Spending more than 23 billion yuan in eight years, kicking in the door, hard to hold back for several years and unable to kick out, mass production delivery plans have been repeatedly delayed, Jia Yueting car manufacturing is undoubtedly one of the most controversial products and projects in the history of entrepreneurship.
Over the past eight years, Jia Yueting's FF 91 "dream car" has sent away waves of investors, but mass production deliveries have not yet been delivered, and Jia Yueting has been ridiculed as "king pigeon" by the crowd.
In fact, Jia Yueting was still quite recognized by the outside world in the early days of car building, sitting on the LeEco Empire with a market value of hundreds of billions, and Jia Yueting under the fame did not worry about money and resources, but he embarked on the road of no return to build cars. FF 91 car building plan with amazing ability to burn money, consumed a lot of funds from Jia Yueting and LeTV, and was squeezed dry by car building, in July 2017, Jia Yueting LeEco Auto was spun off from LeEco Holdings, and then went to the United States on the other side of the ocean to continue to build cars, leaving behind a mess of the LeEco empire, although the subsequent car manufacturing process is still very difficult, and once fell into trouble due to financial constraints many times, Jia Yueting's determination to build cars with a heart higher than the sky has never wavered.
Compared with other mainstream new energy vehicles on the market, Jia Yueting is obviously dismissive and insists on creating a "dream car" - FF 91. According to the disclosed book parameters, Jia Yueting's FF 91 is a high-end car with a great dream, including 1050 horsepower, 0-96km/h acceleration time of only 2.39 seconds, peak torque of 1800 Nm, seamless entry, zero-gravity seats, various configurations and materials, and a large number of black technology blessings, giving FF 91 a worthy "dream car".
It is difficult to escape the suspicion of "PPT car", and it is actually difficult to match under the name
Dream car, can only be a dream, eight years after many ups and downs and many turns, executives, shareholders like a flow of seats changed wave after wave, but today, Jia Yueting's "dream car" is still in the dream stage, never seen its car, Jia Yueting himself, was also complained and widely questioned as "PPT car".
Empty talk of ideals, but hopeless car building, early project establishment, difficult landing, ultra-long project cycle has long been in addition to squeezing out FF's internal capital chain, but also constantly consuming the trust and expectations of the outside world. Although Jia Yueting had many nobles who helped him in the process of building the car, Sun Hongbin in the front and Xu Jiayin in the back, the takeover man was sent away one after another, but it also failed to promote the mass production and delivery of FF 91, resulting in Jia Yueting and FF 91, which were already extremely lacking in trust and brand image, and were even less trusted by the outside world, and it became the norm to be sung.
The product could not land, everything was just empty talk, and eight years led Jia Yueting and FF 91 to miss the best dividend period in the new energy vehicle market. The world's martial arts, only fast and unbroken, ideal, NIO, Tesla and other new forces in car manufacturing have already entered the game and taken a series of specific measures to compete for the market; Traditional car companies such as BYD and BMW have also shown their strength in the new energy sector, with a comprehensive layout of the consumer market in different segments from low-end to high-end. In contrast, Jia Yueting, who has been building cars for eight years, has not yet been mass-produced and delivered, and is still stuck in the theoretical stage of paper talk. In the environment of fierce competition, serious involution and increasingly saturated market, is it not foolish to rely on one mouth to compete with competitors?
From "returning to China next week" to being only one foot away from mass production delivery, Jia Yueting has always been trapped by money, and various problems at different stages have led to slow progress, and the essence of the problem is ultimately inseparable from the lack of money, lack of money, or lack of money. The lack of funds has led to Jia Yueting's "dream car", always suffocating for dreams, and therefore being labeled as a "PPT car" by the outside world, which is actually difficult to match under the name. Capital does not talk about ideals, capital only looks at products and projects, but Jia Yueting and FF just can't deliver the car...
The market has taken shape, and the ideal type is difficult to become a climate
At this stage, the new energy vehicle market is no longer a blank state eight years ago, but a chaotic battle between major leading brands and serious involvement, close to saturation.
Near the end of 2022, the delisting of "national supplement" is imminent, coupled with the intensification of market competition, major new energy vehicle companies have opened the year-end "crazy promotion" mode. In order to boost sales and compete for the market, Tesla launched a crazy price reduction promotion, and the price fell again and again to impact sales; BYD Auto delivered 230427 units in November, up 6% month-on-month, and its monthly sales exceeded 200,000 units for three consecutive months. From the refined operation of products to the deep cultivation of different consumer groups, the competition between major car companies has long heated up to the stage of hand-to-hand combat, and has not yet delivered the car, relying on a PPT to go to the world's self-hi car building, how to respond?
On the other hand, according to the relevant information previously released by FF, the listing price of FF 91 is about 2 million yuan, which is properly positioned in the high-end market. Such a high price, for FF brand and Jia Yueting himself is difficult to support, on the one hand, need a high brand appeal and strong consumer market recognition, in addition, but also need to closely combine the advantages of products, markets, technology, brand premium and other comprehensive factors, it is possible to support a high price of 2 million yuan of new energy car, such courage, Mo said Jia Yueting and Faraday Future, Tesla, BYD and other old players, do not dare to easily be so high-profile and aggressive.
It can be seen that although the relevant parameters announced by FF 91 are very advantageous in product technology, in view of external factors in the market, Jia Yueting and his dream car are obviously weak, and it is more difficult to easily enter the high-end market. Eight years of "difficult production", the dream car with a price tag of 2 million units before it has yet to be launched, in today's fierce competition and saturated market environment, how difficult it is to succeed, you can imagine.
The ideal still has to be, what if it comes true? For Jia Yueting, who has huge debts and has nothing to do, and is known as a "world-renowned old lai", burying his head in building a car seems to be the only lifesaver. However, Jia Yueting built a car: the heart is higher than the sky, and the life is thinner than paper. Eight years, missed the best demographic dividend period of the new energy automobile industry, this road of car building with an uncertain future has not been optimistic.
Faraday Future announced today that it is in discussions with potential new investors and existing FF investors to secure approximately $150 million to $170 million in additional funding needed to produce FF 91 Futurist.
According to reports, its FF 91 Futurist is expected to start production at FF's manufacturing plant "FF ieFactory California" at the end of March 2023, and roll off the production line in early April, and is expected to start delivery to users in April 2023, subject to timely receipt of additional financing and shareholder approval.
Obviously, Jia Yueting's car delivery has been postponed again, not only until April next year, but also must meet the premise of raising money and shareholder approval. It can be seen that eight years have passed, Jia Yueting is still trapped by lack of money, as for whether this time can not release pigeons, unhappy appointment, let's wait and see...