AutoBeta(AutoBeta.net)02/07 Report--

It's getting more money again! It has to be said that Faraday's future financing ability is too strong, even if the first model has not been produced for a long time, it can still get the favor of capital and increase its capital one after another.

On February 6th, Faraday announced that a financing of US $135 million will be reached to meet the funds needed for FF 91 Futurist SOP. It said: "this round of financing, together with the $3340 received after the FF Global Investor Business Renewal Conference held on December 15, 2022, the company has received all the financial commitments required for mass production of FF 91 Futurist SOP, and after the company has received all the financing as expected, the company expects to start mass production of FF 91 Futurist,4 at the end of March 2023 at the beginning of the month and deliver by the end of April. At the same time, it was also announced that Faraday Future plans to hold a special shareholders' meeting on February 28, 2023 to consider the proposal for additional authorization of Class A common shares of the company.

In response to the news, Jia retweeted the Weibo message saying: after promoting changes in the top-level governance structure, FF Partners helped FF complete a financing of US $135 million to meet the funding needs of SOP and deliver FF 91 Futurist, a "pinnacle product" of "Smart Technology luxury" to "pinnacle users" around the world. I would like to thank FF shareholders and investors for their trust and support. I hope you can vote in support of the proposed IPO at the special shareholders' meeting, which is the key to the full implementation of financing and the realization of long-term strategic goals. FF global CEO Chen Xuefeng also said, "with these expected funds in place, we will achieve FF 91 Futurist as soon as possible high-quality and high-power mass production delivery."

Related information shows that FF 91 is the first model of Faraday in the future, positioning high-end luxury electric vehicles, the standard Maybach S-Class, Porsche Taycan, BMW 7-Series and so on. The car was first launched in Las Vegas in January 2017, but it was delayed in mass production due to the collapse of Faraday Future funds, the dismissal of employees, huge debts and other factors. According to Faraday's future plan, FF91 should have been delivered in July 2022, but due to financial difficulties, FF91 has been delayed again and again and has not been delivered so far.

Faraday Future said on July 25, 2022 that the delivery of the FF91 Electric SUV, which was originally scheduled to launch this month, was postponed to the third or fourth quarter of 2022. The company says it needs additional cash to commercialize FF 91 and is seeking to raise additional capital to fund its operations. In November 2022, Faraday again said that the delivery time of the FF91 car has not yet been determined, and it is not expected to be delivered in 2022. Additional funds are needed after 2022 to support FF91 production in order to break even cash flow. It was also noted that the sale of FF 91 was still subject to a variety of conditions, many of which were beyond Faraday's control in the future, including the timing, scale and availability of additional financing.

It is worth noting that the shortage of funds has existed since Jia Yueting founded FF. Although it has been raised several times, it still can not solve the problem of shortage of funds. According to relevant data, Faraday's future net losses reached $142 million, $147 million and $517 million respectively from 2019 to 2021. As of September 30, 2022, Faraday's future cumulative loss reached $3.3 billion (about 23.6 billion yuan). Faraday's future total assets are about $541 million and total liabilities are about $253 million. Obviously, Faraday's future financial situation is not optimistic.

Recently, although there has been a lot of good news about Faraday's future, first of all, it has resolved the high-level conflicts within FF, and Jia Yueting has regained control of FF. In addition, it was announced that the Huanggang municipal government would hold hands to locate the headquarters of FF in Huanggang City, and now announced that it had completed a financing of US $135 million. I have to say that FF has a knack for finding a helper in financing. However, in terms of Faraday's future brand credibility, it is unclear whether it will be competent in the future. after all, mass delivery of vehicles is just the beginning.

At present, great changes have taken place in the competition in the new energy vehicle market. Many traditional car companies and technology companies are speeding up the electrification process and constantly releasing new products to seize market share. For FF, it will face more challenges in the future. Whether it can survive in the fierce competition remains to be seen.

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