Jia Yueting's FF annual loss of $ 520 million: Evergrande holds a 20.5%shares of the shares to be lifted

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Jia Yueting's FF annual loss of $ 520 million: Evergrande holds a 20.5%shares of the shares to be lifted

2022-05-14 18:12:05 19 ℃

Lei Dai.com Lei Jianping reported on May 14

Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE), "FARADAY FUTURE"), the fourth quarter and annual financial results Essence

Affected by the investigation work announced by the Special Committee, the financial performance was delayed.

The financial report shows that FF had a net loss of US $ 516 million in 2021, of which a total expenditure was US $ 354 million, including R & D investment of US $ 175 million, sales and market costs of US $ 17.12 million, and management costs of US $ 97.91 million.

FF said that the main reason for the increase in operating costs is: the increase in engineering, design and testing ("ED & T") services, because the company re -hired suppliers and made a large number of purchases for ED & T services to promote the manufacturing of FF 91; Related employee -related expenses have increased significantly; the license fee with a license is paid for the use of Geely Holdings's technical platform; increased professional services and legal expenses;

In addition, due to the redesign of the FF 91 related components and the implementation of the FF cost reduction plan, some losses brought by the construction projects mainly related to the FF 91 plan are related to supplier molds, machinery and equipment.

The net loss in 2020 was $ 147 million, of which the total expenditure was US $ 64.94 million.

The change of FF's net loss in 2021 is due to the significant increase in operating expenses; the fair value measurement of the conversion premium of the bills payable and related to related parties, changes related to the discount adjustment of the original issuance, and the shareholding shares issued for specific borrowing issuance The fair value changes in the certificate; and the loss of the losses of related parties, the bills payable, and the supplier of the supplier, because it promised to issue A with Property Solutions Acquisitions Corp. in July 2021. Ordinary shares handle some related party bills, bills payables and suppliers in the trust.

FF said that in the fourth quarter of 2021, the test equipment was completed in the trial production area of ​​the Hanford Manufacturing Factory. The Hanford manufacturing plant covers an area of ​​about 1.1 million square feet. After completion, it is expected to support the production of 10,000 cars per year. According to the current timetable, FF management is expected to begin in the third quarter of 2022 in the production of the Hanford manufacturing plant.

As of March 31, 2022, 401 vehicles were reservations. The reservation has paid deposit and deposit can be refunded in full, without binding, and reservations for FF 91 Futurist Alliance and/or FF 91 FUTURIST, which are reservations for the company's initial FF 91 Futurist Alliance.

"We made significant progress in the fourth quarter," Faraday Future Global CEO, said, we have reached several important milestones in Hanford Manufacturing Factory, new first -level suppliers and new partners. In the logistics and supply chain environment, we are working closely with our partners to continue to be delivered in the third quarter of 2022. "

Dr. Bi Fukang further stated: "In early 2022, we signed an agreement to produce FF 81 in South Korea with MyOUNG Shin to ensure that we will achieve a large number of production and cash flow benefits and loss balance in the future. We also obtain a sales license from California, allowing us We sell our cars online in the United States. We are still confident to deliver FF 91 in the third quarter of 2022. At that time, we expect that Faraday Future will redefine the most advanced smart electric vehicles. "

Dr. Bi Fukang added: "The special committee composed of independent directors has completed an investigation of allegations related to historical disclosure, and submitted its investigation results and suggestions to the company's board of directors. It is going smoothly. On behalf of the entire management team, I thank the special committees, our financial and legal consultants, and members of the board of directors, as well as their commitment to allow the company to achieve the highest morality and behavior standards. I also want to thank all my colleagues and supply The support and trust of business and investors. I believe that this survey and our changes will help us build a stronger and better company. "

As of December 31, 2021, the total assets held by FF were US $ 907 million, of which the cash held was US $ 505 million, the restricted cash was $ 25.39 million, and the DEPOSITS was $ 63.37 million.

As of March 31, 2022, FF cash balance was US $ 276 million. Some reasons for the reduction in cash are after December 31, 2021 to March 31, 2022 to repay 97 million US dollars notes and interest payable.

Evergrande holds 20.5% of the second largest shareholders

As of April 30, 2022, Evergrande held 20.5%through Season Smart, which was the second largest shareholder; FF Top Holding held 36.2%, Founding Future Creditors Trust held 6.1%; On the day, FF equity structure

FF Top Holding is controlled by Faraday's future management. The Faraday Future Management Committee held 80%of FF Top Holding's shares of FF Global Partners of 100%, and another 20%was held by Jia Yueting's creditor's trust.

