FF “blind box” type listing, Jia Yueting tears in his eyes again

Faraday Future was successfully launched and the first model FF91 is about to be mass-produced, but there is not much space left for Jia Yueting on the track.

‍‍Jia Yueting was sitting in the back row of FF91, with a smile on his face and tears in his eyes. He personally introduced the story of FF91…

US stocks opened at 21:30 on July 22, Beijing time. After experiencing the highest increase of nearly 50% before the market, Faraday Future (FFIE.US) opened up 20%, but then opened higher and lowered, and finally closed at 13.98 yuan, only up 1.45%. In any case, Jia Yueting’s Faraday Future is finally on the market.

Previously, FF used the shell company PSAC to raise funds through SPAC after undergoing many PPT financings and repeatedly tossing, the amount reached 1 billion US dollars.

On the eve of the listing, there were some episodes. The cornerstone investor Zhuhai SASAC, who was originally scheduled to invest US$175 million, will not take a stake in FF due to foreign exchange factors, but will start in-depth cooperation in China after it goes public. In addition, Evergrande Motor, which holds 20% of FF shares, swept away from the continuous decline and rose 20.3% on the 22nd.

At the same time, Faraday Future’s IPO conference was held in the United States, but the main communication direction is still China. Sitting in the back row of FF91, Jia Yueting smiled, with tears in his eyes, and personally introduced the story of FF91…

01 The car-making story from 7 years ago

As early as 2014, when he was music as CEO of Jia Yueting released a micro-Bo announced the opening music, as the special education can be an electric vehicle program. At that time, LeEco was the first Internet company to announce that it would build a car.

Subsequently, LeTV supercar LeSSE’s first ultra-high-end Internet unmanned electric concept car was released. In October 2016, an upgraded version of LeSEE’s concept car, LeSEE Pro, was released in San Francisco, USA.

However, Jia Yueting’s car-building plan is still being questioned by all parties. In the same year, the break of the capital chain caused LeTV ‘s business to quickly come to a halt, and LeTV’s car-building plan was also stranded.

In 2017, LeEco car changed its face, and Faraday Future’s first concept model FF91 was released. Jia Yueting said that it has disruptive innovation, breaking the boundaries of the Internet, autonomous driving, and AI, and reconstructing the value of the car. Now, with the successful listing of Faraday Future, FF91 is finally officially available.

As a flagship product, the FF91 is naturally full of gimmicks. Its length, width, and height are 5250/2283/1598mm and a wheelbase of 3.2 meters, which is consistent with competing models such as Rolls-Royce Cullinan and Maybach s600l. The price is as high as 100,000 to 180,000 US dollars, and the domestic estimate is more than 2 million yuan.

In terms of powertrain, the FF91 is driven by three high-performance motors, which can reach a maximum of 783kw, 1050 horsepower, a peak torque of more than 1800Nm, and an acceleration from 100 kilometers in 2.4 seconds. The torque vectoring function of front drive, rear drive, four-wheel drive and four-wheel steering is optional; in terms of battery system, the FF91 battery has a capacity of 130kWh, a battery energy density of 187wh/kg, and a NEDC battery life of 700km.

In terms of user experience, FF91 is equipped with a 60-degree elevation angle zero-gravity seat, which can switch between three seat modes, and combined with a 27-inch rear display to form a rear Internet ecosystem. Each seating area has a face recognition function, which can be set according to the user’s personal preference.

FF "blind box" type listing, Jia Yueting tears in his eyes again

The core of FF91 is the modular electric platform VPA and variable power architecture, which can match different power and endurance by adding or subtracting the module string; it can also be configured according to different motors and power systems. Carry out size adjustment to support various types of passenger and commercial vehicles, which is conducive to FF’s development of a variety of automotive projects.

In fact, as early as January 2021, Jia Yueting’s Faraday Future has revealed his plans for four new cars: Before 2025, a total of three passenger models and one electric truck will be launched, all from the VPA platform. In addition to positioning the ultra-luxury flagship FF91, the company will successively launch FF81 and FF71 series models.

