Jia Yueting's life and death in car building

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Jia Yueting's life and death in car building

2019-04-01 11:24:36 1149 ℃

almost every few months, there will be a FF of capital chain break and closure and layoffs, which seems to be "alive" again.
According to incomplete statistics of Pencil Track, FF has so far raised more than $1.7 billion in public financing and experienced no less than six crises. At the end of December last year, Jia Yueting disclosed that Faraday Future (hereinafter referred to as FF) had invested nearly $2 billion, net assets exceeded $600 million, and suppliers owed more than $80 million. The magic of Jia Yueting lies in that even though he was listed on the list of Lao Lai and described as "credit bankruptcy" by many people, and even his company FF was sentenced to "death penalty" many times by the outside world, he could still usher in "bright flowers in the dark".

In 2017, Lexin's capital chain crisis, Rongchuang acted as a white warrior, with more than 16.56 billion yuan to inject Lexin. In return, Sun Hongbin said, "To invest in Lexin is not to break the arm of a hero, but to break his head." In 2018, Hengda Xu Jiayin invested in Jia Yueting's FF, $800 million in blood transfusion, but in return for a lawsuit, and then went to court and broke up.

Today, Jia Yueting's FF91 has been on the market for two years, but it has been delayed. In contrast, the four-year-old Weilai has not only fulfilled its small target of delivering 10,000 cars by the end of last year, but also become the first new car maker; Xiaopeng, which raised 14 billion yuan, also delivered 522 cars last year; Tesla, which FF has vowed to surpass, has recently adjusted its prices several times and officially entered the Chinese market. < p > < p > Tian Eye Check showed that the periphery risk of Jia Yuetang was as high as 3758 and the early warning risk was as high as 332. On March 25, the magical Jia Yueting received another $600 million in financial capital: Internet Game Company Ninth City confirmed that it had signed an agreement with Faraday Future Company in California, USA, through its subsidiary, to jointly establish a joint venture company to manufacture, market and operate electric vehicles in China.

almost every few months, there is a FF that breaks the capital chain and closes the door to lay off employees, which seems to be "alive" again.

Note: This article mainly comes from pencil channel journalists'interviews and open information on the Internet. The arguments are inevitably biased and there is no deliberate misleading. < p > < section > < section > < section > < section > < section > < strong > crazy happy supercar < / strong > < / section > < / section > < / section > < / section > < p > when it comes to Jia Yueting and his FF, we should start with happy seeing automobile.

On the morning of December 9, 2014, as chairman and CEO of Lexus Network, Jia Yueting posted a microblog saying that in the era of mobile interconnection, the automotive industry is facing a great revolution, and Lexus is willing to build the best Internet smart electric vehicle. Before that, in order to enter the automotive industry, Jia Yueting had visited the United States for several months, not only formally launched the layout of Le Video automotive ecology, but also invested in related businesses with personal funds.

In 2015, Jia Yueting purchased the Appex Industrial Park in northern Las Vegas and announced that he would invest $1 billion to build electric cars in the United States, aiming to challenge Tesla.

During this period, the outside world was questioning the desire to build cars. For this 10-year-old Internet company, which focuses on frequency content, building smart cars seems like a fantasy to outsiders. Traditional automotive industry with heavy assets needs large capital and long-term continuous investment. Internet companies are willing to ignore the asset model. How can they sustain continuous capital investment?

< p> "Don't fear the clouds to cover your eyes, only the heart is the most subversive." Facing the controversy, Jia Yueting not only expressed his determination to break the boat in an open letter at the beginning of 2015, but also said publicly, "Even if the listed companies are dragged down, I will not hesitate to do so." Since then, Lexus Supercar has started the "crazy" road of digging, controlling mergers and acquisitions and financing.

In January 2015, Infiniti China and Asia-Pacific General Manager Lv Zhengwei served as Vice President of Super Automobile; in April 2015, FAW Volkswagen Production Director Frank Sterzer was in charge of future production and manufacturing business; in April 2015, Guangzhou Automobile Toyota Vice President and Guangzhou Automobile Geo General Manager Gao Jingshen served as Vice President of Super Automobile; in September 2015, Ding Lei, Vice President of Shanghai Automobile and Vice President of Pudong New Area, As co-founder of Super Automobile, Vice-Chairman of Global, CEO of China and Asia Pacific Region... Less than a year later, Lexus has completed its cooperation with Beiqi and Aston Martin; strategic investment in Charging Pile Company; controlling easy-to-use vehicles; strategic cooperation with FF, the US start-up electric vehicle company, to build FFZERO1, the first conceptual electric vehicle, FF North Las Vegas Factory.

On September 19, 2016, at the "919 Carnival Night" event, Jia Yuetang officially announced that Le Sino Automobile had completed its first round financing of $1.08 billion. For a time,

, the outside world was shocked by Jia Yueting's determination and handwriting to build a car.

mysterious FF

In January 2017, Lenovo Supercar and its strategic partner FF launched their first production vehicle in Las Vegas, USA. Nick Sampson, senior vice president of FF R&D and engineering, first introduced FF, saying that FF has more than 1,400 employees worldwide and applied for it. 1940 patents, 233 of which have been approved. However,

strangely, in the Le Video conference, the first mass-produced FF cars were all told, and there was no sign of Le Video cars. For a while, there are more and more news about "what is the relationship between Lexus car and FF".

