Jia Yueting escaped

E-commerce newspaper Pro

2024-07-01 09:47E-commerce newspaper official account

Jia Yueting's FF was approved to continue to be listed

Faraday Future, which is "endangered", has another chance to breathe.

In the early hours of this morning, Jia Yueting, founder of Faraday Future (FF), announced on Weibo, "Just now, we have officially obtained the approval to continue listing on Nasdaq. ”

Source: Jia Yueting Weibo

The Nasdaq Hearing Committee approved FF's request to continue listing on Nasdaq, subject to the Company's submission of regular earnings reports by July 31, 2024, and the minimum bid requirement by August 31, 2024.

In other words, if these two requirements are not fulfilled before expiration, FF is still at risk of delisting.

The Company is taking specific steps to meet the conditions set forth in the resolution letter as soon as possible and plans to update shareholders in a timely manner on significant developments related to the Company's NASDAQ listing compliance.

Jia Yueting said: "Since the establishment of FF, I have been all in myself. I am emotionally aligned with all the shareholders and interests, and I am the one who wants FF to be a great company the most. ”

In the video, in addition to FF continuing to be listed, Jia Yueting also mentioned several pieces of information. First, the company completed annual report compliance in May and applied for a new independent auditor firm, and plans to submit the first quarter quarterly report no later than the end of July, and the second quarter quarterly report in a timely manner.

Secondly, the FF Sino-US automobile industry bridge strategy has made rapid progress, after years of high investment and billions of dollars of investment, the early stage of high-cost industrial accumulation has been basically completed.

With the sudden change in the geopolitical competition of the global AI EV industry, FF has ushered in a critical point of value release, and each enabling link of the strategic value of the bridge has accumulated strong potential energy...... Combined with the advantages of China's supply chain, it is possible to create a more competitive large-scale and large-scale model.

At the same time, the production time has been greatly shortened, and the investment capital has been greatly reduced.

He also mentioned,At present, some Chinese OEMs are negotiating with FF,If FF can seize the current blue ocean market opportunity of the United StatesAI EV,Launch"Extreme cost-effective"Products,Just like LETV super TV with"Double the performance,Half the price"Completely subvert the Chinese TV industry,FF may change the automotive industry again。

Finally, FF restarted SOD2 deliveries on June 12 and delivered FF91 2.0 to the first secondary market individual investors. "These are some of the advances in the battle to defend the dream," Jia said.

Source: Faraday Future

It is worth mentioning that Jia Yueting also emphasized in the video that FF is not only an AI company, an EV company, but also a non-offshore listed company founded by Chinese in the United States, which must comply with the corresponding rules, and speech will be restricted, I hope everyone understands.

Many netizens didn't buy Jia Yueting's remarks, "I see you bragging all day long", "From suffocating dreams to being glad not to delisting, personal reputation has almost collapsed", and questions such as "painting big cakes" and "cutting leeks" are endless.

Some netizens believe that Jia Yueting is saying some new words again, "I can't understand it".

Interestingly, just a few days ago, Xia Yiping, CEO of Jiyue, complained about Jia Yueting, which caused heated discussions.

He said, "Mr. Jia Yueting's definition of products has been very backward, although he is constantly making words, creating a lot of unbelievable product terms, there is no special innovation." ”

Source: Xia Yiping Weibo

"Is Jia Yueting a 'master of word making' or a 'master of car making'?" "In the next 3 to 5 years, the FF91 without intelligent driving will be thrown into the dustbin of the times."

Even if he was ridiculed by the group, Jia Yueting still looked confident.

Delivering 12 units in 10 years, where did Jia Yueting get his confidence

Jia Yueting's "dream of building a car", described by the sharpest comment of netizens, is, "I got up early in the morning and caught up with a late set".

In 2014, Jia Yueting established FF. In 2017, FF's first model, the FF 91, was unveiled in the United States.

Jia Yueting has set ambitions to build the next generation of smart electric vehicles, and also touted FF as a strong rival to Tesla.

I thought it was a stone that stirred up a thousand waves, but FF 91 sank to the bottom and was not seen for several years.

In 2017, LeTV's financial crisis broke out, and Jia Yueting, who was in debt, was far away in the United States, and he also said at that time that the first task was to complete FF's Series A financing, and he would not return to China for the time being, and planned to return to China next week.

Some LeTV employees once revealed that because the problem developed to the point of uncontrollable, Jia Yueting stayed in the United States for his dream.

Since then, no one in the car circle knows, "return to China next week" Jia Yueting.

Source: "LETV Optimistic World" Douyin live broadcast

In 2021, FF was officially listed on the NASDAQ, with a market capitalization of $5.4 billion. However, after listing, there are problems such as broken capital chains, delays in product research and development, and frequent changes in management.

It wasn't until 2023 that FF started deliveries, but only 10 FF 91 2.0s were delivered in one year. It should be noted that 4 of the 10 cars are sold and 6 are rented. One of them was still left to Jia Yueting's own.

Halfway through this year, FF has just delivered its 12th car. Like an old cow grinding a car, the stock market reflects everything.

2023 is the first year of FF delivery, but the stock price has plummeted, falling less than $1 for many days. At the end of the year, FF received a non-compliance notice from Nasdaq and was only one step away from delisting. In the first half of 2024, FF received several NASDAQ delisting warnings.