FF81 is positioned in the luxury mid-to-large SUV class, and is priced against Telsa Model X, BMW X5, Land Rover Range Rover Sport and other models, priced from 59,000 to 95,000 US dollars; FF71 is positioned as an entry-level SUV, priced from 45,000 to 65,000 US dollars, yes Standard Tesla Model Y, Mercedes-Benz GLC, BMW X3 and other models.

As for the electric truck Smart Last Mile Delivery (SLMD), it is actually a small electric logistics truck in essence. In the context of the rapid growth of the fast-growing e-commerce market, its high-end autonomous driving capabilities can solve the last-mile freight problem, thereby reducing the labor cost of logistics companies. SLMD is scheduled to be released in 2023 but there is no specific time to market.

FF "blind box" type listing, Jia Yueting tears in his eyes again

It can be seen that the strategic planning of FF products is roughly the same as that of rivals such as Tesla and Weilai. They are all based on high-priced models to create a high-end and luxurious brand image. Then they will launch mass- market low-end models and sink into the mass market. . However, the ideal is very full, the reality is very skinny, and the real FF models are still at the stage of a black sketch.

Therefore, this flagship model with a price of more than 2 million yuan is of great significance to Faraday Future. Jia Yueting’s suffocated dream needs to rely on FF91 to breathe again.

On July 16, FF’s official Weibo announced that it will hold an Investor Day event at its Los Angeles headquarters on September 21, 2021. It will showcase the world’s only new species, FF91, which is the world’s only technologically advanced species that leads the industry in terms of product technology, and arranges trials Take a test drive activity. Subsequently, its official website and App showed that the FF91 mass production version has been officially opened for pre-order, and users need to pay a deposit of 50,000 yuan, which is fully refundable. And when it goes public, it still needs to wait until 2022.

FF "blind box" type listing, Jia Yueting tears in his eyes again

To be sure, FF91, which has been open for reservation, has not left the blind box state.

What is the future market feedback of FF91? Is the price of more than 2 million yuan reasonable? Its twin brother model HiPhi-X may be able to reveal the answer for us.

02 twin brothers

Where are the twin brothers? The reason is also attributed to the founder of Gaohe Automobile, Ding Lei.

Ding Lei, formerly General Manager of Shanghai GM, Vice President of SAIC Motor and Deputy District Chief of Pudong New Area. After going to the sea, Jia Yueting took a fancy to his abilities and resources, and pulled him into the group. In this way, he became the co-founder of LeTV Super Cars, global vice chairman, and CEO of China and Asia Pacific.

After the LeEco crisis broke out in 2017, he stepped down as the president of LeEco Motors and cooperated with the local government to establish Huaren Express Technology Co., Ltd., and the HiPhi car brand was born.

As a co-founder, LeEco’s projects are all done by Ding Lei himself, so it is not surprising that the appearance and design language of HiPhi-X resemble FF91.

In March 2021, HiPhi-X, a subsidiary of Gaohe, was officially launched, priced at RMB 570,000-800,000. Rolling the Weilai ES8 can be regarded as the most domestic electric. In terms of body size, the length, width and height are 5200/1990/1618mm respectively, and the wheelbase is 3150mm. The data is very close to FF91.

In terms of power, HiPhi-X is driven by dual motors with a maximum power of 440kW and a peak torque of 820Nm. The drag coefficient of the vehicle has reached 0.27Cd, and the official speed for 100 kilometers acceleration is 3.9 seconds. One of the two brothers is really fast, and the other is fast and really perverted.

Looking at its shape, it is exactly the same as FF91. To put it nicely, it can be said that it is based on the strengths of each company. It has the smoothness of supercars, the high vision of an SUV, and the large space of an MPV. It’s hard to say, not next to anyone, like a high-profile four unlike.

FF "blind box" type listing, Jia Yueting tears in his eyes again

Both cars have L3 level autopilot capability. The rear doors adopt the same style of Rolls-Royce side-by-side doors. HiPhi-X also imitates the Tesla Model X, with a gull-wing door added to the top of the rear door. On Faner alone, Gaohe is even better.

