The day before yesterday (January 7, 2024), "Sina Finance" released an article with the title of "Jia Yueting, completely cool". You don't need to look at the content to know that Jia Yueting really can't bear it this time.
The article said that recently, Faraday Future Company, the main body of Jia Yueting's car, issued an announcement that they had once again received a notice about delisting or non-compliance with the continued listing. U.S. securities regulators require Faraday Future to face delisting if it fails to get its stock price back above $1 for 10 consecutive days by June 25, 2024. However, Faraday Future's stock price is currently only $0.23, which is a 99.99% plunge from its peak.
As early as 2010, Jia Yueting's "LeTV" was successfully listed, and its market value exceeded 200 billion yuan at its peak, becoming the company with the highest market value in the entire GEM. With its outstanding performance in the capital market, LETV has begun to boldly cross borders, and has successively entered multiple tracks such as mobile phones, television, and movies, spanning multiple fields such as platforms, software and hardware, and content. All were largely successful. But later, because of too much debt, Jia Yueting ran away to the United States.
In 2014, under the influence of the American electric vehicle giant Tesla, Jia Yueting registered and founded the new energy vehicle company "Faraday Future" in the United States, officially embarking on the road of car manufacturing. With the brilliant achievements of LeTV before, well-known domestic entrepreneurs like Ma Yun and Wang Jianlin have invested in Jia Yueting's automobile company. In 2017, Sunac real estate tycoon Sun Hongbin became a strategic investor with 15 billion yuan. Including Xu Jiayin, who is no longer in the limelight, many industry giants have given Jia Yueting real money support.
And what really dragged LeTV down was the super car that Jia Yueting dreamed of. No matter from which point of view, among the many bigwigs who have entered the field of new energy vehicles in China, Jia Yueting can be called a pioneer. After all, when Jia Yueting was inspired by Tesla to come up with the idea of building a car, Mr. Li Xiang, the founder of Li Auto, was only the president of Autohome, and Mr. Li Bin, the founder of Weilai Automobile, had just obtained initial investment intentions, Mr. He Xiaopeng, the founder of Xiaopeng Motors. Still enjoying retirement.
In March 2023, Jia Yueting's Faraday Future announced that it would officially start the production of the FF 91 production model, and Jia Yueting also appeared in person at the car factory in California, USA. However, in mid-August of that year, after Faraday Future announced that it had delivered its first FF 91 car, the outside world expected Jia Yueting's car dream to come true, but there was no follow-up.
According to the data, Faraday Future has delivered a total of 7 cars in its nine-year history. This is not fundamentally different from many car companies staying in the stage of PPT car building. Sadly, Faraday Future did not start operating income until the third quarter of 2023, and in the previous nine years, there was no revenue. In the third quarter of that year, the company's car sales revenue was $551,000, but the net loss for the same period was as high as $78 million.
The most recent news about Jia Yueting was in early November last year. At that time, Jia Yueting and LeTV Holding Company added a new piece of information on the person subject to execution, due to a dispute over a loan contract. Over the years, Jia Yueting has incurred huge debts and has been executed many times. Earlier, LeEco was sued for misrepresentation, and Jia Yueting, as a jointly and severally responsible person, needed to compensate shareholders up to 2 billion yuan. In addition, Jia Yueting was also listed as a dishonest person subject to execution, restricting high consumption, etc. Negative rumors are always there, never stopped.
Combined with Tianyancha data, Jia Yueting has been executed 64 times, with a cumulative amount of 33 billion. Behind all this, his dreams and reality collide and tear again and again. On the way to chase his dreams, he may have had moments of joy and passion, but more pain and struggle. Today, his name has become a symbol of those shattered dreams and an irretrievable past.
To this day, Faraday Future's woes remain deep, with only a handful of cars sold, making the company's future even more difficult. Interestingly, at the end of November last year, Faraday Future held a strategy conference in the Middle East and set up an R&D center in cooperation with the Abu Dhabi Investment Office. However, all this now seems more like a desperate struggle.
Despite this, Jia Yueting still insists that he has put in great efforts and the company has achieved many milestones. He expressed deep sorrow and disappointment at the company's market capitalization and share price. In the past 10 years, he has been closely connected with new energy vehicles, and his dream seems to have been in the distance, and he has never stopped chasing.
(ENDS)