Do you still remember that you go to the other side of the ocean and devote yourself to the "car-making dream", and always claiming to "return to China next week" Jia Yueting ?
Before the National Day holiday, Jia Yueting published a blog post saying: "Reset the wrong things and get back on track. This is another major turning point in FF."
Behind his confident words, Boss Jia won the palace battle and turned over again! After 5 months, Jia Yueting and his team regained control of Faraday Future (hereinafter referred to as FF) and returned to the C position.
Moreover, Boss Jia did not return empty-handedly this time. He also brought FF a financing of $100 million, which is also an important weight for him to get back on the market.
When it comes to this, everyone will be very curious. , it is said that Boss Jia’s reputation has long been bad, so why can he get money frequently? Do those rich people have no brains and just like Boss Jia’s boat?
Perhaps we still look at Jia Yueting and FF too simply!
How is the reputation of "Story King" Jia Yueting?
2017 Before, Jia Yueting's life was an inspirational model. He was a grassroots background and subverted his destiny. Jia Yueting, who graduated from
, founded LeTV in 2004. With his fair share of tongue, told beautiful stories to investors after investors, making LeTV the first listed company in China's online video industry. At the same time, Jia Yueting was also immersed in the beautiful stories he knitted.
Adventurer Jia Yueting led LeTV to explore the territory of different business fields and opened up seven major businesses: film and television, mobile phones, sports, the Internet, finance, automobiles, and cloud TV . However, behind the glory is a mess.
LeTV's seven major business lines were in a loss state for a long time, until 2017, when LeTV's capital chain crisis broke out in full swing.
At this moment, the white knight Sun Hongbin and Jia Yueting hit it off at first sight. The Sunac China under his name became a strategic investor of LeTV, bringing 15 billion yuan of investment to LeTV. Sun Hongbin, who strongly supported Jia Yueting, was deceived into the bubble of flowers. LeTV's actual debt was far more than Sun Hongbin's investment of 15 billion. At this time, I found out that Jia Yueting had gone to the United States to build cars, leaving only the "return to China next week" that would never be a deadline.
is in debt of tens of billions, and the reputation of "deadbeat" Jia Yueting has completely become bad. But this did not prevent him from continuing to make money, but after changing the venue, Boss Jia continued to "create his dreams" in the United States.
palace battle won, continue to "suffocate for your dreams"?
FF is headquartered in Los Angeles, USA. It was founded by Jia Yueting in 2014. In January 2017, it released its first mass-produced electric car FF91, announcing a US$5,000 reservation, and promised to deliver the car in 2018.
But in early December 2017, with Jia Yueting's debt in China exposed, the media dug out that the US factory FF was dilapidated and depressed, overgrown with weeds, and no production equipment was seen. There was only one employee in the entire company who was clocking in to work.
Faced with doubts, Jia Yueting auctioned a US$1 billion financing check, and the "car-making dream" continued.
Then in February 2018, Jia Yueting revealed that FF received another US$1.5 billion in financing from a Hong Kong investment institution. In June, Xu Jiayin also went to the United States to discuss cooperation with Jia Yueting, and planned to invest US$2 billion in FF within three years.
Jia Yueting's "car-making dream" seems to be going well, and "returning to China next week" seems to be about to become a reality. Many people are looking forward to returning to China to pay off their debts after making a lot of money.
However, the FF91 promised to be delivered in 2018 has been missing. Jia Yueting's explanation is that there is not enough money. So in September 2019, Jia Yueting settled his personal debts in the United States through bankruptcy and reorganization, and resigned as FF CEO and only served as CPUO (chief product and user officer).
In response to this, Jia Yueting said: "As the founder of FF, the time as CEO of FF has been an extremely glorious and exciting journey for me. My vision is to create a new species that truly combines the ‘smart form platform’ and the ‘third Internet living space’, and fundamentally redefine transportation, travel and the Internet."
