Jia Yueting, who did not pit the poor, successfully built a car for 2.2 million yuan, and the official announcement began "Jia's delivery"

Tech 2023-06-02 21:54:05 Source: Network

#New financial forces in May#Jia Yueting, who will return to China next week, has started his work again.At the press conference on May 31st, Jia Yueting announced that Faraday's first mass-produced car in the future, the FF91, has officially entered the delivery stage, priced at 309000 US dollars (approximately 2

#New financial forces in May#

Jia Yueting, who will return to China next week, has started his work again.

At the press conference on May 31st, Jia Yueting announced that Faraday's first mass-produced car in the future, the FF91, has officially entered the delivery stage, priced at 309000 US dollars (approximately 2.195 million yuan).

For this car, Boss Jia's positioning is "Ferrari+Maybach" in the era of smart electric vehicles.

From the establishment of Faraday Future in 2014 to the announcement of its entry into the delivery phase, Jia Yueting has been holding back for a full 9 years, without even seeing a car in the first 8 years.

Until this year, FF91, which was given all hope by Mr. Jia, finally entered the delivery stage.

At the press conference, Boss Jia was full of confidence. Although it was difficult to conceal the vicissitudes, he still showed a taste of enduring hardships and enduring hardships.

In the words of Mr. Jia himself at the press conference, it is:

The traditional ultra luxury cars represented by Ferrari, Maybach, and Rolls Royce may seem to be in their most glorious era, but real disruption is imminent

As always provocative, Boss Jia's ability to tell stories is undeniable.

It seems that the future of Faraday is truly the future of the automotive industry, and also the glorious future of Mr. Jia.

On the day of the press conference, they also interacted with Li Xiang in a warm and affectionate manner online, acting like industry founders.

But the problem is, it has been more than three years since the slogan "returning home next week" was announced, and this FF91 official announcement is about to be delivered. Can Mr. Jia really come back?

Burn 26 billion yuan in 9 years and "mass produce" 40 vehicles

Recently, Faraday Future revealed to the public that the Hanford factory is working hard to ramp up production capacity and has already produced 40 FF91 new cars.

Data shows that the total financing scale of FF91 is close to $4 billion (approximately RMB 26 billion), which is more than the sum of NIO and Ideal Financing.

However, after 9 years, FF91 has just officially entered the delivery phase.

And the delivery announced at this press conference is full of "Jia's" style.

According to media reports, the FF91 delivery is divided into three stages, starting on May 31st and only the first stage of delivery.

At this stage, consumers defined by Mr. Jia as industry expert FPO (Futurist Product Officer) are required to fully pay FF91 for the vehicle in order to book and receive vehicle usage training.
In other words, you give me the money first, wait for me to produce it, and then deliver it, with a proper "private customization".

The second stage is the "FPO co creation stage", where all FPOs wait for the vehicle to be delivered after fully paying the vehicle price.

In the third stage, it will be the turn of other ordinary car buyers. Similarly, full payment of the car price is also required before continuing to wait.

Buying a full car is understandable, but the key is that the Faraday will not disclose a specific delivery time in the future, just let you pay first.

What's the point of consumers not being able to pick up cars, no matter how extravagant the press conference is and how powerful the cars are?

Therefore, this bizarre press conference seems like another pie drawn for investors:

I have already built the car and am about to start delivering it, but the production capacity is still limited. Would you like to raise some money for me first?

FF91 "Get up early and catch up late"

In 2016, Jia Yueting planned the future path of LeEco as the "Seven Ecosystems of LeEco", playing the game of "platform+content+hardware+software+applications".

Nine years ago, the avant-garde design, internet concept, and ultra-high configuration of FF91 may truly suffocate people's dreams, as Jia Yueting said.

But now it is 2023, and after years of development, new energy vehicles have moved from starting to maturity. People's vision has already been polished extremely harshly by the new forces of car manufacturing such as "Wei Xiaoli".

The big screen, 5G communication, and intelligent cockpit claimed by FF91 are all left over for everyone to play with.

Even Jia Yueting's previously proud "ecology" has now been played down by a group of competitors.

For example, Tesla's software payment system, NIO's membership point system, and even Huawei have entered the automotive industry, gradually building their own "ecosystem".

It can be said that Jia Yueting and his FF91 got up early and caught up with the evening party.

Boss Jia still has a long way to go in order to gain a foothold in the "super cutting-edge" market with FF91 and make a comeback.

Boss Jia, can you return to China next week?

According to media statistics, Jia Yueting currently has nearly $3 billion in debt.

According to the debt restructuring plan announced by Jia Yueting after his trip to the United States in 2020, Jia Yueting took out about half of his future equity in Faraday and established a trust fund to repay the debt.

To fully repay this money, it is conservatively estimated that Faraday's future market value will need to reach $20 billion.
But currently, the future market value of Faraday is only $280 million.

Moreover, the more serious issue is that FF91 had a quarter high expenditure of $83 million, net income of only $6.5 million, and net cash used for operating activities of $103 million. Currently, Faraday has only $33 million on its future books.

It is still a big unknown whether Faraday can complete the delivery of FF91 in the future based on its current financial situation.

In 2016, Jia Yueting ignited public opinion with his "LeTV Super Car", representing the national car making spirit of "overtaking on curves" at that time.

But just a year later, LeEco fell into a crisis of fund chain disruption, and Jia Yueting also transformed into a much-despised "old rascal".

Until 2020, when Jia Yueting flew to the United States, the label of "returning home next week" became indelible.

When Mr. Jia will return to China has become an unsolved mystery in the internet industry.

Although the FF91 official promotion, which has been highly anticipated by Mr. Jia, has entered the delivery stage, there are still 108000 miles left to truly succeed. Mr. Jia's words of "returning to China next week" are still far from being expected.

Write at the end:

Get up early in the morning and catch up on the evening show. Boss Jia may need a miracle to repay his debt and completely turn around with FF91.

Although business never lacks miracles, it is more of a farce. It's really a bit difficult for Mr. Jia to "return to China next week".

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