When can Jia Yueting turn over by FF91 without mass production?

How much competitiveness does FF91 still have?

When can Jia Yueting turn over by FF91 without mass production?

Financing, building factories, mass production of models, opening experience stores …… This is the regular process of selling cars for the new power of car making.

But Jia Yueting, who has always wanted to race against time, is not taking the usual path, and has taken the lead in opening an experience store before the vehicle has achieved mass production.

On May 25 (May 24, U.S. time), Faraday Future (hereinafter referred to as FF) announced that the first FF Futurist Experience Center was settled in Manhattan, New York, U.S.

This is also the first global experience center operated by Faraday Future itself. The completion of the center means that the public can see and experience the smart electric car FF91 for the first time in New York.

When can Jia Yueting turn over by FF91 without mass production?

Faraday Future FF91 New York Experience Center store, photo source Daily Economic News

FF China related staff said in response that the model will be available for delivery within a year after the company’s successful IPO, “The specific time of the FF91 launch has not yet been determined.” Faraday Future said the FF Futurist Experience Center will be open to the public until after the company’s IPO. And according to the plan to start delivery of FF91 within 12 months after the merger with PSAC, FF91 is expected to take the first half of 2022 to complete delivery.

Not only that, two days later, the SEC website disclosed again that PSAC has filed a new version of its 8-K with the U.S. Securities and Exchange Commission (SEC), “indicating that the audit process has been completed for the merger of PSAC and FF for the IPO, which is an important step before the IPO.” An internal employee of a head brokerage institution revealed to Connections Travel.

Unlike the past when FF only had bad news, FF has frequently released good news since entering 2021.

In January 2021, Jia reappeared in the public eye and announced that Faraday Future reached a definitive agreement with PSAC (a special purpose acquisition company SPAC) on a business combination, and the merger agreement is expected to close the transaction in the second quarter of 2021. Upon completion of the transaction, Faraday Future will trade on NASDAQ under the ticker symbol “FFIE”.

In addition, according to Sina Finance, FF also received financing from Zhuhai SASAC this year, and received OEM support from Geely and Foxconn.

However, Zhuhai State-owned Assets Supervision and Administration Commission related media personnel told Punch News that there are no disclosable matters about the participation in FF for the time being.

Although in the field of automotive, compared to the “slow” reaction of Xiaomi, drop, Jia Yueting as early as 2014 for LeTV planned a car ecological development of the “road to prosperity”. But with LeEco in the mire and Jia Yueting defeated in the United States, Faraday Future’s car-making road has been “in the mud”.

Now, Jia Yueting has been to turn over the chance of life on the car. But the current FF91 even if mass production, once ahead of its time technology has also become obsolete, not to mention also face a number of Internet car manufacturing enterprises and traditional car companies competition. Even if FF91 is mass-produced in the future, will it still be competitive?

Jia Yueting’s car making: first open store, then mass production
Before the car is mass produced, Jia Yueting first opened up the offline experience store of FF91.

Although the first experience center was opened in New York this time, the plans for test driving activities and other aspects of FF91 are still uncertain, according to the Daily Economic News.

A source close to FF China also said that Faraday Future is limited by funding and Faraday Future has not yet laid out an experience center on a large scale in New York. After the official opening of the Manhattan experience center in New York, Faraday Future will next set up a temporary showroom in the New York business district in the form of a flash store.

As to why the experience center was opened in New York, FF Global CEO Biff Kang explained, “FF91 is a product that defines a high-performance ultra-luxury electric vehicle , and he sets a new benchmark for the driver and passenger experience” “The New York region is not only an important market for electric vehicles, but also New York is an important market not only for electric cars, but also for luxury cars.”

In his opinion, “the FF Futurist Experience Center is a great way for the public to interact with FF’s products.”

When can Jia Yueting turn over by FF91 without mass production?

FF91 being built, image source Faraday Future official website

But this moment, compared to other car-making players, came a little late.

Since this year, Baidu, Xiaomi, Drip and other Internet giants have “joined the war” in this industry, announcing that they are joining as vehicle manufacturers, while Ali, Apple and Huawei are cooperating with traditional car companies as suppliers.

In the view of many people in the automotive industry, intelligent electric cars are the new wealth code, and Jia Yueting has been talking about the dream of making cars for seven years, and now he has waited for the windfall. The “difficult” fate of FF91 seems to have been foretold since FF was founded.

In 2014, Jia Yueting set up Faraday Future when LeTV was in the ascendancy, and then started a tortuous and “difficult” car-making road. After the funding crisis of China LeTV, coupled with the huge cost of building a car, on January 4, 2017, FF officially released its first electric car, FF91, in Las Vegas, USA, and announced that it would start delivering cars in 2018. At the same time, the inflection point of Jia Yueting’s dream of building a car also appeared in this year.

At the end of 2017, Punch News reported that only one employee of FF USA clocked in to work and there was no production equipment in the factory.

In September 2020, Bi Fukang, the father of BMW i8, replaced Jia Yueting as FF’s global CEO, promising In September 2020, the “father of BMW i8” Bi Fukang replaced Jia Yueting as the global CEO, promising to “guarantee with his own personality that FF91 can be delivered in mass production on time in September this year”, which was eventually also severely beaten.

“Who is the “difficult to produce” FF91? Similar to Tesla’s route, Faraday Future set FF91 as a high-end product opening. As Faraday Future’s flagship product, FF91 is said to be a “breathtaking car” from the official data released. From the beginning of the design, it was positioned at the luxury and high performance level, claiming to provide the most perfect experience for users.

