On the afternoon of December 20th, Weibo introduced a group of photos of the Christmas party in advance for the netizen “Xiao_Ma Xiao”, senior director of Faraday’s Future (FF) Technology Operations and Projects. Recently, the troubled FF founder Jia Yueting held Beer mugs and food, smiled at the party scene
This move was interpreted as a response specifically given by Jia Yueting to break the rumor of “hiding the mansion”
On the recent December 18th, he issued a statement in the domestic debtor, Yunyun Capital, saying that the FF shares under Jia Yueting’s name and four properties in California were frozen by the court, but Jia Yueting has been hiding in his mansion. The door did not come out, and the move was evaluated by the outside world as “sitting the name of Lao Lai.”
However, unlike the ease of appearance, Jia Yueting’s current situation is not excessively described by “life and death”. In the past few months, FF has been “very difficult”, because of the dispute over control rights and the first shareholder Evergrande, the Hong Kong International Arbitration Center, suffered a cash flow crisis, large-scale salary cuts, the first car FF91 achieved Mass production is also nowhere in sight
There have been several times where Jia Yueting can still save FF. I am afraid I have to draw a question mark this time
Jia Yueting or lost the straw.
In addition to the recent Christmas party, Jia Yueting has shown fewer and fewer public appearances
He last appeared in the lens, or on November 12th, FF America held the “Faraday Future Evolutionary” strategy meeting. On the same day, FF again filed an application for emergency relief arbitration with the Hong Kong International Arbitration Center, requesting that Evergrande Health’s mortgage on FF assets be lifted, and to call the “losing party” Evergrande Health on October 25, asking the other party to pay the relevant laws. Cost
After the strategy meeting, Jia Yueting not only unveiled the entire process of “love and kill” with Evergrande, complained that Evergrande did not fulfill its promise, and also ambitiously announced that it would take back control of FF China and terminate it. All of Evergrande’s health agreements, and the FF independent listing time is advanced to 2020
This scene, in contrast to Xu Jiayin’s visit to the US FF American factory on July 13th, the scene of laughter and joy, and the happy scene, formed a sharp contrast
At that time, Evergrande Group had indirectly acquired 45% equity of FF for HK$6.746 billion and became the company’s largest shareholder. The two sides that are in the “honeymoon period” have not broken out, and both sides are very much recognized. Some media noticed that when Xu Jiayin visited FF’s global headquarters, in the official pictures provided by Evergrande, all of Jia Yueting’s appearances were back and side faces, while Jia Yueting, who had white work cards on his trouser pockets, was accompanied by a smile. The attitude is very attentive. At that time, Xu Boss promised FF employees not to intervene in the business, only to provide funds, so that everyone should not worry about money
Time is pushing forward again. In February of this year, Jia Yueting, who was suspected of getting $1.5 billion in life-saving money, made his first public appearance after more than a year. He announced with confidence at the first global supplier summit of FF. It is said that the FF 91 car will be delivered by mass production before the end of this year
The words are still in the ear, and the old Jia who has been listed on the list of hackers for 9 times is afraid to lose the word again
People are eager to figure out how many big shackles “Jia Accounting” have fled, how much money has been transferred to the United States, and when they will return to China to pay their debts. He carefully protects himself, but every time his message appears, there are still good friends who line up to leave a message below: “Will you return to China next week?”
