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Interesting! Jia Yueting becomes the owner of FF91.

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >


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Faraday future FF 91 model ushered in a new delivery again! Interestingly, the owner of this delivery is none other than Jia Yueting, the future founder of Faraday.

On Sunday, FF will hold its first "delivery Co-creation Day" in October to deliver the "all-around aiHypercar" FF 91 2.0 Futurist Alliance to Jia Yueting, the company's founder, Faraday Future official said on October 5th. At the same time, it was revealed that the next co-founder of FF 91 2.0 Futurist Alliance is the most Top king of American pop music in the world, the founder of the music style that is popular all over the world, and the winner of many international music awards, such as the Grammy and MTV Music Awards.


In addition, it is pointed out that as the founder of the company who defines the FF 91 2.0 product family, Jia Yueting's delivery co-creation activity will be divided into three stages. On the day of delivering the co-creation event, Jia Yueting will introduce the complete R & D and production process of FF 91 2.0 by video, and outline the developer co-creation strategic plan for the next stage of the company. Within one month after the delivery of the product, Mr. Jia Yueting will organize senior executives to participate in the product co-creation meeting, provide feedback based on his own product experience, and constantly improve the user experience. One month after the delivery of the product, we will continue to provide product feedback through daily driving and use, as well as provide references and suggestions for the development of the next generation of FF products.

According to official information, FF developer co-creation mission is an open platform, mainly around the open platform and user-centered concept. Users can cooperate with FF to actively participate in and experience the user ecology of FF, help FF enhance user experience, promote technological innovation, and help stabilize the extravagant brand positioning of smart technology. For the car owner of FF 91, Jia Yueting also said in a post yesterday: new species, new starting point, the second stage of FF strategic development begins.


Relevant information shows that FF 91 is the first model of Faraday in the future, positioning high-end luxury electric vehicles. The car was first unveiled as a concept model in Las Vegas in 2017 and was not mass-produced until April this year because of a shortage of funds. It went on sale on May 31, with three new models, FF91 2.0, FF91 2.0 futurist and FF91 2.0 futurist Alliance, priced at $309000, or 2.2 million yuan. As for FF91, Jia Yueting, the future founder of Ferrari, has said that FF91 has subverted traditional super-luxury brands such as S Maybach, Ferrari and Bentley.


In fact, as the future of Faraday, Jia Yueting, the founder of Faraday, has not been successful all the way. In May 2014, Jia Yueting founded Faraday Future in the United States, which also attracted the attention of the industry at that time. In December 2015, FF announced that it would build its North American state-of-the-art manufacturing plant in North Las Vegas, Nevada, covering an area of 3 million square feet with a total investment of $1 billion, but FF was later exposed as a funding problem and the plant project was suspended. In 2018, Faraday Future said it was facing a severe cash flow crisis. In February of the same year, Evergrande Group Xu Jiayin bought a stake in FF for HK $6.7 billion to become the largest shareholder. Evergrande announced its withdrawal due to the competition for dominance, retaining only 20 per cent of FF's pre-IPO stake.


In October 2019, Jia Yueting, mired in a debt crisis, filed for personal credit bankruptcy in the United States. He no longer served as CEO of FF and was replaced by Bi Fukang, former head of BMW's i8 program. Jia Yueting filed for bankruptcy restructuring in 2020, and his debt will be repaid with his stake in FF. On July 22, 2021, the merger of FF and SPAC went public in the United States, raising more than $1 billion and said it would deliver FF91 within the next 12 months. But Faraday was shorted in the future soon after it went public. J Capital Research Mechkin Investment, a US short seller, issued a short selling report on FF, pointing out that Faraday's future fabricated car bookings do not have the strength to sell cars. Through on-site visits, analysis of the company's financial report data and technical capabilities, combined with the operation of a series of capital after listing, it is pointed out that "Faraday is unlikely to sell a car in the future." Then Faraday received a warning letter from NASDAQ in the future.


Fortunately, these matters were dealt with one after another last year, and Faraday also experienced major changes at the top in the future in the same year. On September 26th, 2022, Faraday announced that it had reached a final settlement with FF Top, the company's major shareholder, on financing and board restructuring. The lawsuit against the company and its board of directors will be withdrawn, the current executive chairman Sue Swenson and director Brian Krolicki will resign, and Jia Yueting will finally regain control of Faraday's future.


FF 91 is of great significance to Jia Yueting. In order to realize his dream of building a car, Jia Yueting took not only time, but also so many years of hard work. At the FF 91 Futurist mass production ceremony, Jia Yueting said: after 9 years of suffocating dreams, we have finally ushered in this moment of subversion. All the crazy persistence and determination that are not understood have finally led to today's mass production. In a word, it tells me all kinds of bitterness since I built a car all the way. "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," he said.

Back to reality, the delivery of Faraday's cars in the next few months is still far from enough to fill the funding gap. Related data show that FF posted a net loss of $125 million in the second quarter, compared with a net loss of $142 million in the same period last year. At the end of the second quarter, the company's total current assets were $106 million and total cash was $17.89 million. In addition, as the major car companies have accelerated the launch of new electric vehicles, the competition for new energy vehicles in the market is becoming more and more fierce, and it is difficult for FF 91 to occupy a place.

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