Jia Yueting was dismissed from his executive position by Faraday Future, and the era of PPT car manufacturing came to an end

This is the head of the article

On April 14, Faraday Future (FaradayFuture), a U.S.-listed company, announced that it had dismissed its founder, Jia Yueting, from his executive position as executiveofficer, but that he would still serve as ChiefProduct & UserOfficer.

When some domestic media reported, they may have misunderstood the meaning of "executiveofficer", so the report became "Faraday Future dismissed Jia Yueting as CEO". However, in 2019, when Jia Yueting filed for personal bankruptcy in the United States, he had already stepped down as Faraday's future CEO and was replaced by Bi Fukang.

Carsten Breitfeld, who has been working at BMW for more than 20 years, completed the development of this hybrid supercar in 38 months as the head of the BMW i8 project, and also served as CEO of Byton, who burned 8.4 billion yuan in 3 years but could not build a mass production car.

After Jia Yueting stepped down as FARADAY Future CEO in 2019, he turned to setting up a position called CPUO, that is, ChiefProduct & UserOfficer (Chief Product and User Officer), and faraday Future gave the explanation that CPUO is mainly responsible for the overall implementation of the Internet ecosystem strategy, leading artificial intelligence, product definition, user acquisition, user experience and user operation.

However, after Faraday Future was listed on the NASDAQ in the United States in July 2021, Jia Yueting still served as the "executiveofficer" of the listed company. It should be noted that the executiveive offeror here is different from the "ChiefExecutive Offer" (CEO, abbreviated as CEO) as recognized by the public, which is required by the U.S. Securities and Exchange Commission (SEC) and the senior management personnel that listed companies in the United States need to designate, generally including CEOs, CFOs and other executives.

At the end of Faraday's April 14 announcement, it was also announced that Wang Jiawei, vice president of the company's global capital markets, which has been suspended since January 31 this year, has decided to resign from the company. Wang Jiawei is Jia Yueting's nephew and has previously been in charge of Faraday's future financing.

That is to say, Faraday Future is to remove Jia Yueting from the executive position of executiveofficer under the corporate structure designated by the SEC, and is no longer the core leader of the company. With Jia Yueting leaving the core management of Faraday Future, it seems to symbolize the PPT car-making trend that was once popular in China and the United States, and officially came to an end.

All of this punishment for Jia Yueting and his nephew Wang Jiawei began with the short-selling report of the short-selling agency JCapital Research (Meiqijin Investment Consulting Firm) in October 2021, when JCapital Research questioned the authenticity of Faraday's future 14,000 orders and suspected that Jia Yueting still controlled the company and filled the funds raised by the listing into his own debt black hole.

After being shorted, Faraday Future set up a special committee to investigate, postponed the filing of the third quarter earnings report, and received a delisting warning letter from the U.S. Securities and Exchange Commission in November 2021. It was not until February 2022 that Faraday Future's special committee submitted a special investigation result: denying the short claim, but admitting that only hundreds of the previously claimed 14,000 orders had been paid, misleading investors, Wang Jiawei was suspended, AND CEO Bi Fukang and founder Jia Yueting cut their annual base salary by 25%.

On March 31, information on the official website of the U.S. Securities and Exchange Commission showed that a number of Faraday Future executives were summoned for suspected of releasing inaccurate information to investors, and the "false information" here refers to only hundreds of deposits out of 14,000 predetermined orders, while Faraday Future did not truthfully tell consumers.

In addition, Faraday Future received a letter from the U.S. Securities and Exchange Commission for failing to file a form 10-K annual report cut through December 31, 2021 (a comprehensive report that the SEC requires listed companies to submit annually regarding their financial performance and the company's operations) stating that failure to file a third-quarter Form 10-Q and Form 10-K on or before May 6, 2022 would result in a notice of delisting of the Company's securities.

The $1 billion raised by Faraday's future listing in 2021 has been consumed by the end of the year, and Jia Yueting's credibility in the capital market has actually become Faraday's future negative assets, and it is not difficult to understand that it has gradually kicked it out of the decision-making level.

In 2017, Faraday's first model, the FF91, was undoubtedly stunning and advanced when it was unveiled at the CES International Electronics Show in the United States. Even after Ding Lei left LeEco Automobile, imitating the high-end HiPhiX created by FF91, the cumulative delivery volume in the 10 months after the listing last year has exceeded 5,000 units, and the FF91 still has no hope of official delivery.

This is the end of the article