AutoBeta(AutoBeta.net)05/07 Report--

Jia Yueting, the future founder of Faraday, said in a video post on his personal Weibo today that he had made several decisions to save FF.

In the video, Jia Yueting first said about the recent delisting letter from NASDAQ that FF is facing a very great risk of delisting, and FF is not yet delisted. Officials filed a complaint with Nasdaq on May 1, hoping to maintain its listing qualification through corrective measures. At the same time, Jia Yueting said: if FF is really delisted, it will cause harm to FF investors, shareholders, creditors, suppliers and all Chinese and American employees and families, as well as a great loss to the Chinese, American and global auto industry. As the founder and the management of the company will do their best to restore compliance and strive to maintain listing qualifications.

Relevant data show that on April 24, due to Faraday's future stock closing price of less than 0.1 US dollars for 10 consecutive trading days, does not meet the Nasdaq listing regulations, received a letter of delisting advice from Nasdaq. At that time, Faraday issued an announcement saying that it would request a hearing before May 1, 2024, during which time FF securities would continue to be listed on the Nasdaq capital market.

Looking back on Jia Yueting's founding of Faraday's future, ten years of car building has not been satisfactory. This time, Jia Yueting also summed up the road of building cars in the past decade, pointing out that the biggest problem for Faraday in the future is the problem of funds.

Indeed, as Jia Yueting said, the topic of capital shortage has not stopped since the birth of Faraday's future. Earlier, due to financial difficulties, the mass production of its first model, FF 91, skipped tickets many times. In order to solve the financial problem, Jia Yueting also sought help from various parties, initially looking for Evergrande to cooperate hand in hand, but then because of the dominance problem, Evergrande announced its withdrawal. Later, in order to solve the debt crisis, Jia Yueting offset all his equity to all creditors in the form of personal bankruptcy.

Recently, Jia Yueting solved the problem of shortage of funds in Faraday's future by selling headquarters buildings and factories. But in the final analysis, if sales can not improve the ability to achieve self-hematopoiesis, Faraday's future funding shortage will always exist, and even the basic operation of the company will not be guaranteed. Of course, Jia Yueting also has this concern, saying in the video that the company is making every effort to speed up the financing process, and that another co-CEO Matthias of the company is promoting major financing and business expansion in the Middle East. At the same time, Jia Yueting also said that he plans to open to the whole industry the complete technology chain and value chain that have accumulated over the past decade to fully adapt to the ecology of the US automobile industry, including very leading products, technology, compliance, and user ecological construction.

At the end of the video, Jia Yueting made a major decision. It said that in order to rebuild the confidence and trust of investors and shareholders in Faraday's future, it will serve as joint CEO with Faraday's future current CEOMatthias, and plans to start the commercialization of personal IP, make money to repay debts and subsidize Faraday's future car construction.

For Jia Yueting's decision, it has also aroused heated discussion among netizens, and many netizens speculate that Jia Yueting may open the mode of live broadcast with goods. One netizen commented: Jia Yueting wants to commercialize IP. Weibo has 15.17 million followers. If he turns to a car blogger, he may still be number one in sending videos every day.

According to the auto industry's search of Jia Yueting's social platform account, Jia Yueting has 15.173 million Weibo followers and 1.427 million Douyin followers as of press time.

According to the number of fans of Jia Yueting's social platform, some income may be obtained if the live broadcast brings goods. But compared with Faraday's future losses, these revenues are far from enough. Data show that FF posted a net loss of $78 million (563 million yuan) in the third quarter of 2023. As of the end of September 2023, FF had only about $8.5 million in cash on its books, of which $1.85 million was restricted cash.

It is worth mentioning that after Jia Yueting announced that he would serve as joint CEO with CEOMatthias, Faraday issued a future official statement saying: Jia Yueting's video speech has not been approved by Faraday's future officials, and any such statement should not be attributed to FF. At the same time, it is also pointed out that at present, Faraday's future board of directors is not considering appointing Mr. Jia as joint CEO.

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