From 2014 to 2024, Jia Yueting has been making cars for 10 years, and in 10 years, many companies have gone from nothing to listing; In 10 years, the sales volume of many companies has increased from 0 to hundreds of thousands.
However, when some new car-making forces such as Ideal, Weilai, Xiaopeng, and Wenjie in China developed rapidly, Jia Yueting has only delivered 10 cars so far.
With poor performance, Jia Yueting was also successfully abandoned by the capital market.
Whether everyone admits it or not, Jia Yueting is indeed a business wizard, and a financial master, in the past ten years, FF has never been able to mass production, many people have completely lost patience with FF, but Jia Yueting can fool investors to invest money in him again and again, and stop on the edge of the cliff again and again.
The most incredible thing is that FF obviously has no revenue and no profit, but Jia Yueting successfully went public in 2021.
In January 2021, FF was listed on Nasdaq through a backdoor SPAC, and after the transaction was completed, the new company was valued at about $3.4 billion (about 219.9 billionRMB 8.8 billion); On July 22, 2021, Faraday Future was officially listed on NASDAQ.
After Faraday Future was listed, Jia Yueting also saw hope, and thought that there would be better financing channels to raise funds after the listing, but the capital market did not pay for Jia Yueting, Faraday Future's listing was the pinnacle, and then it continued all the way, and as of now, Faraday Future's stock price is only 0Around $083, compared with $17 at the beginning of the listing, a drop of more than 99%.
Because the stock price has been below the minimum trading price of $1 for a long time, Faraday Future has also been warned by US regulators to delist.
On December 28, 2023, Faraday Future received a notice from NASDAQ** Market LLC regarding delisting or non-compliance with the rules or criteria for continued listing.
According to the Nasdaq Listing Rules, Faraday Future has 180 trading days (i.e. before June 25, 2024) to re-comply with the minimum ** price requirement, and during these 180 trading days, Faraday Future** must reach or exceed US$1 per share for at least 10 consecutive trading days in order to continue to be eligible for listing, otherwise it may be delisted at any time.
But given Faraday Future's current development, can they get the stock price back to a dollar? Jia Yueting is working hard, but I don't think there's much hope.
Whenever Jia Yueting encounters difficulties, he is always able to turn the crisis into safety with his three-inch incorruptible tongue, and Jia Yueting does have a certain skill and can always resolve the risk.
In fact, this is not the first time that Faraday Future has received a delisting risk warning, at the beginning of 2023, Faraday Future received a warning from Nasdaq, because in the 12 months ending the fiscal year ended December 31, 2021, Faraday Future has not held an annual general meeting of shareholders, and the company does not meet certain requirements for continued listing, so it was issued a delisting warning.
In order to keep the shell of the listed company, Jia Yueting also used his own skills, although Faraday Future was in difficulty at that time, but in May 2023, he still successfully delivered the first car, and continued to deliver the second car in August, after Faraday continued to deliver vehicles, the market's confidence in Jia Yueting has recovered to a certain extent, but in the entire 2023, Faraday Future will only deliver 10 cars, which is obviously too far from the market's expectations, and Jia Yueting's boast is also very large.
Therefore, the market has lost patience with Jia Yueting, and the stock price is the truest performance.
In order to resolve this crisis, Jia Yueting began to repeat his old tricks and began to show his personal storytelling skills.
On January 8, 2024, Jia Yueting published ** on the online platform, in which he mentioned: "Why has our ** chain always supported us? Because FF is a one-of-a-kind company. ”
Jia Yueting is still full of confidence in Faraday Future, in his opinion, FF is an all-round car with no shortcomings, and he clearly mentioned that "in the current industry, only FF uses the top components, products, and technologies." So they (** chain) are very willing to use FF as a testing ground for new products and new technologies. ”
In fact, Jia Yueting's boasting is just to find some excuses for Faraday's future decline, but no matter how big the pie is drawn and how well the story is told, it can't stop the decline of FF.
In 2017, Jia Yueting left the mess of LeTV and went to the United States alone, everyone thought that after he went to the United States, he would be able to continue his car dream and achieve a perfect turnaround with his car.
And Jia Yueting often says that he will return to China next week, but so far he has been out for 7 years, and returning to China next week has become far away, and the most important thing is that he has only delivered 10 cars in 10 years, which is too bad.
In the past 10 years, Faraday Future has burned a lot of money, but so far it has still not been able to complete self-hematopoiesis, and according to Faraday Future's pricing and influence and the current automobile market pattern, it is difficult for Faraday Future to tear a road, and it is also difficult for Jia Yueting to turn over.
We do not deny Jia Yueting's ideal of building a car, we do not deny that FF91 is a good car, but it was born at the wrong time.
On the one hand, Faraday Future's pricing is too high, with a car costing more than 300,000 US dollars, equivalent to more than 2 million yuan, and there are not many consumers who can afford such a high cost.
But for those who can afford Faraday Future, they have more options, including Bentley, Mercedes, Rolls-Royce, and even BYD's Look Up U8 are all good alternatives, so why should everyone pay for Faraday Future? Is it because Jia Yiting's story is well told?
You must know that other brands have only gained a firm foothold after being strictly tested by the market and recognized by the market, but so far Faraday Future has only delivered 10 cars, which have not been fully recognized by the market, and the so-called top technology is determined by Jia Yueting.
But for those who can afford to buy more than 2 million vehicles, they are not so easy to fool, they are rational enough, and no one pays for a car that is not certified, unless the real money is not spent.
On the other hand, Jia Yueting's logic of taking the car is reversed.
Under normal circumstances, automobile manufacturers are starting from the low-end to the high-end, starting from the low-end cars, so that the error component is relatively low, and the potential consumer group is relatively large, which can expand the company's revenue and profits, so that the company has more funds to engage in research and development, to expand the market.
After the enterprise has a certain strength, and then intervene in the high-end market, this step by step is the best way out, and the development pace of some domestic new energy vehicle manufacturers has also proved that from the low-end to the high-end is the right route.
However, when Jia Yueting built a car, he had to climb to the sky in one step, and before the foundation was laid, he had to build a high-rise building, which led to Faraday's future being in jeopardy.
Although Jia Yueting's top luxury car has been built, but the market performance is mediocre, according to the current FF911 performance, the future is not expected to have much sales, and the profit is not enough to cover the cost of Faraday Future, so Faraday wants to further expand, can only rely on external financing, but according to the current performance of Faraday Future in the capital market, it may be delisted at any time, and it is unknown whether it can be successfully financed in the future.
If Faraday Future can't regain the confidence of the market with its excellent performance or some outstanding performance in the next 133 days, then Jia Yueting estimates that it is really at the end of the road, and it is almost impossible to turn over.