After being shorted by investment institutions and warned by regulators, Faraday Future has finally taken an important step on the road to car building.
On February 23, Faraday Future (hereinafter referred to as FF) released a message through its official Weibo that the first quasi-production car of the FF91 has been completed and will be officially unveiled at 8:00 a.m. Beijing time on February 24, and will be broadcast live through Weibo and other channels.
Before the US stock market on the day, FF's stock price rose by 8.5%, and after the opening of the market, it opened higher and lowered. As of the close of the US stock market, FF closed at $4.74 per share, down 6.32%, with a total market capitalization of 1.537 billion.
Quasi-production vehicles officially landed
On February 23, FF announced through the official Weibo that the first quasi-production car of the company's FF 91 model has been completed, which is the fourth production and manufacturing milestone ushered in by the FF Hanford plant, and the company will show the off-line ceremony of the first quasi-production car of FF 91 through live broadcast.
The reporter noted that before the official launch of the live broadcast, many netizens had landed on the relevant platforms in advance to wait, and the appearance of the car was extremely concerned.
According to public information, the FF 91 is positioned as a luxury electric vehicle, which was first launched in The World in Las Vegas, USA, as early as January 2017. The car accelerates from 0-60 mph in just 2.39 seconds, can output 1050 horsepower, can travel 300+ miles on a single charge, and has a range of up to 700 km under NEDC conditions.
In July last year, FF 91 officially launched reservations, according to its official website information, FF91 Futurist Edition Alliance Edition has been booked for 50,000 yuan, the current global limited edition of 300 units, has been sold out, can only be queued through the way of supplementary; FF 91 Futurist Edition booking amount is 20,000 yuan.
It is worth noting that in the 8-K document submitted to the SEC by the special committee formed by the independent board of directors of FF a few days ago, it is possible that FF has received more than 14,000 bookings for FF 91 vehicles, of which only a few hundred have been paid, while the others (a total of 14,000) have not been paid.
After the news was released, it immediately caused a lot of turmoil in the market, and also made the outside world question the process of FF's car manufacturing. Today's mass production car off the production line is the first silent response of FF to the market through products after several storms.
According to FF, after the FF 91 officially went offline. The company plans to start manufacturing more quasi-production vehicles at its facility in Hanford, California, later this year for the final engineering validation and certification efforts.
Affected by this news, FF's stock price rose sharply before the market, up more than 8.5%, but after the opening of the US stock market, the company's stock price began to open high and low, and finally closed at $4.74 / share, down 6.32%.
South Korea's Mingshin Group will oem FF
In October last year, J Capital Research, a US investment institution, released a 28-page short report, questioning FF's research and development investment, production capacity, capital operation performance, and founder Jia Yueting himself, arguing that FF could not sell a single car.
Subsequently, FF was warned by the U.S. Securities and Exchange Commission (SEC) for failing to file its earnings report on time. In its 8-K filing with the SEC this year, it officially acknowledged the reality that the company had false data on FF 91 booking orders. At the same time, there are also certain defects in the company's internal control.
To this end, FF has undergone an internal organizational change, appointing Susan Swenson, an independent member of the current board of directors, to the newly created executive chairmanship, and Jia Yueting, founder and chief product and user ecosystem officer of the company, will report directly to Susan Swenson, and the annual base salary will be reduced by 25%.
After completing the above blood exchange, FF's car-making road is suspected to be on the right track. On February 2, FF announced that it has reached a cooperation agreement with South Korea's Mingxin Group, which will produce the FF 81 model for Faraday Future, and is expected to start mass production in 2024.
According to the cooperation agreement signed by the two parties, FF 81 will be put into operation at The Mission Group's plant in Gunsan, South Korea, and The Mission Group will provide sufficient production capacity and capacity in accordance with Faraday's future production capacity expectations.
Faraday Future Global CEO Bi Fukang pointed out that the agreement to produce FF81 put Faraday Future on the track to fulfill its commitment to achieve mass production in 2024, which is also the most important milestone on Faraday Future's road to profitability. Produced in partnership with Mingxin Group, the FF 81 will bring Faraday's future-leading technology to the mainstream luxury car segment.
Editor: Ye Shujun
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