This time, the “hidden mansion” rumor spread, and a temporary protection order issued on December 13 with a request from the US court in California
According to the statement from Minyun Capital, according to the court documents, Jia Yueting’s assets including FF33% of shares and 4 sets of luxury homes in California were frozen. They could not be transferred and sold at will during the freezing period, nor could they be handed over to other institutions for pledge.According to the share price of Evergrande’s shareholding in FF, this part of the equity value is about 1.48 billion US dollars, and the total value of the property is about 20 million US dollars, totaling 1.5 billion US dollars. However, compared with the nearly $5 billion in debt claimed by Yu Yun Capital, this figure is only a drop in the bucket. According to Yunyun Capital, the above ruling was signed by the agent of FF Peak and FF Top, and the ruling was officially delivered
If this news is true, Jia Yueting, who originally intended to spend the current predicament with asset collateral, is likely to lose the last straw
However, on the morning of the 18th, LeEco’s debt handling team also quickly issued a statement saying that it did not receive any legal documents to freeze its assets, and took a bite, accusing the founder of the company, Wen Xiaodong, in the acquisition. There was fraud in the transaction and no payment was made to LeTV. In addition, LeTV also accused Wen Xiaodong of alleged rumors of rumors, seriously damaging the reputation of Jia Yueting and LeTV Holdings
Then, on the same day, Yunyun Capital responded with a strong attitude, saying that Jia Yueting did not receive the court documents because he had been hiding in his mansion in California, and the lawyer twice knocked on the door to send legal documents twice a day. However, Lao Jia has always been unable to live in it. The door-to-door phone will hang up when it is opened. The front and rear doors of FF Company are also tightly closed. Yan Yun Capital also claimed that when he took over, Jia Yueting and LeTV “deceived” their easy debts to about 2.3 billion, but in fact they were as high as 5 billion yuan. If there is any objection to LeTV, they will take legal measures at any time to “to accompany the end.”
The two sides are getting more and more fierce. Wen Xiaodong even accuses Jia Yueting of “being in China”. “Do you still have a personal reputation?” And whether Jia Yueting received the court documents or not became a confusing Luoshengmen
Regardless of the truth, what is certain is that Jia Yueting, who is “suffocating for a dream,” really has no money this time. The old Jia who has been in a lifetime for many times, can you wait for the opportunity to come back again?
FF Internal and external difficulties.
Since the beginning of the evil relationship with Evergrande in early October this year, Jia Yueting’s fate has gone as if he has lost control and has turned sharply
On the one hand, the FF economic situation of losing the gold and blood transfusion is stretched, and the new financing has not been able to follow up, sinking into the cash flow dilemma. In order to reduce costs as much as possible, FF had to adopt a series of “temporary measures”, which resulted in two layoffs and salary cuts. The only 1,000 employees left in the world were left unpaid, and many employees chose to leave, including Jia Yueting himself. The management team only took a nominal $1 annual salary, and executives mortgaged their property loans to the company to pay. According to the US technology media “The Verge”, in order to allow FF to continue to struggle for a period, Jia Yueting can only rely on the mortgage to get a loan
House seemingly endless rain. Just as the lawsuits of Evergrande and FF were in full swing, the old debt owed by Jia Yueting during his time as chairman of LeTV was also brought to the door by the debtor
韬云资本 is one of the former gold masters of Jia Yueting. After the outbreak of the Leshi capital chain crisis, it took over the network platform of LeTV. However, in July this year, it was easy for the driver to raise the difficulty. After the control, it was said that LeTV had carried out a series of huge abnormal transactions during the control period. The overall debt that was easy to obtain was 2.3 billion yuan promised by LeEco. Soaring to nearly 5 billion yuan
In November of this year, Yunyun Capital, which also faced a series of crises, filed a petition with the California Court of Justice and the Supreme Court of the Eastern Caribbean in the British Virgin Islands to demand the freezing of Jia Yueting’s assets in the United States
At this point, the dispute between the two parties officially went from behind the scenes to the front of the stage. Jia Yueting, who is trapped in internal and external affairs, faces an increasingly difficult road ahead
In September this year, when Evergrande revealed its intention to try to control FF, there were two ways in front of Jia Yueting. One is to bow down and compromise, to give control to Evergrande, to the bright future of “lying to make money or even to swim in the mountains”; the other way may be thorny, that is, “to fight to the end.”
He chose to “suffocate for a dream” again
On the one hand, he believes that the true value of FF should be achieved through independent listing, and should not miss the opportunity to make great companies for short-term benefits. On the other hand, the FF91 mass production is only a “one foot”, and FF is only one step away from the success of the first stage. “When this is almost close to the realization of the dream, we have no reason to give up, and we will never give up.”
