Nikola Tesla and Michael Faraday are both outstanding representatives of the field of physics, who have made pioneering contributions to the field of electricity. As a result, many brands with the names "Tesla" and "Faraday" have sprung up in the market to commemorate their important position in the age of electricity.
For example, in Musk's possession of Tesla, the founder named the company "Tesla Motors" in honor of physicist Nikola Tesla. In China, Jia Yueting, a pioneer in the field of new energy vehicles, named his new energy vehicles "Faraday Future". Although Jia Yueting himself did not make it clear in public whether the name was intended to commemorate scientist Michael Faraday, there is widespread speculation in the industry that it is not difficult to find similarities with Tesla's naming from the name, which may also imply the pursuit of technological innovation and future development.
Tesla and Faraday Future, despite their meaningful names, have very different trajectories.
At present, Tesla has become the global leader in new energy vehicles, with a market value of more than $450 billion, while Faraday Future has "got up early in the morning and caught up late", with the total market value shrinking from more than $20 billion to $2.36 million.
With the shrinking market value of Faraday Future and sporadic deliveries, Jia Yueting's dream of building a car has naturally been mercilessly ridiculed and trampled, and slightly derogatory or ridiculous nicknames such as "Accountant Jia", "Return to China Next Week", and "Jia Bus" frequently appear.
Compared with the pressure of public opinion brought by these aliases, what is more severe is that the risk of delisting is gradually approaching, which may become the last straw that crushes Faraday Future and Jia Yueting's dream of building a car.
On April 20, Faraday Future (FFIE.US) said that it received a notification letter from Nasdaq that the company will be added to the list of non-compliant Nasdaq companies due to the delay in filing its annual report on 10-K for the fiscal year ended December 31, 2023, which does not comply with the listing rules.
Faraday Future said it plans to submit a plan to regain compliance with the Nasdaq Listing Qualification Division in a timely manner.
According to industry insiders, this move may mean that the possibility of Faraday Future's delisting will further increase, or it will bring a heavy blow to Jia Yueting's dream of building a car.
In fact, in December last year, the company announced that it had received a notice from Nasdaq that it had been delisted or did not meet the rules or criteria for continued listing due to the closing price below $1 per share for 30 consecutive trading days.
There must be something unspeakable under the dilemma.
Faraday Future was once seen as a strong competitor to Tesla, but after nine years of lengthy research and development and tens of billions of dollars, the results were not satisfactory. So far, only 11 new models (FF 91) have been produced, and what is even more surprising is that some of them were actually purchased by Faraday Future executives themselves.
Not only that, but due to a problem with the FF 91's airbag warning light, which increased the risk of injury to the driver and occupants in a collision, all of the above vehicles were recalled.
The roof leak happened to rain overnight. Two internal employees accused the company of lying and filed a lawsuit, accusing Jia Yueting and others of illegal dismissal, breach of contract and mental harm. Mr. Jia denied the accusations and said he would countersue. FF Motors, which is facing a shortage of funds and landlord lawsuits, is struggling to file its annual financial report.
A series of turmoil has also dealt a serious blow to the company's image, and if it cannot even maintain its status as a listed company in the future, the company's financing process will inevitably be constrained.
Although Faraday Future's car manufacturing process is extremely tortuous and the ticket is constantly bouncing, the company has always been in the focus of public opinion, and its ability to create topics is unmatched.
Previously, when Gaohe Automobile fell into the crisis of suspension of production, Jia Yueting bombarded its "plagiarism", which was a shame for the industry, and various grievances between the two were also picked up by the media.
Some time ago, Xiaomi cars became popular in the circle, and Jia Yueting said on Weibo, "Xiaomi's execution and marketing ability to make cars are certainly worthy of praise, but the copycat culture, shortcut mode and follower thinking are regarded by many people as a guideline, which is worrying." ”
As of April 20th, the number of Xiaomi SU7 locked orders has exceeded 70,000 units, I don't know how "Boss Jia" feels when he sees this data. Objectively speaking, the design of the FF 91 car is indeed original, but there are very few people who buy it.
Whether Faraday Future can make a comeback and whether the company can continue to trade on the Nasdaq, investors will wait and see.
As of Monday, April 22, local time, Faraday Future (FFIE) continued to fall by more than 5%, hitting a new intraday low, and the company's stock price closed at $0.056 per share, with a market value of about $2.37 million, and the cumulative market value has evaporated by more than 99% since the high.
Author: Flying Fish