AutoBeta(AutoBeta.net)08/04 Report--

According to the China Executive Information Disclosure Network, Jia Yueting was listed by the Beijing Financial Court as a breach of trust by the Beijing Financial Court because he "refused to perform the obligations determined by the effective legal documents because of his ability to perform." the applicant is the China Securities Regulatory Commission, involving Jia Yueting's case of being fined 241 million yuan by the China Securities Regulatory Commission.

In April 2021, the China Securities Regulatory Commission issued a written administrative penalty (Leeco, Jia Yueting and other 15 responsible subjects). Leeco was fined 240.6 million yuan for financial fraud, fraudulent issuance and other illegal acts. Jia Yueting, the actual controller of Leeco, was fined 241.2 million yuan.

According to the investigation, there are five violations of Leeco: 1. Leeco made financial fraud from 2007 to 2016. Its application for initial public offering and listing related documents and annual report from 2010 to 2016 have false records; 2. Leeco failed to disclose related party transactions; 3. Leeco did not disclose guarantees for companies such as Letv Holdings. 4. Leeco failed to truthfully disclose the performance of Jia Moufang and Jia Yueting's loan commitments to listed companies; 5. Leeco's non-public offering of shares in 2016 constituted a fraudulent offering. All in all, Leeco was fined a total of 240.6 million yuan and Jia Yueting, as the actual controller, was fined a total of 241.2 million yuan.

Jia Yueting defended the decision made by the China Securities Regulatory Commission, saying that "there is insufficient evidence" and "it should be given a lighter punishment," but it was eventually rejected by the China Securities Regulatory Commission. Today, Jia Yueting did not pay the fine and was eventually listed by the court as the executor for breach of faith. Of course, for Jia Yueting, it is also a "common occurrence" to become an "old scoundrel". At present, there are three pieces of information in Jia Yueting's name.

It is worth mentioning that shortly after the CSRC issued the penalty decision, Faraday Future was listed on the NASDAQ Stock Exchange in the United States. When asked if he would return to China, Jia Yueting gave an accurate answer: "that's a must!"

Jia Yueting is restricted from high consumption, and it has been many years since he promised to return home next week. Against this background, can Jia Yueting return to his hometown? This is also an issue that many investors pay close attention to.

At the same time, Jia Yueting's progress in building cars in the United States has also attracted market attention all the time. Faraday Future said on Weibo on August 1st that FF has completed all compliance and system testing, will begin the delivery process in the second week of August, Beijing time, and will begin delivering FF 91 2.0 Futurist Alliance to the first batch of jointly created users in early August. Previously, the models sold for $309000 (about 2.195 million yuan) and were limited to 300 units worldwide.

According to the plan, delivery of FF 91 is divided into three phases. The first phase is only for "industry expert FPO" (Future Product Officer futurist product officer). Industry expert FPO needs to pay FF 91 in full in order to book the vehicle and receive vehicle use training to obtain the vehicle in the second stage. In other words, FF's definition of "first-phase delivery" does not actually produce a real barter, but a small-scale booking.

The second phase is "Futurist Product Officer (FPO) Co-Creative delivery", which will be paid in full by FPO (s) and will be officially acquired by FF 91 FF. The second phase is expected to begin at the end of the second quarter of 2023, but emphasizes that the second phase of delivery needs to meet one major condition.

The third stage is the "comprehensive co-creation of delivery". FF 91 officially enters our conventional understanding of delivery, and FF will deliver FF 91 to all "high-end users" who pay the full fee.

For outsiders, it doesn't matter whether FF can produce and deliver in large quantities, but whether anyone is willing to support Jia Yueting's "dream" in the future. The answer is, of course, yes, the question is how many people will there be? Faraday's future is a new energy brand with no product experience, no brand accumulation, and may even be on the verge of bankruptcy at any time, even if it grabs orders from ultra-luxury brands such as Ferrari, Maybach, Rolls-Royce and other ultra-luxury brands, it is simply not enough to support the future development of Faraday, and it is almost impossible to break even. In addition, FF claims to subvert ultra-luxury brands such as Ferrari, Maybach and Rolls-Royce, but how to snatch food from the tiger, especially the invisible cracks in its corporate image, so FF 91, which sells for as much as 2 million yuan, is destined to be a plaything for high-end players, that's all.

On May 12, Faraday announced its results for the first quarter of 2023. First-quarter net income was $6.5 million and quarterly loss was $153.1 million, according to the data. Operating expenses for the first quarter were $83 million, down from $149 million in the same period last year; net cash for operating activities was $103.2 million, compared with $122.4 million in the same period last year; and capital expenditure was $16.9 million. As of March 31, 2023, FF had $33 million in cash, including $1.5 million in restricted cash.

The latest share price shows that Faraday Future closed at $0.334, with a total market capitalization of $497 million, compared with its initial high of $13.98 and has now fallen 98 per cent.

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