Per editor: Duan Lian, Yi Qijiang
After being shorted by investment institutions, warned by regulators, and Jia Yueting's salary cut, 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 value of $1.537 billion, which is more than 60% from the market value of about $4.5 billion at the beginning of the listing.
Image source: Oriental Fortune
At the press conference, Faraday Future announced that the first FF 91 quasi-production vehicle was assembled at the Hanford plant. In the coming months, FF will continue to manufacture more quasi-production vehicles for final engineering verification and certification work.
Jia Yueting: FF91 100 km acceleration will far exceed Maybach
On the morning of February 24, Jia Yueting, the founder of FF, personally attended the press conference and test drove the quasi-mass production version of FF91, smiling very happily.
Image source: Video screenshot
At the press conference, FF announced that Faraday Future's Handford factory has been completed, and the model has entered the final verification stage and is about to be put into production. In the 4 years since its release, many of the configurations of the FF91 have been upgraded, and it will not allow consumers who have pre-ordered to white, etc., and confirm that FF91 will be delivered in the third quarter of this year.
Jia Yueting said that its model FF91 100 km acceleration will far surpass the Maybach and faster than most Ferrari models.
Carsten Breitfeld, global CEO of FF, said it will produce its second electric vehicle, the FF81, in South Korea in 2024 and that the company is expected to become profitable in 2025; Bifukang said FF's asset-light model will also help achieve this.
According to the Securities Times, on February 2, FF announced a cooperation agreement with South Korea's Mingxin Group, which will produce FF 81 models for Faraday Future, which 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 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.
Previously accused of false booking data
Jia Yueting was cut by 25%
According to the "Daily Economic News" previously reported, on February 1, Faraday Future (referred to as FF) announced that the company's independent directors special committee has completed a previously announced investigation into the inaccurate disclosure allegations, which found that there were certain inconsistencies in the company's investor statements and certain weaknesses in the company's control and culture, in addition, other allegations, including those in the short selling report, were not supported by review evidence.
However, the investigation found that FF said in a pre-merger statement that it had received more than 14,000 bookings for FF91 vehicles, which could be misleading, as only a few hundred of them had been paid, while the rest (a total of 14,000) were unpaid.
FF said that because of certain deficiencies in the company's control and culture, former FF chairman Brian Krolicki has stepped down and Susan Swenson has taken over as executive chairman. FF Global CEO Bi Fukang, FF founder, chief product and user ecology officer Jia Yueting will report directly to Susan Swenson, and both will have their basic salaries cut by 25%.
Jia Yueting Image source: Visual China (infographic)
At the same time, FF will also engage a Chief Compliance Officer (CCO) to submit a dotted report to the Chairman of the Audit Committee and will improve the Company's compliance policies and procedures.
Edited | Duan Lian Yi Qijiang Du Hengfeng
Proofreading | Cheng Peng
Daily economic news is synthesized from Securities Times, FF Weibo, Jia Yueting Weibo, Per Jing Network, public information, etc
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