However, it is well known that the eagle wing door of Tesla Model X has been labeled as “slick” by people because of problems such as failure to close, high cost, and water leakage. Under such circumstances, HiPhi X will inevitably cause controversy. After all, a brand that has not proven itself, has no core technology, but is equipped with as many as 6 ways to open the door at the same time, which is quite “grandma”.

Compared with Faraday Future, Gaohe is obviously more pragmatic.

Ding Lei first followed the example of NIO and chose to use the Kia factory contract manufacturing method to make the real car land for sale; then accelerated the channel construction, opened the Gaohe Automobile Center in the core area of ​​the first-tier cities, and built a direct sales service network; finally achieved mass production delivery , And look for opportunities to go public to attract investment.

“Chinese Express does not exclude capital, but our financing is directional and not open to the public.” The executives of Chinese Express once said that there are central enterprises injecting capital and the company already has a listing plan.

Ding is very smart, he spotted Zhong country’s new energy blue ocean market, among a repairer of the new forces, the use of music as automobile waste heat launched a high co-Hiphi-X. However, in today’s new energy market, the pattern and advantages of the new forces are very obvious.

Xiaopeng, Weimar, and Nezha are in the three-legged position at level 15-30. The ideal family is at the top of 338,000, while Weilai firmly occupies the market of 350,000 to 600,000. When it comes to NIO, high-end luxury is its endorsement compared to other domestic rivals, and Gaohe HiPhiX and Faraday FF91 are even more NIO. Together they face, belongs to ultra-high Chinese new energy automobile market of the Red Sea.

03 High-end that can’t sell

As everyone knows, the current 600,000-level new energy field belongs to the Red Sea market, and only Tesla has a smooth flow; and the traditional luxury brands in the past have also failed. For example, Mercedes-Benz EQC, even with the aura of the Mercedes-Benz brand, cannot support its initial price of nearly 600,000 yuan.

FF "blind box" type listing, Jia Yueting tears in his eyes again

The data shows that the sales volume of Mercedes-Benz EQC in 2020 is only 3863 units, accounting for 0.63% of Beijing Benz ‘s share. The sales volume only eased after the launch of the low-priced model of 400,000 yuan. The Audi E-tron sales are even more bleak, with only 40 units sold in 2020, which is obviously unacceptable. Of course, its price of nearly 700,000 yuan is also one of the main reasons.

FF "blind box" type listing, Jia Yueting tears in his eyes again

The domestic market performance of HiPhi-X, which is already on the market, is not optimistic, although Ding Lei claimed that HiPhi-X has received more than 4,000 orders since September last year. However, according to the statistics published by the Association, the monthly sales volume of HiPhi X since 2021 was less than 100, and the sales volume in February was only 24. The best performance in April was not supported by the Shanghai Auto Show. A mere 91 vehicles were sold.

It is unknown how much of the more than 4,000 orders from Ding Lei’s mouth can ultimately be converted into real sales.

Against this background, does FF91 still have a chance? The answer is no.

Obviously, the price of Faraday Future’s FF91 is as high as 2 million yuan or more. The target audience is not the general public, but the bigwigs who are most seeking new technology.

And these bigwigs may change the future of FF by moving their fingers.

According to FF’s self-report, since its establishment, it has invested more than 2 billion U.S. dollars and has received more than 14,000 orders. However, its official website and app have just begun to accept official reservations recently, and test rides will be offered in September 2021. In just a few days, where did Jia Yueting find more than 10,000 people, and at the same time possess the ability and courage to open more than 2 million blind boxes.

However, what Faraday Future faces at this moment is far from the time to find a buyer for FF91. The successful listing has provided it with 1 billion US dollars of funds, not only for the mass production and delivery of FF91, but also for the construction and operation of its production base.

One of its three major production bases, the Hanford manufacturing plant in California, will not be completed until 9 months after the launch; the South Korean plant is expected to be completed in the second half of 2023; and the domestic foundry should have been jointly funded by the Zhuhai State-owned Assets Supervision and Administration Commission At this stage of construction, I don’t know what it is.

The launch of Faraday Future continues to deliver not much oxygen to Jia Yueting, who was once suffocated by his dreams, but the road to home that belongs to Jia Yueting is still far away.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ff-blind-box-type-listing-jia-yueting-tears-in-his-eyes-again/
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