Aiming at the ownership of FF and the essence of its relationship with Lexus Automobile, Jia Yueting once responded to the media that Lexus and FF are strategic partnerships as well as two independent companies. As one of FF's individual investors, he will continue to fully support the development of FF. At this time, FF did not provide relevant information. FF is a user-centric high-end car company headquartered in Silicon Valley and Southern California, according to a company profile on its official website, the Chinese version.

Regarding the relationship between Lexus and FF, Nevada Finance Minister Dan Schwartz said, "Obviously, Jia Yueting's company is financing FF with a mortgage loan." If Jia said that Lexus is not a car with FF, he must not tell all the facts. Ask him about the mortgage loan. It is strange that at the beginning of its establishment, FF did everything mysteriously. Until the end of 2016, Ding Lei, the co-founder of Lexus, was the global CEO of FF. David Weisnicky, the former head of FF, had a record of serving as CEO, but his official position was as Financial Director. Later, Wisnicky left office in July 2016. Not only that,

, but before that, local media had revealed that FF was in arrears with tens of millions of dollars from local governments and builders, and FF's car-building plan was in doubt.

Until May 2017, when the strain of Le Video's capital chain triggered a large number of layoffs, the whole line of business contracted and fell into financial distress, FF did not formally respond to the relationship with Le Video Gateway. The head of FF told the media, "Lexin has never been a shareholder or investor of FF. We have been investing in Jia Yueting personally. Meanwhile, FF will start a round of $1 billion financing. Stefan Krause, FF's global chief financial officer, said in a statement: "The news of the downsizing is really depressing. But let's make it clear that this will have no impact on Faraday's future business. We will continue to devote ourselves to the R&D and production of FF91. In the short term, we need to diversify our sources of investment and put FF91 on the road in 2018. We are also confident that Faraday will attract global investment in the future. FF was also affected by the announcement of

that it had nothing to do with CTV. FF began to suffer from a series of attacks, such as executives leaving, arrears, legal lawsuits and a large number of negative reports. In September 2017, the local media in Nevada even broke the news that FF's project in that state was completely terminated. During the period of

, the outside world is not optimistic that FF can continue to get money. < p > < p > < strong > because Jia Yueting is on the verge of "credit bankruptcy". In July 2017, Jia Yueting "left" a mess of Le Video Network to help FF financially complete the $1 billion financing as soon as possible, and left the United States, which has not yet returned. Later, Jia Yueting was listed as "the executed person of dishonesty" by the court three times.

was "saved" by Xu Jiayin, the richest man in the world

. On December 13, 2017, FF held an internal staff meeting. Jia Yueting announced to FF employees that after nearly a month of negotiations with investors, a round of financing exceeding $1 billion had been completed. It is worth mentioning that all the senior executives of Lexus attended the meeting.

Jia Yueting said: "Many people tell me that you have no money and can't even support your family. Give up. But these people obviously do not understand me, even if it is a failure I can accept, but give up can never, especially can not give up our FF such a great dream! At this meeting, FF, which was founded four years ago, also announced that the company had finally ushered in its first CEO. Jia Yueting himself will be FF's global CEO and chief product officer (CPO), in addition to adjusting the company's internal management structure. It abolished C Level's hierarchy, flattened its organization and introduced a committee management system.

In this financing, Hong Kong Shiying Company and FF original shareholders represented by Jia Yueting established a new company Smart King in the joint venture mode, Shiying invested US$2 billion to acquire 45% of the equity of the joint venture company, while FF original shareholders acquired 33% of the equity of the joint venture company with the technical assets and business owned by FF, and the remaining 22% of the equity will be reserved as equity incentives for the employees of the company.

On December 22, the same winter solstice, Jia Yueting said on the social network, "To change the automotive industry and create user value firmly forward. Winter solstice, spring is not far away, no regrets. However, while Jia Yueting was busy raising round A financing, other new domestic Internet automobile manufacturers and many domestic and foreign automobile companies were developing their own electric vehicle products at a high speed.

On December 16, Weilai's large pure electric SUV Weilai ES 8 was officially launched and said it would be delivered to consumers in the first half of 2018; Xiaopeng's 1.0 geek edition began to enter the delivery stage; and Weima's mass-produced vehicle officially appeared on December 11. In those years, these enterprises competing with FF have quietly moved ahead. After half a year of

, FF's fate has once again turned a corner. Hengda Group acquired 100% of Hong Kong Shiying Company for HK$6.746 billion and indirectly acquired 45% of Smart King Company, the joint venture company. Hengda Group became the largest shareholder of the company. In the words of industry insiders, this money is life-saving money, otherwise FF may go bankrupt.

< p> and then both sides entered the honeymoon period. On July 13, 2018, Xu Jiayin also personally inspected FF's headquarters in Los Angeles. According to FF's official news, Xu Jiayin highly appreciated FF's technological strength and said that "seeing is believing". It was absolutely right to invest in FF. Hengda will be in the capital and production base and products.