(Image source: Photo.com)
On January 8, Jia Yueting posted a video on Weibo of a conversation with a supply chain delegation from China. In the video, he mentions that Faraday Future has completed the delivery of 10 FF 91 2.0 Futurist Alliance units in 2023, with one most recently delivered to company executive Jim Gao. Jia Yueting said that he was deeply distressed because he had suffered many unfair accusations and threats. He was most anxious about the serious divergence between the true value of FF and the value of the capital market, and apologized for not bringing due value returns to all shareholders and investors. In addition, he said that FF can bring some additional value to the supply chain, and although there may not be many successful experiences, at least it can provide a lot of lessons from failure.
Ten years ago, Jia Yueting founded FF Faraday in the hope of creating a disruptive electric vehicle. However, after nine years of waiting, the FF91 finally ushered in the moment of mass production, but the price was as high as more than $300,000, resulting in extremely slow delivery. The shortage of funds has put the company in a difficult situation, at first it was only able to deliver one car per month, and although it has improved later, by the end of 2023, it has only delivered a total of 10 cars after burning 20 billion.
Recently, Faraday Future announced that the company has once again received a notice regarding delisting or non-compliance with the continued listing. Faraday Future is required to raise its share price above $1 for at least 10 consecutive days by June 25, 2024, or it will be delisted. However, as of now, Faraday Future's latest stock price is only $0.23, which is a 99.99% plunge from its peak.
Mobile phone manufacturers have crossed over to build cars
Since Huawei announced its entry into the field of smart cars, mobile phone manufacturers have also joined the car manufacturing industry. With the addition of these new players, the automotive industry will usher in a more fierce competition, and mobile phone manufacturers have accumulated rich experience in smart technology, which may also promote the development and innovation of smart car technology, bringing more choices and experiences to consumers.
In all five major business areas of smart cars, Huawei has established cooperative relationships with related enterprises in the upstream and downstream of the industrial chain, and has joined forces with communications, vehicles, parts, and Internet companies to build a smart car ecosystem.
On March 30, 2021, Xiaomi Group announced that it intends to establish a wholly-owned subsidiary of the company to be responsible for the smart electric vehicle business. The initial investment is 10 billion yuan, and the investment is expected to be 10 billion US dollars in the next 10 years.
In the domestic market, BYD, Tesla, Geely and other brands rank high in sales, showing a trend of the strong and the strong. Although Faraday Future has been targeting overseas markets, as brands such as BYD make great strides in overseas markets, it may not leave much market space for Jia Yueting and his own new energy vehicle brands. Nowadays, the entire new energy vehicle market is fiercely competitive, and it is quite difficult for Jia Yueting to stand out in such a red sea market.
Zhang Xiang, a visiting professor at the Yellow River Institute of Science and Technology, pointed out that "now the industry has passed the era of PPT car manufacturing, the situation and pattern are relatively clear, and investors are more sober." Indeed, today's new energy vehicle industry is different from a few years ago.
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