AutoBeta(AutoBeta.net)03/30 Report--

After nine years of car construction, Faraday Future (hereinafter referred to as "FF") finally began production. FF announced on March 30th that the FF ieFactory factory in Hanford, California, USA, officially opened the production of its first model, the FF91. FF said the FF91 is FF's first production model and flagship model and is expected to be sold in the United States and China.

On the same day, FF announced the production of FF91 via online live broadcast and showed the car body components of the factory and vehicles in the form of video. Jia Yueting, founder and CPUO of FF, said in a live speech on FF's mass production: "after nine years of suffocating our dreams, we have finally ushered in this moment of subversion. This is the most solid step taken by FF in the future as a subverter of traditional super-luxury car civilization. SOP (standard operating procedure) is the company's commitment to users and shareholders. Today, it has successfully realized this promise, which shows that FF has entered a new stage under the governance of the new board of directors and new management. It will quickly restore its due value, and all our unswerving dedication and determination may be misunderstood. It is even regarded as crazy by some people, but today's SOP has finally paid off.

As early as March 25, Jia Yueting launched production for FF91 on his personal social account, and stressed that the start of production of FF91 means a step closer to the dream of "the founder of the super pinnacle market of extremely intelligent technology in the era of smart trams and the subverter of traditional ultra-luxury car civilization" established in 2014. It should be noted that due to capital breaks and corporate infighting and other factors, FF91's mass production delivery time has been delayed many times.

The FF was founded in 2013, and the FF91 is FF's first mass-produced model, with a new car positioned as a luxury electric car worth more than $100000. FF91 first made its global debut in Las Vegas in January 2017 and was scheduled to start production in 2018, but in 2018 FF announced a delay in delivery and said: "We firmly believe that we will be able to deliver FF91 to global booking users in 2019." In 2019, FF changed its tune: "delivery is scheduled for 2020." However, in 2020, Jia Yueting announced personal bankruptcy and restructuring, and the delivery of shares delayed the delivery of FF91 again. On July 22, 2021, FF was listed backdoor on NASDAQ. On the day of listing, FF said that it would deliver FF91 within the next 12 months, but shortly after listing, FF was shorted. After that, serious infighting broke out in the company, and the plan to deliver FF91 in the summer of 2022 has been delayed again.

According to the source, after the production start announcement, FF announced that it had received more than 64000 bookings within 36 hours (no payment for car intentions). Before that, FF had said that the company had received 14000 unpaid bookings and only 401 people had actually paid for the bookings.

On Feb. 6, FF announced that it had reached a final financing agreement of $135 million (about 922 million yuan) with a number of investment institutions. On February 10th, FF announced that it had received the first full down payment of $50 million in the financing commitment, and in early March, FF announced that FF91 would start production, but the company was still short of millions of dollars before formal production. FF reported a net loss of $552.1 million (about 3.8 billion yuan) for FF in fiscal year 2022, an increase of $35.6 million compared to a net loss of $516.5 million in fiscal year 2021. As of March 3, 2023, Faraday's future cash reserves are $37.5 million, including $2.1 million in restricted cash.

Released for nearly 6 years, although during this period, Jia Yueting released FF91 mass production news many times, but finally failed to achieve as scheduled, many ticket skips led to FF91 mass production delivery time once delayed to this day. According to the plan, after the live broadcast, FF will assemble the rest of the vehicle and plan to deliver it for the first time by the end of April. The first batch of production models will be FF91 Futurist Alliance, with a limit of 300 vehicles. According to the official App reservation page of FF, the FF91 series offers a total of three models, namely, the regular version of FF91, the FF91 futurist version (FF91 Futurist) and the FF91 futurist alliance version (FF91 Futurist Alliance), of which the FF91 futurist alliance version is booked for 50, 000 yuan, which is currently closed; the FF91 futurist version is reserved for 20, 000 yuan; and the regular FF91 version has not been booked yet.

FF said delivery would be divided into three phases, with FF giving priority to vehicle delivery to "industry experts" / FF partners, followed by general types of FF pre-order partners, while general orders would have to wait for upgrades to achieve capacity climbing in FF before delivery. As for longer-term product planning, FF will launch FF91 series, FF81 series and FF71 series models in the next five years.

As of the close of trading on March 29th, FF closed at $0.355 per share, with a total market capitalization of 269 million, compared with the market capitalization of $4.535 billion on the day of its listing in July 2021, FF's market capitalization has been severely "shrunk."

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