Next is to continuously raise funds and postpone mass production, and FF also launched a palace fighting mode. In April this year, FF suffered from the summons of the US Securities Commission and the resignation of core executives, Jia Yueting was removed from the position of CPUO, his salary was reduced by 25%, and he was sent to manage R&D. His nephew Wang Jiawei (formerly vice president of FF Capital) was kicked out of FF directly.
But now it seems that in addition to telling stories, boss Jia Gongdou is also a good player!
According to FF's latest financial report, the company's operating loss in the second quarter of this year increased from operating loss of about US$28 million in the same period last year to about US$137 million, and the net loss increased from net loss of US$52.775 million in the same period last year to US$142 million.
So, Jia Yueting created FF TOP company took advantage of FF's poor performance and proposed to remove FF's board of directors. Xu Jiayin cooperated with Jia Yueting again, relocating the board of directors Sue and Brain, and Jia Yueting's team re-taken the FF board of directors.
On September 27, Jia Yueting returned strongly with 100 million financing, saying that he "sprinted to the mass production and delivery of FF 91 Futurist."
Speaking of this, we have to mention FF 91 again. This model is called "the only top-notch product in the world that is one level higher than Tesla's Model X and S Plaid in terms of product and technology positioning. "
FF 91 carries Jia Yueting's dream of transforming the automobile industry, but the train to the dream has frequently made people shudder. was officially delivered at the end of 2018, and mass production is still being postponed in 2022.
So this time, can the mass production of FF 91 be achieved with the financing of 100 million US dollars brought back by Boss Jia? The fact is that as of September 21, 2022, Faraday Future's cash position in the United States was US$33.5 million, of which 2.1 million US dollars were restricted cash. In order to achieve mass production of FF 91, Jia Yueting proposed to "increase revenue and reduce expenditure". While continuously raising funds, he also reduced costs through layoffs, which was quite a dead end. FF 91 is not surprising to "release the pigeons" again.
At the same time, many people are also curious: Jia Yueting, who suffocated for his dream, has been on the verge of suffocation several times, why can he always "a new village with dark willows and flowers"?
880 patented technologies, innovative technology is the source of attracting investment
According to statistics, since its establishment, FF has raised 14 financings in total.
FF 91 votes have become the norm. The market situation of domestic new energy vehicles has long been completely different from that in 2017. In addition, with the delivery of major new car brands, the market space for FF's new car launch may be very crowded. is not optimistic about the market prospects and new car products are pigeon after pigeons, FF can continue to gain investment, including large companies such as Evergrande and Geely , and well-known overseas investment institutions. Why? The credit of nearly 880 patented technologies is indispensable.
A patent data analysis company Randolph Square The IP (RSIP) report confirms that FF's diversified patent portfolio is more powerful in similar technologies than many leading OEM manufacturers including Toyota , Ford and Honda. RSIP determines that FF's expanding electric vehicle patent portfolio is comparable to Tesla in key technologies.
FF does have certain strength in automobiles and technology, and its patented technologies are mostly I.A.I (Internet, Autonomous Driving, and Intelligence, Internet, autonomous driving and intelligence, is related. After
and Jia Yueting parted ways, Xu Jiayin realized his "car-making dream" ahead of schedule. Many people also speculated that there is part of it that benefits from FF's patented technology.
It is reported that many OEM manufacturers currently quote FF's patent portfolio, which shows that most of the technologies that FF obtains patents have been widely recognized. also gives FF a certain foothold in the global smart electric vehicle industry.
So, the reason why Boss Jia was able to make money again and again is of course related to his strong dream-making ability, but behind it is also FF's early accumulation in the field of new energy vehicles. Although it is difficult to eat, investors all know that this is indeed a piece of meat.
is written at the end:
In an era of turbulent market environment, the way for enterprises to survive is to constantly innovate.Although Jia Yueting is known as a "deadbeat", his innovative technology has helped the FF company he founded to win rounds of financing. Regardless of whether FF 91 can eventually achieve mass production and delivery, some patented technologies that FF owns that can match Tesla can also help him gain a foothold in the global smart electric vehicle industry for some time.
