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2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
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AutoBeta(AutoBeta.net)06/22 Report--
On the afternoon of June 21, Jia Yueting posted a long message on Weibo, "to all investors: frankly communicate one problem and two major opportunities-- stock merging and share expansion to break the funding bottleneck, and promote the realization of the" subverter + founder "strategy. Apologize for the delay in the second phase of Faraday's future first model.
According to Jia Yueting, several deeper systemic reasons for the delay in the second phase of the first model are the lack of industrialisation and financing capacity of the FF team. But even so, Jia Yueting still released the "good news" in a high profile-"as long as there is reasonable capital investment, we are confident that we can rapidly improve the overall ability of FF's new and old industrialization team."
Jia Yueting said that the next step will quickly promote the following seven aspects of work, and then achieve a full return of FF value, as soon as possible to achieve the top strategic goal of smart technology. Including going all out to achieve the second phase delivery and capacity climbing of "all-around aiHypercar" FF 91 2.0 Futurist Alliance in August; comprehensively and rapidly improving the team's supply chain capacity and manufacturing capacity; will thoroughly solve the three major technical restrictions on financing, and raise sufficient funds in a timely and rapid manner with the fastest speed, lower cost, and is making every effort to promote the landing project of FF China.
Half a month ago, FF announced that it would begin phased delivery of its first model, the FF 91.
May 31, Faraday Future (hereinafter referred to as "FF") held the "FF91 & Faraday Future 2.0 final release" event, founder Jia Yueting announced at the meeting, Faraday future first production car FF91 will enter the delivery stage. At the press conference, Jia Yueting announced the official launch of FF 91 2.0 Futurist Alliance, which is available in three models: F 91 2.0, FF 91 2.0 futurist version and FF 91 2.0 futurist Alliance version. Of these, the FF 91 2.0 Futurist Alliance sells for $309000 (about 2.2 million yuan), has a global limit of 300 units, accepts full payment from the announced price, and reopens online orders. In addition, the booking amount for FF 91 2.0 Futurist Alliance Edition is 50, 000 yuan, and the booking amount for FF 91 2.0 Futurist Edition and FF 91 2.0 Futurist Edition is 20, 000 yuan each.
However, according to the delivery plan, the three stages of delivery of FF 91 are only for "industry expert FPO" (Future Product Officer futurist product officer), futurist product officer (FPO) co-creation delivery, and comprehensive co-creation delivery. Among them, May 31 is the first stage of delivery, which is only for the "industry expert FPO" (futurist product officer). The industry expert FPO needs to pay the full cost of the FF 91 vehicle in order to book the vehicle and receive vehicle use training. in short, FF has not yet started the real delivery, just "urging" the first batch of users to pay in full.
The second phase was originally expected to begin at the end of the second quarter of 2023. On June 17, FF announced that it would take some time to complete an additional system test related to enhanced security testing of FF 91 2.0 Futurist Alliance unique product features due to time constraints from one vendor, the company updated the second phase delivery time of its FF 91 2.0 Futurist Alliance from the end of the second quarter of 2023 to August 2023.
In this long article released by Jia Yueting, Jia Yueting once again said that the delivery of the second phase of FF 91 2.0 Futurist Alliance was postponed to August and apologized. The news triggered panic in the market, causing its share price to plummet. As of 16:00 EDT on the 21st, FF shares fell more than 36% to US $0.245, with a total market capitalization of US $340 million.
In fact, since the mass production of the new car, FF 91 has skipped tickets many times, and this is the fifth time that FF has jumped tickets in two years. It should be noted that FF often raises new financing requirements while jumping tickets. In its announcement on June 17th, in addition to the delay in delivery, FF asked shareholders to approve the board's proposal for a reverse stock split of the company's common stock to support the company's financing of $300m to accelerate the ramp up of FF 91 2.0 capacity.
A month ago, FF announced that it had raised $100m. On May 10th FF announced the signing of a final agreement on unsecured convertible bonds with $100m of financing. The cash obtained from this financing is expected to be used to support the continuous production climbing and sales and service system development of the flagship model FF 91. From the long article analysis released by Jia Yueting, the biggest reason for the delay in the second phase delivery of FF's first model, FF 91, is still "lack of money", but Jia Yueting promised to go all out to achieve the "all-around aiHypercar" FF 91 2.0 Futurist Alliance second phase delivery and production capacity climbing in August; comprehensively and rapidly improve the team's supply chain capacity and production capacity. Thoroughly solve the three major technical restrictions on financing, raise sufficient funds at the fastest speed, lower cost, timely and quickly, and make every effort to promote FF China landing projects. Among them, FF is making every effort to promote the progress of the FF China landing project. As early as the beginning of this year, FF announced a strategic agreement with Huanggang City, Hubei Province, to relocate its FF China headquarters to Huanggang, but there has not been much progress in the market since then.
The latest results show that FF's net income for the quarter ended March 31, 2023 was $6.5 million, compared with a loss of $153.1 million for the quarter ended March 31, 2022.
"I regard FF as my life, and I have been doing my best to protect FF and ensure that the interests of all shareholders of FF will not be harmed." Jia Yueting said at the end of the long article.
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