In order to stick to this bottom line, FF paid a huge price
On October 3, Jia Yueting used his power in the majority of the FF parent company Smart King to launch a public arbitration in the name of Smart King to the Hong Kong International Arbitration Center, requesting the deprivation of Evergrande’s consent to the financing as a shareholder and lifting it. All agreements
On the evening of October 25th, Evergrande issued a notice to announce the arbitration results issued by the Hong Kong International Arbitration Center. The two sides announced their respective wins. FF obtained the financing right of the US$500 million limits and won a breather
On November 29th, the results of the emergency arbitration announced by the Hong Kong International Arbitration Center completely rejected Jia Yueting’s renewed urgent application for deprivation of Evergrande’s asset mortgage. On December 5, Faraday Future (FF) announced that it will soon submit an emergency relief procedure at the main arbitral tribunal of the Hong Kong International Arbitration Centre
No one knows when the final result will come out, and no one can predict, whether Jia Yueting’s FF can persist until that moment
FF91 is difficult to achieve mass production delivery.
On December 18th, the FF, which had been shrouded in the haze for a long time, unveiled the good news of the latest two FF91 pre-production cars. In the official photo, about 40 FF employees were surrounded by FF91 with a smile. For FFs that lack money and lack people, it is not easy to do this
However, the FF that carries Jia Yueting’s last hope really ushered in a glimmer of life?
These two pre-production car codes are G2-08 and G2-16 respectively, which are mainly used to promote the suspension, chassis and electronic system testing of FF91. On the morning of the 17th, G2-08 successfully completed the public road test from the trial workshop to the headquarters. According to FF insiders, FF will also launch another fully-featured pre-production G2-04 in January 2019. This car will show the appearance of the FF 91 production car
However, the pre-production is just the possibility of mass production from the perspective of R&D. Realizing large-scale mass production delivery has high requirements for production supporting systems, supply chains, sales channels, etc. The weight is not enough
Tesla spent 14 years to barely cross the mass production delivery of the road, and Jia Yueting has a few chances to win. Before the goal is truly achieved, there is not much difference between the footsteps and the Scorpio. After all, the huge LeTV system has also been spent in a group, and now, in the hands of Jia Yueting, only the FF alone will not repeat the same mistakes, no one knows
For Jia Yueting, the current FF days are still sad, and the outlook is worrying. It is impossible to obtain the financing promised by Evergrande before reaching the mass production target before the first quarter of next year. Therefore, the previously signed gambling agreement will lose control of FF; but now there is no money, and it is almost impossible to achieve FF91 mass production. Delivery, this is a knot that cannot be solved
This “Jabs”, who bears the name of “dream liar”, regards FF as the last hope of turning over. He invested a lot of effort in this company, working more than 14 hours a day, trotting back and forth between three buildings. For those malicious attacks with ulterior motives, he said that he would never tolerate it. “FF is the child of all of us, it is my life, I will never let FF fall.”
At least from the FF aspect of the wind, the current FF situation is still good, still has “implaceable core value.”
At the strategy meeting on November 12, FF revealed that the company has invested nearly 2 billion US dollars so far, with net assets of more than 600 million US dollars. The supplier owes only more than 80 million US dollars. There is no such thing as “capital”. Indebtedness. FF has submitted nearly 2,000 applications for global patents and has been approved for nearly 400 applications. Coupled with intangible assets, the overall valuation of FF has far exceeded the level of $4.5 billion invested by Evergrande and is expected to exceed $10 billion
At that time, Jia Yueting claimed that potential investors visited and conducted surveys almost every week. Some investors were highly positive about the value of FF and expressed a strong interest in investing in FF. The next day, an electric car blockchain company called EVAIO claimed to invest a total of $900 million in FF within three years. The FF comparison is not commented
However, so far, there has been no new progress in FF financing, and it is difficult for Jia Yueting to find new capital injections. What’s more, even if the financing is successful, the $500 million limit is still a drop in the bucket for the dream of burning a lot of money
According to Bloomberg News, Tesla spends more than $6,500 per minute. From the end of 2016 to the end of 2017, the free cash flow per quarter is at least $500 million, and it has been 14 years of hard work. For the first time in the quarter, we saw a faint dawn that could achieve sustained profitability. Weilai Automobile lost RMB 10.9 billion in two and a half years, and the money flowed away like tap water before it reached the initial stage of capacity climbing. For the FF91 that has just opened from the PPT to the real world, everything is still unknown
“Jia Yueting, who still has a dream flame in his heart, once again stood at the crossroads of life and death. Go left or right, only time can give an answer