Jordan Vogel holds 1.6%. Jordan Vogel was originally the chairman and joint CEO of the "SPAC) Property Solutions Acquisition Corp.

The reason for Evergrande's FF shareholders was to enter the FF in 2018, but the founder of Evergrande Xu Jiayin soon and the FF founder Jia Yueting quickly turned over. On December 31, 2018, the FF controlled by Evergrande and Jia Yueting reached a restructuring agreement.

The reason why Jia Yueting did not directly hold FF was that in September 2019, Jia Yueting had resigned from FF CEO and served as CPUO (Chief Product & User Officer). FF subsequently appointed Dr. Bi Fukang as the global CEO.

In July 2020, Jia Yueting's personal bankruptcy reorganization in the United States was completed. The reorganization plan officially took effect, and the creditor's trust was formally established and started operation.

FF lifting the delisting crisis

FF was listed in Nasdaq in July 2021. This merger transaction will provide FF with about $ 1 billion in funds, including PSAC 230 million US dollars in cash in the form of trust. It is the first flagship product FF 91 in 12 months after the transaction. Provide funding support.

In October 2021, FF was short short while FF was short. In the short report, the J Capital Research agency said that FF would never sell cars, and said that FF founder Jia Yueting still controlled FF companies through the FF Global Executive Committee.

After the short report came out, Jia Yueting conducted a background in the first time. Jia Yueting said that the remarks of the short rice were fried in cold rice and nonsense.

However, in February 2022, FF said that the company had some weaknesses in terms of control and culture. As the person in charge of the company's highest management agency, Brian Krolicki has stepped down as chairman.

FF said that the board of directors appointed Susan Swenson as the chairman of the executive, Dr. Bi Fukang, the FF Global CEO, and the founder, chief product and user ecological officer Jia Yueting, the FF company directly reported to the executive chairman Susan Swenson, and both of them had a base salary of 25%.

In April 2022, FF received a letter from the Listing Qualification Department of the Nasdaq in the United States, indicating that the FF has not submitted its annual report as of December 31. The fiscal annual form 10-k ("Table 10-K") Essence The company does not meet the Nasdaq's listing rules.

According to the announcement, FF submitted a notice of delay in Form 12B-25 Form to the Securities and Exchange Commission on March 31, 2022, announcing that the company could not submit Table 10 in the prescribed time. The company needs more time to complete the additional investigation and remedy suggested by the Special Committee of the Director of the Independent Company, complete the company's financial statements and the quarterly reports of the Form 10-Q during September 30, 2021 and the related disclosure of Form 10-K.

Nasdaq also notified FF that if it fails to submit the third quarter of Table 10-Q and 10-K in the third quarter of May 6, 2022, it will cause the company's securities to delist notice.

As FF released the third quarter of the 2021 financial report and the 2021 annual report, the FF's delisting crisis was lifted.

American smart car market boom fades back

As of now, FF's stock price is US $ 2.46, with a market value of US $ 744 million, which is far from $ 4.5 billion at the time of listing.

Recently, Rivian, an American electric vehicle company, also released its financial report. The financial report shows that Rivian has no revenue in 2019 and 2020, and in 2021 revenue is $ 55 million; net loss is US $ 426 million, US $ 1.018 billion, and 4.688 billion Dollar.

Rivian reached $ 95 million in the first quarter of 2022, with a net loss of $ 1.593 billion; there was no revenue in the same period last year, with a net loss of $ 414 million.

As of March 31, 2022, the cash and cash equivalents held by Rivian were US $ 16.432 billion, and the cash and cash equivalents in the same period last year were US $ 18.133 billion.

As of today, Rivian's stock price rebounded to $ 26.7, with a market value of $ 24 billion, but compared with the highest peak period, the market value still fell to $ 100 billion.

The original is the electric car company Canoo. After experiencing the landscape of the market, Canoo was caught in a survival dilemma.

The financial report submitted by Canoo shows that Canoo is currently no revenue. The operating loss of Canoo in the first quarter of 2022 was US $ 140 million, and the operating loss in the same period last year was $ 97.07 million.

As of March 31, 2022, CANOO held US $ 105 million in cash and cash equivalents, with restricted cash US $ 3.45 million, assets and equipment value of US $ 224 million, and total assets of US $ 420 million.

Canoo pointed out in the financial report that the company's management has analyzed the ability of continuous operation and found major questions about the ability to continue operations.

Lei Dai was founded by senior media person Lei Jianping.