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Well-known new power company announces recall of all delivered vehicles

2024-07-14 Update From: AutoBeta NAV: AutoBeta > News >


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On the date, FaradayFuture ("Faraday Future") filed a recall plan with NHTSA (Highway Traffic Safety Administration) to recall 11 FF 91 2.0 delivered in 2023 because when the airbag control unit (ACU) detected a system failure, a software error may prevent the airbag failure warning light from coming on, and the driver will not be warned that ACU will lose communication failure. If the airbag ejects correctly during the collision, it may increase the risk of injury to the occupants. In view of the above defects, Faraday will upgrade the iHUB module software update through OTA in the future, and the notice letter of the car owner is expected to be sent on March 15, 2024.

This is the first recall in 10 years since the establishment of FF, recalling all vehicles delivered since 2023. Faraday will deliver the first FF 91 on August 14, 2023, and hold a delivery ceremony for the first user of the new car, which was delivered by founder Jia Yueting himself. It is understood that Faraday will deliver a total of 10 FF 91 vehicles in 2023, and the owners are basically not ordinary people. For example, the first FF 91 is "Private Collection Motors", one of the largest luxury car dealers in Southern California, while the second owner of FF 91 is Jason Oppenheim, the American luxury real estate agent tycoon, and the third is Hollywood star agent Kelvin Sherman. On February 7, 2024, Faraday Future and Jia Yueting announced the delivery of a FF 91 2.0 Futurist Alliance.

After 10 years of car construction, Faraday will deliver only 11 cars in the future, which is not expected in the capital markets. At present, Faraday's future share price is $0.133, with a total market capitalization of just $5.6755 million, which has plummeted 99.99 per cent from its peak. According to the listing requirements of NASDAQ, the share price of a listed company must be more than $1. Faraday must raise its share price to more than $1 for 10 consecutive trading days before June 25, 2024 in order to restore its listing compliance. otherwise, Faraday will face delisting in the future, while Faraday's share price is only $1 in the future, and if it wants to rise to $1, it must rise more than tenfold, while the current Faraday's future performance It's almost impossible. In other words, there is only three months left for Faraday's future.

Although it has achieved mass production delivery, it is still short of money and even faces the risk of being evicted by the landlord. Not long ago, Faraday was sued by the Los Angeles Superior Court of Rexford Industries, the landlord of its headquarters in Los Angeles, accusing him of failing to pay rent and related maintenance fees and taxes in January and February. According to Rexford Industries, Faraday owed a total of $91787.26 (about 660000 yuan) in the future and demanded the repossession of the building.

In addition, Faraday was sued in the future by BXP Realty, the landlord of his San Jose office, alleging that he failed to pay the rent in December 2023 and had an outstanding balance of US $127311.16 (about 917000 yuan). BXP Realty said it was planning to expel the company. In response to the "rent arrears being sued by the landlord", Faraday Future responded that it was actively conducting friendly negotiations with the landlords of the San Jose office and Gardiner headquarters in order to resolve the current problem as soon as possible.

On February 26th, Faraday released an open letter from its global CEO Matthias Aydt, which shared Faraday's latest overall plan for the future, version 1.1, and announced the company's 2024 development strategy. According to the open letter, it is believed that FF already has the basis to support future development, but additional funding is still needed. Since delivery began in 2023, the company has been taking steps to reduce operating and supply chain costs to support the achievement of strategic objectives.

In 2024, Faraday will continue to reduce costs and improve expenditure efficiency in the future, including day-to-day operations and FF 91 material costs, and continue to deliver products to spire celebrities and opinion leaders. In terms of products, FF will continue to improve the production and technical capabilities of FF 91 2.0. FF 91 2.0 aiFalcon is planned to be launched in the Middle East this year. And develop the next generation product FF 92 to maintain the leading edge of FF in product and technical strength.

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