On Sept. 14, FF officially announced the delivery of a new FF 91 car to American real estate agent tycoon and Netflix star Jason Oppenheim. At the same time, it said that FF will hold a "FF delivery Co-creation Day" for every FF 91 2.0 user this year. In addition to vehicle delivery, a "FF futurist spire club salon" will be held for distinguished early car owners to create more value for car owners by creating communities that can be ecologically rebellious.
According to officials, Mr. Oppenheim is an American luxury real estate agent, founder of The Oppenheim Group, and star of Netflix's global hit series Reality Show "Sunset Mansion" and "Orange County Mansion." Its real estate agency has offices in Los Angeles, Newport Beach, San Diego and Cabo San Lucas, Mexico.
It is worth noting that this is not the first time that FF has delivered its users. On the 14th of last month, FF officially delivered its first flagship product, FF 91 2.0 Futurist Alliance, to the first pinnacle user, and held the delivery ceremony for the first pinnacle user of the new car on August 12th. The first customer to deliver is Private Collection Motors, the largest luxury car dealer in Southern California. The dealer representative said on the day of delivery: "I am keen to collect luxury cars, we only choose the best brands to cooperate", "FF is a new generation of industry representatives, it opens the future of the travel industry."
It is understood that FF's first model, FF91 2.0 Futurist Alliance, went on sale on May 31, with a total of three new models, FF91 2.0, FF91 2.0 futurist version and FF91 2.0 futurist Alliance version, priced at $309000, or about 2.2 million yuan.
FF's delivery mode is different from the usual vehicle delivery mode, which is divided into three stages: the first stage 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, and obtain the vehicle in the second stage. In other words, the "first phase delivery" defined by FF is not delivered, but a small range of bookings. The second phase is "Futurist Product Officer (FPO) Co-Creative delivery", in which FPO (s) will pay in full and will officially receive FF 91. The third stage is the "comprehensive co-creation of delivery". FF 91 has officially entered the delivery process, and FF will deliver FF 91 to all "high-end users" who pay the full fee.
It is worth noting that due to time constraints from suppliers and the completion of additional system testing of FF91 2.0 Futurist Alliance's single unique product features, FF delayed the delivery of the second phase of FF in June, from the second quarter set earlier to August. Jia Yueting, founder of FF at that time, apologized that the delay in the second phase of delivery was mainly caused by the lack of industrialization and financing capacity of the FF team. At the same time, it said that in the future, it will accelerate FF value from seven aspects: delivery and climbing, user acquisition and user operation, user word-of-mouth, R & D, industrialization capacity improvement, financial support, and FF China landing.
Jia Yueting built the car for many years, but luckily it was finally delivered in August. However, small-scale delivery will not solve the problem of FF's shortage of funds. As we all know, there has been a shortage of funds since Jia Yueting founded FF. Related data show that Faraday's future net losses reached $142 million, $147 million, $517 million and $552.1 million respectively from 2019 to 2022. In order to realize its dream of building a car, Faraday has made a cumulative loss of US $1.3581 billion over the next four years. Faraday's future net income in the first quarter of this year was $6.5 million, with a quarterly loss of $153.1 million. The net loss for the second quarter was $125 million, and Faraday's future cash totaled $17.89 million and current assets totaled $106 million as of June 30, 2023.
Funds are indispensable to the new power of car building. According to the monthly single-digit delivery volume of FF, its delivery scale is still very limited, which will naturally affect Faraday's future follow-up financing and its own hematopoietic function. As founder Jia Yueting himself, he is also heavily in debt and has been listed as the executor of bad faith for many times. In a variety of contexts, it is bound to affect Faraday's future follow-up financing. However, the shortage of funds does not affect Jia Yueting's positioning of the FF as a luxury brand model for spire users. In a recent interview with the media, he said: "our goal is basically the users of the spire, the minimum is that we just sink above the waist of the tower, we will not sink again." Our FF brand will never launch products of less than 500000 yuan, even if we launch the 71 series, it will not be less than 500000 yuan. "
Or affected by Faraday's future delivery news, its secondary market also ushered in a rise. At the close of trading on Sept. 14, FF was up 5.31% at $7.435 a share, with a total market capitalization of $326 million, more than $4.2 billion less than the $4.535 billion it lost when it went public.
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