can such a brand live?

This seemingly ambitious communication meeting seems to have failed to bring effective confidence to the outside world. On the same day, Faraday Future shares plummeted 26.38% to close at $0.3534, with a total market capitalization of $159 million. So far, Faraday's future share price has fallen 93.36% this year.

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