On February 10, Faraday Future officially announced a contract with South Korean automaker Myoung Shin, which will start production of FF's second electric model, the FF 81, in South Korea in 2024. At the same time, Faraday Future also announced that it plans to start mass production of FF 91 in the third quarter. But the collaboration is not like a real collaboration, more like a show.
Earlier, J Capital Research, a well-known short-selling agency in the United States, released a short report on FF cars, which was 28 pages long and full of materials, exposing that FF cars were "sued by dozens of suppliers" and "did not disclose the fact that their Chinese assets have been frozen by local courts".
The report mainly convicted FF cars of "no car", "no factory" and "no money". No car is said to be FF operating for 8 years, but not even a production car has been delivered.
"No factory" in July 2021, when it landed on the NASDAQ in the United States, it promised that "mass production of the car will be completed within one year". However, according to J Capital Research's repeated visits, the factory of FF Motors was silent after that, and there was no construction at all, and the factory that had promised to be built was not built.
"No money" is to say that although FF car raised 1 billion US dollars when it was listed, but if FF wants to achieve its financial goal in 2024, that is, to achieve the beginning of profitability and cash flow, it is necessary to raise another 1.4 billion US dollars, according to the reputation of FF car, it is difficult for investors to invest such a large amount of money in FF car, so FF car is likely to continue to cut investors' leeks after that, and may even run away in the future.
However, this is not the most absolute, the most absolute is that J Capital Research also said that FF Car's 14,000 FF 91 orders are fake, saying that FF cars cannot be sold, and FF cars are "emerging electric vehicle scams".
Jia Yueting, who has worked hard to build a car for his dream for eight years and has experienced great winds and waves, will be intimidated by such a short report, and naturally Yun Tanfeng lightly calls this speculation.
The calm Jia Yueting even disclosed the official mass production time of the "new species" (that is, the release of FF 91 for five years), and it has to be said that Jia Yueting's psychological quality is indeed strong, and in such a situation, he is still calm, and the crisis event is still handled with ease.
However, Jia Yueting's teammate, the independent board of directors of FF Automobile, is very upright, after denying J Capital Research's allegations, saying that the company did make some inaccurate statements to investors, and only a few hundred of the 14,000 orders were real customers, while others only signed a predetermined agreement and said that they would rectify the internals later.
Conclusions of the FF Automotive Special Committee Review
This is equivalent to Jia Yueting fighting bravely to resist the enemy to dismantle our crystal, and our teammates did not hesitate to launch a surrender, according to my brain supplement, this must have made Jia Yueting angry. But even if the teammates pit? Jia Yueting, who came from an accountant background, also found a remedy, that is, to give investors a new hope, a new dream that can suffocate them.
On February 10, Faraday Future officially announced a contract with South Korean automaker Myoung Shin, which will start production of FF's second electric model, the FF 81, in South Korea in 2024. At the same time, Faraday Future also announced that it plans to start mass production of FF 91 in the third quarter.
Seeing this news, I had to shout out a good guy. FF 91 from the beginning of the PPT has now been 8 years, have not yet been mass production success, the second car began to warm up? Also directly with the Korean car manufacturer, this piece of pie painted large, but similar old routine Jia Yueting has not known how many times to use, will not be fooled? However, Americans really eat Jia Yueting's set, FF car stock was pulled up the next day, and it was indeed a trick to eat all over the sky.
Every time when FF Auto is "dying of illness", FF Auto will release some news or stimulate investors through a cooperation, such as Sunac Sun Hongbin and Evergrande Xu Jiayin and FF Auto cooperation.
However, Sunac Sun Hongbin and Evergrande Xu Jiayin finally returned home on the FF car, and even the tens of billions of investments were also adrift.
In addition, in January 2021, FF Auto also reached a cooperation agreement with Geely Automobile, and the two sides plan to cooperate in the fields of technical support and engineering services. At the same time, FF Auto will also build a production base in Zhuhai, Geely will invest tens of millions of dollars, and the Zhuhai government will invest 2 billion yuan. But a year later, there has been no progress in the cooperation between the two sides except for the initial official announcement.
With the exposure of the order fraud of FF Automobile this time, the credibility of FF Automobile and Jia Yueting, which has fallen intovincibility, will become negative. In the absence of orders, the Zhuhai production base will also be useless, and it is likely that the tripartite cooperation will also be cancelled. Combined with J Capital Research's FF Auto China assets being frozen by the local court, the cooperation may even have ended long ago and ended.
I believe that many people have hope for FF cars at the beginning, but under Jia Yueting's repeated FF 91 "mass production next year" and "return to China next week" slogans, even those who once really believed in Jia Yueting are now difficult to have confidence in, just like the wine of hope, the longer it brews, the stronger the taste of despair.