On July 2, 2020, Jia Yueting, a celebrity in China's business circles, released a letter entitled "work hard and start a business, restart life, with my apology, gratitude and commitment" to all creditors, investors, LETV shareholders and friends who care about him through microblog. The letter announced that: the personal bankruptcy reorganization applied for in the United States was finally completed, the reorganization plan was officially effective, and the creditor trust was also formally established and began to operate.
Since then, its microblog dynamic has been stuck in this open letter with more than 4.81 million readers.
On November 13, Jia Yueting, who was determined to change and restart, spoke on the public platform for the first time after more than four months.
"Key technology comparable to Tesla"
Product and technology innovation is the core value and driving force of the next generation of automobile industry reform. FF will continue to concentrate resources, concentrate on investment, and continue to play a leading role in the industry.
FF presents a research result of Randolph square IP (RSIP), a patent data analysis company
FF's diversified patent portfolio is more powerful than many leading OEM manufacturers in similar technologies. Especially in the key technology, FF's electric vehicle patent portfolio is comparable to Tesla.
To this end, some netizens said that "FF car is still in the PPT stage ", and some netizens called for" put aside prejudice and look forward to mass production ".
FF released a detailed press release on the official website on November 10.
Concretely, the of the RSIP study are as follows:
FF has nearly 880 patents being applied for or granted worldwide, of which 530 patents are related to vehicle components, technology and manufacturing process, which ranks first among similar young start-ups.
The patent portfolio has been widely cited by many leading OEM manufacturers, and the diversified patent portfolio has surpassed many OEM manufacturers in the same technology, such as Toyota, Ford, Honda, etc.
FF's electric vehicle patent portfolio is comparable to Tesla in key technologies.
In addition to the core technology of electric vehicles, many patents of FF are related to I.A.I (Internet, autonomous driving, and intelligence).
According to the press release, FF is demonstrating its strong momentum in automotive innovation and technology.
From CEO to "worker"
In May 2014, Faraday future (FF) was established with Tesla as its benchmark and target. Its headquarters are located in Los Angeles, California, USA.
2017 is a special year for FF.
At that time, the LETV system had begun to collapse, and Jia Yueting took FF as an opportunity to turn around and fly to the United States to focus on car building.
On January 4, 2017, Jia Yueting released FF 91, the first mass production model of FF, at the CES exhibition, which could be regarded as a great momentum.
On December 13 of the same year, FF announced that it had completed a round of financing of US $1 billion, and Jia Yueting was appointed the Global CEO and chief product officer of FF,This is also the first time FF has appointed a CEO since its inception.
However, due to the collapse of Jia Yueting's "LETV Empire", FF's fate was deeply shadowed, and FF 91 lost its luster at CES 2017.
At that time, foreign media reported that FF's US factory was "dilapidated and depressed, with weeds and no production equipment"
A more intuitive example is that FF did not apply for a booth at CES 2018 one year later, only a small range of off-site test rides were provided. At that time, according to the feedback from the participants, FF 91 was far from what it was portrayed at that time.
Shortly after that, in mid February 2018, FF held the first two-day global supplier summit in the R & D headquarters of Gardena, California. Nearly 200 people from more than 100 suppliers around the world were invited to attend the meeting.
At the summit, Jia Yueting, who was reluctant to return home, finally showed up to promote his "dream of making cars":
FF 91 is not only an electric vehicle, it is a new species, but also a third Internet living space. It is a car robot, and even knows you better than yourself.
On September 3, 2019, one month before the formal release of the personal property reorganization plan due to claims, Jia Yueting resigned as CEO of FF and became cpuo (chief product and user officer) under pressure from various parties.
As a former BMW executive, Carsten breitfeld, who has a lot of industry resources and helped to start the electric car start-up Byron, took over as CEO.
Since then, Jia Yueting's role was just as he said in his open letter:
It is no longer the holder of FF equity, but the employees who work with entrepreneurial mentality and entrepreneurs who start their own businesses by way of working.
Can life be restarted?
As the first mass production vehicle and flagship model, ff91 is related to the success of FF; when ff91 will be mass produced is also a problem of considerable concern.
In order to achieve mass production, FF has been doing two things: burning money and raising money.
At the global supplier summit in February 2018, Pablo UCAR, vice president of FF supply chain, announced his goal: to deliver FF 91 by the end of 2018.
On the same day, the foreign media business insider disclosed that FF had won a total of $1.5 billion in new investment, of which $550 million has entered FF's account - but this still can not change the fact that FF is short of funds. After all, FF has burned up 2 billion dollars in recent years.
The fund status of FF can be seen from the following data:
As of July 2019, FF had only $6.8 million in cash.
In December 2019, Jia Yueting's lawyer said that FF's cash might have been unable to support the company's operation for another 60 days.
Fortunately, FF received a US $9.1 million special epidemic loan in April 2020.
Earlier last month, FF appeared in the news - Reuters reported that Mr. Bi said he planned to make a public deal through a reverse acquisition with a special acquisition company (SPAC).
In other words, FF intends to backdoor listing overseas. Compared with the traditional IPO, this SPAC listing method has the advantages of short process time, low cost, strong certainty and high M & a valuation.
To this end, bificom also made a response:At least $850 million is needed to drive ff91 mass production.
At the end of the press release issued by FF on November 10, there was a line as follows:
According to the mass production launch plan, FF 91 will start mass production about 9 months after the successful completion of a round of financing.
It can be said that financing has become the key to promote the mass production of FF 91.
At this time, we can not help but think of another company - LETV.
In November 2004, LETV was established.
In the following six years, LETV continued to grow and become the first Internet video company listed on A-share on August 12, 2010.
At its peak in 2015, LETV's share price even reached a historical high of 179.03 yuan, and its market value exceeded 170 billion yuan.
Behind this, LETV's development strategy is nothing more than investment and acquisition - in general, it is burning money.
What followed was the collapse of illusory prosperity.
Finally, LETV completely withdrew on July 21, 2020, and finally failed to usher in the 10th anniversary of its listing.
In an open letter on July 2, Jia Yueting wrote:
Although the external evaluation of the Internet ecological model I created is undoubtedly successful, but an unavoidable fact is that I am the first person responsible for the collapse of LETV system overnight. I firmly believe that the past successful experience and failure lessons will be the valuable wealth of FF towards success.
In the past, LETV is no longer popular. This time, it is claimed that the patent portfolio of key technologies surpasses Tesla's FF. Can it help Jia Yueting restart his life, fulfill his promise and "embark" on his way home?