On March 14, Faraday Future (hereinafter referred to as FF) announced a "difficult decision". The company will adjust its non-core assets and decide to sell its owned North Las Vegas over 5,000 US dollars for more than 5,000 US dollars. Mu of industrial land.
According to the "Securities Daily" reporter, the land that FF decided to sell is the land purchased by the Apex Industrial Park in northern Las Vegas in Nevada in 2015, covering an area of 900 acres (about 5,463 acres). Prior to this, Jia Yueting planned to build a production base for FF on this land.
According to FF, the total area of 900 acres (about 5,463 acres) of land has been repaired several times before, of which 700 acres (about 4,250 acres) have fully equipped for immediate industrial construction conditions.
Nevada factory abandoned
"Securities Daily" reporter noted that FF's purchase of the Apex Industrial Park in northern Las Vegas was placed in 2015. At that time, Jia Yueting wanted to build a FF production base on this land and made a $1 billion investment in Nevada. Promise of.
On February 15, 2017, FF announced that the company will deliver the FF91 smart electric vehicle in 2018 and revealed that it has invested 120 million US dollars for the project. Then, on February 17, Jia Yueting said on social media that FF Nevada The second phase of the first phase of the plant construction project has been opened and entered the key tendering phase. At present, a number of global and US top suppliers have submitted proposals.
However, two months after the “enter the bidding process”, the media visited the plot on the spot, saying that the project site was still desolate and there were no signs of construction. At the same time, FF has owed tens of millions of dollars to local governments and builders, and reports of worrying about car-making plans are frequent.
On July 11, 2017, FF suddenly announced that it would suspend its construction in North Las Vegas, Nevada, USA. "FF has adjusted its construction plan, and the factory is looking for another place, but the Las Vegas factory. Continue to retain. The company will achieve mass production of FF91 in 2018 according to the established strategy." In September of the following year, it was reported that the “FF Nevada factory project has been completely terminated”, but it was firmly denied by FF and Jia Yueting.
Continued financial deterioration, along with financing has yet to make a substantial breakthrough, a paper statement on March 14th means that FF will completely abandon the Nevada factory. As another remaining delivery plant, FF said that the company will strive to build the California Hanford plant into an ultra-luxury electric vehicle production base based on advanced technology applications and the UP2U concept, where users can participate in the entire process.
At the same time, FF said that it will raise enough funds during the year to bring FF 91 to market as soon as possible and prepare for the mass production of FF 81 in the future. At present, many global investors have expressed interest in investing in FF.
Money is rushing to sell money
In fact, since Jia Yueting flew to the United States, almost every other time, there will be negative rumors such as claims for rights defending, assets being repaid, and frequent resignation of personnel. In October 2018, FF first announced large-scale layoffs and pay cuts; since then, several suppliers and contractors have filed several lawsuits, including German auto contractors, US marketing agencies, design companies and a number of manpower. Resource companies, etc., even broadband and vending machine companies have filed debts with FF lawsuits.
At the end of last year, FF had a long-running equity battle with a well-known domestic real estate developer. Although the two sides later announced a "close truce," hundreds of FF employees who had been forced to take unpaid leave were told that the company was not enough. The funds allowed them to rework.
In this regard, FF said that the company is facing a severe cash flow crisis and has to take further cost-cutting measures to deal with the current financial situation, including but not limited to further take-off measures.
At the beginning of this year, as the name of Jia Yueting or the most valuable asset, Shimao Gongsan, which has an evaluation price of 3.289 billion yuan, has a starting price of only 2.302 billion yuan, which is 700 million yuan lower than the purchase price. However, it was such a super-person setting reminder that attracted nearly 45,000 times of large-scale legal shooting, but because there was no buyer bidding, it ended in a dramatic ending.
It is worth mentioning that when the "Securities Daily" reporter mentioned that Jia Yueting borrowed and sold off many of his luxury homes and assets to borrow and repay debts, the FF official said that "individual media exaggerated interpretation. Mortgage financing means It is legal in itself, which shows that Lao Jia is doing his best to build a car."
(Article source: Securities Daily)