In 4 trading days, the stock price rose 16 times! Why did Jia Yueting's FF car go crazy?

Southern Metropolis Daily

2024-05-16 11:09Published on the official account of Guangdong Southern Metropolis Daily

Jia Yueting is about to turn around? Faraday Future (stock code: FFIE, hereinafter referred to as "FF Auto"), a high-end electric vehicle company founded by him in the United States, has been rising for four consecutive trading days in the secondary market recently.

After rising nearly 4 times local time on May 14, on May 15, local time, FF Auto drove high and finally closed at $0.705 per share, up 147.37%, ranking first in the list of U.S. stocks on the day. The stock price has risen more than 16 times since May 10 and more than 10 times since May 14. Today, the market value of FF cars has soared to $30.0843 million.

It is worth mentioning that the stock price of FF Auto has been climbing abnormally since May 14 local time, and has set a record for the highest increase in history. On the news side, the White House issued a statement on the same day that the Biden administration announced that it would impose new tariff rates on Chinese imports. Among them, from this year, the import of electric vehicles will be subject to a four-fold tariff, the tax rate will be increased from 25% to 100%, and the import tax on Chinese solar cells will be doubled, from 25% to 50%.

Previously, Shen Meng, director of Xiangsong Capital, pointed out to the reporter of Nandu Bay Finance Society that FF is the only Chinese background electric vehicle concept stock developed in the United States, and it may also be the only Chinese concept stock of electric vehicles that will not be affected by the ban.

In the comment area of Flush iFinD, some shareholders believe that the soaring share price of FF Auto is the capital revaluing the IP of "Jia Yueting". On May 7, Jia Yueting made public "several decisions made to save FF" through multiple social media. Among them is a "tangled decision that is not consistent with personal pursuits", that is, to make money to save companies and subsidize car manufacturing through the commercialization of personal IP. Jia Yueting said that on the basis of light operation, a new path in the era of IP e-commerce 2.0 will be explored through several dimensions such as model innovation, AI technology innovation, IP e-commerce globalization, and Chinese brands and products going overseas.

On the afternoon of May 15, Beijing time, Jia Yueting also personally explained the abnormal rise of FF. Jia Yueting believes through video analysis that this is "the role of FF 'Sino-US automobile bridge' is highlighted".

Jia Yueting said that more and more people have begun to pay attention to the uniqueness of FF as a bridge between China and the United States, as well as many unique values. "My personal IP and I are also working hard to build a bridge of friendship between China and the United States and the economic bridge between China and the United States."

In the video, Jia Yueting announced some of the progress made after the recent release of relevant short videos. He said that the commercialization of personal IP has received a large number of cooperation needs for Chinese corporate brands and products to go overseas, and negotiations have been gradually launched. At present, hundreds of thousands of relevant comments and private messages have been received, and many friends have made suggestions to FF through messages and fan groups, sending cooperation needs, involving all walks of life.

Jia Yueting believes that with the United States imposing tariffs on China's imported electric vehicles, the value of FF as a bridge for China's auto industry has been pushed into the spotlight. Under the premise of complying with relevant U.S. laws and regulations, FF can help Chinese car companies and supply chains quickly enter the U.S. market, greatly reducing trial and error and time costs. At present, FF is collecting, classifying, sorting and docking each piece of cooperation information.

According to a previous report by a reporter from the Bay Finance Agency, as the stock closed below $0.1 for ten consecutive trading days, FF Auto once again received a delisting letter from the Nasdaq Exchange. Jia Yueting said at that time that he was doing everything possible with the company's management to restore compliance and strive to maintain listing qualifications.

This is not the first time FF has received a delisting notice. FF has received several warnings from Nasdaq for failing to file its third quarter 2021 report on time, failing to hold an annual shareholders' meeting within 12 months of listing, and its stock price has been below $1 for 30 consecutive trading days. At the end of December last year, FF received a delisting letter because its stock price was below $1 per share for 30 consecutive trading days.

The lack of money is also a problem for FF to the table. Previously, due to rent arrears, FF Car was almost "kicked out" from the headquarters building, but fortunately, a settlement was reached with the landlord. At present, FF Motor's financial data has been suspended until the end of the third quarter of last year. According to FF Auto's third quarterly report, as of the end of September 2023, the company's book cash was about US$8.5 million, of which US$1.85 million was restricted cash. It is reported that FF Auto will disclose its financial data for the first quarter of fiscal 2024 on May 16.

Written by: Chen Jing'an, reporter of Nandu Bay Finance Agency

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