Under the rhythm of delisting and declining, FF still seized a glimmer of life.

From May 13 to 17 this year, FF's stock price soared from $0.04 to a maximum of $3.9 in five days. On May 14, the company's stock price soared 367.21%, reaching nearly 490% intraday.

Source: Faraday Future share price

In this regard, some Wall Street analysts believe that the main reason for the rise in FF's stock price is that the United States will impose 4 times tariffs on Chinese electric vehicles, so FF, which has Chinese genes but is not affected by tariffs, is favored by investors, coupled with the influence of Jia Yueting's personal IP, and finally achieved a sharp rise in stock prices.

At that time, it was the boom of Internet celebrity entrepreneurs, and Jia Yueting began to frequently show his face on social platforms such as Weibo. After the stock price skyrocketed, Jia Yueting also publicly stated that FF would return to China one day.

However, the good times did not last long, and the disclosure of the 2023 results made FF cold again. In 2023, FF's net loss narrowed to $432 million due to revenue of $784,000, and in 2022, it had zero revenue and a net loss of $602 million due to non-deliveries.

At the end of 2023, the company had accumulated losses of nearly $4 billion, while total cash and restricted cash remained of only $4 million.

On May 29, FF's stock price plummeted 62.03% to close at $0.442, which is still about 10 times higher than the previous surge of $0.0441 despite the crash.

This return to the light gave FF and Jia Yueting hope.

On June 25, FF officially announced its intention to merge shares again, trying to increase the company's stock price to reduce the risk of delisting. Simply put, a stock merger is to reduce the number of shares held by investors according to a certain percentage, and the stock price will increase accordingly.

At the same time, Jia Yueting began to contact Middle East partner Master Investment Group, and the two sides reached a plan to strengthen future cooperation.

Source: Jia Yueting Weibo

It is worth mentioning that Volkswagen recently announced that it will invest USD 5 billion in Rivian, which has once again sparked a discussion in the industry about the value of investment in the AI EV industry.

This investment also aroused Jia Yueting's confidence, "Another huge investment by a traditional auto giant in an emerging AI EV company has made me more determined in the strategy and value of FF", and "I hope that the value accumulated by FF will explode as soon as possible."

This series of actions and statements seems to have received some recognition. On the 27th, FF surged 126.42% intraday and closed up more than 30% to close at $0.6.

When Internet celebrities make money to pay off their debts, how much credit is left

Today's Jia Yueting wants to burn money to build a car, and on the other hand, he has to make money to pay off his debts.

Under the wave of Internet celebrity entrepreneurs set off by Lei Jun, Zhou Hongyi and others, Jia Yueting is also digging his own traffic dividends step by step.

On May 7, Jia Yueting officially announced that "in order to save FF", he will start the commercialization of personal IP, "try to make some money as soon as possible, part of it will pay off debts, and part of it will save the company to subsidize car manufacturing".

Regarding netizens' speculation that he wants to be an anchor with goods, Jia Yueting said that what he wants to do is not a simple live broadcast to bring goods, but on the basis of light operation, through model innovation, AI technology innovation, IP e-commerce globalization, Chinese brands and products going overseas and other dimensions to explore a new path in the era of IP e-commerce 2.0.

Again, a long explanation. But Jia Yueting's live broadcast should not have run away.

Source: Jia Yueting Weibo

Netizens commented that since Mr. Luo's account is called "Make a Friend", Jia Yueting's platform for bringing goods in the future will be called "Return to China next week".

In the process of online celebrities bringing goods, trust in anchors is one of the important factors for consumers to make purchase decisions.

But at present, Jia Yueting, who is heavily in debt, generally has a low credit rating in the eyes of most people.

On April 25, Jia Yueting released a video titled "It is my biggest dream to repay my debts and return to China as soon as possible, and I have repaid more than 10 billion US dollars in debts", explaining the debt problem, saying that he has repaid his debts under the US legal system and will do his best to resolve his debts under the Chinese legal system as soon as possible.

The debt has not been paid off, and the car building side is also rising again and again.

In March, FF recalled 11 vehicles manufactured in 2023 due to a malfunctioning airbag warning light; In April, it was revealed that FF was sued and reported by two former employees that the company's sales data was suspected of falsification, and then Jia Yueting issued a document saying that there were a large number of false statements and defamation in the complaint, with the purpose of conspiracy revenge and extortion, and a countersuit would be filed against the two people......

In addition to related activities and news disclosure, Jia Yueting's Weibo content has also become a special area for refuting rumors recently. It is worth mentioning that Jia Yueting did not close the comment area, and the surging public opinion was in front of him.

At present, Jia Yueting is a blogger with more than 15 million followers on the Weibo platform, and the controversy also means that the traffic is endless, with a single video having nearly 100,000 views.

But it is not an easy task to rebuild public trust and make money from personal IPs. FF is on the verge of delisting, and Jia Yueting is not walking on the high platform of traffic, and there is a cliff just a step away.

Traffic is a double-edged sword, bringing wealth and wealth at the same time, it may also face traffic backlash, for entrepreneurs and companies, it is often the company's stock market turmoil.

really responded to the sentence "wealth and danger are sought". Now Jia Yueting wants to fight again for his dream.

How it ends, let's do it and see.

Author | Pandora

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