When can Jia Yueting turn over by FF91 without mass production?

FF91 interior, image source Faraday Future official website

In terms of vehicle configuration, FF uses a three-motor design, with a 130 kWh battery pack as the powerful “heart” of the FF91 and a peak power of 783 kW and 1,050 hp for the motor, making it the world’s most powerful electric vehicle powertrain.

This system gives the FF91 an industry-leading range of approximately 378 miles (608 km) in EPA tests. That means one charge is more than enough to get from Los Angeles to Silicon Valley. The FF91’s 0-100km acceleration time is less than 2.4 seconds, which is said to be “beyond the acceleration of gravity”.

According to FF’s official information, FF’s three electric technologies (battery, motor and electric control) are all developed independently, and the news that “Faraday Future trapezoidal inverter” has won the US patent is also listed on FF’s official website.

Bifukang is proud of the fact that FF has the most advanced triboelectric system in the market: the energy density of the motor is the highest in the industry, the battery technology is also the most advanced, and the electric cells all go directly into the coolant, so each cell can be cooled very well. This allows for extremely high power input and output, that is, permanently very high charging power, can be charged very quickly.

Not only that, but in the first half of this year, the FF91 was newly upgraded with more passenger-centric features. It is reported that FF91’s rear passengers can manipulate FF91’s 27-inch Rear Passenger Display (RSD) with simple voice commands, including screen lift and in-car video conferencing while driving.

In addition to the hardware, the FF91’s software setup is also highly technological, with a total of 36 sensing devices to ensure passenger safety, following the multi-layer emergency system for air travel. In addition, it also supports unmanned valet parking function and multi-demodulator to support high-speed Internet access on the way.

The latest news about the production schedule of FF91 is that in March 2021 FF said that it is advancing to the final stage of product testing planning and has completed the second round of winter tests and experiments to prepare for the on-time release of FF91. And, its first production model, FF91, will also be completed for sale in the first half of 2022.

Who is helping Jia Yueting to build a car?
After a series of bumps in the road, FF has now come through and is ready to go public.

But if we rank the domestic car-making forces according to the time of entry, Jia Yueting is the earliest one, but he is the last one to walk through the car-making road as a “dream keeper”.

Until 2021, Jia Yueting, who was “suffocating for his dream”, came back again and made a big noise in the market. There is triple good news around FF: SPAC (Special Purpose Acquisition) listing materials will be submitted, FF and Geely reached a strategic cooperation, and will get 2 billion yuan of financing.

On January 27, according to Sina Technology, two major groups, including Gree and Huafa, led by Zhuhai State-owned Assets Supervision and Administration Commission, invested 2 billion yuan in Faraday Future founded by Jia Yueting. Immediately after that, Geely made an announcement that it had signed a cooperation agreement with FF, and Foxconn would jointly OEM for FF, and planned to invest USD 30 to 40 million in FF.

A day later, FF announced that it would complete a merger with SPAC, a U.S. special acquisition company, and prepare to seek a U.S. stock listing in the second quarter.

When can Jia Yueting turn over by FF91 without mass production?

Geely Holding Group and Faraday Future signed a framework cooperation agreement, source Geely Holding Group WeChat public number

A point of concern is that from 2017 to now, Jia Yueting has nearly 30 pieces of execution information under his personal name and owes more than 7 billion yuan, which, coupled with his long absence from China, has given the outside world an extremely negative impression of Jia Yueting.

Therefore, the focus of the outside world also focuses on who is the actual controller of FF, why FF can get new financing, and how FF, which has not launched a product for 4 years, can gain the trust of investors.

And such heavy doubts, or from FF this listing of investors and partners, to find some answers.

Compared to the previous, 2021, this time the financing booster compared to the previous team to expand a lot – Zhuhai state capital, Huafa, Geely and Gree. The most eye-catching is Geely, which has not been “auspicious” in 2020. Although the acquisition of Volvo, Geely’s development soared, but in the new energy vehicle market, has been in a marginal position.

According to Geely’s Hong Kong stock announcement, Geely’s car sales in 2020 were 1,320,200 units, down 3% year-on-year; new energy vehicles and electrified products accounted for only 5% of the total sales of 1,320,000. Meanwhile, Geely Automobile’s 2020 semi-annual report data shows that Geely’s net profit in the first half of the year fell by nearly half.

Therefore, the double decline in sales and performance had to force Geely to transform. Geely made it clear in its announcement about FF cooperation in January this year that it participated in a small amount of investment as a financial investor in FF’s listing, while providing talent and technology to support it in the role of OEM. This also means that Geely is not only assuming the role of a foundry.

The reason for Zhuhai state capital to consider investing in FF, a long-time automotive industry had analyzed to Geek Park, now whether it is the secondary market or ordinary consumers, are feeling the huge change opportunities in the automotive industry. But the epidemic environment in the market lack of good targets, temporarily unlisted Chinese companies are Weimar, high together, zero run, etc., with Chinese and overseas elements of the enterprise temporarily have two Byton and FF. The first three have sufficient funds or local government support, and Byton has also received support from Foxconn to start restarting, and FF may become the cake that the capital market is eyeing.

In addition, the Hefei government has invested 7 billion in Azera to “save the beauty” in less than a year, and has realized more than 100 billion in revenue, so that other local governments see the favorable results of investing in the new energy vehicle industry. So Zhuhai, in the face of FF’s financing needs, took Faraday Future as a ticket to new energy, to be the second Hefei. It is worth noting that both Gree Group and Huafa Group are enterprises under Zhuhai State-owned Assets Supervision and Administration Commission.

Another layer of relationship is that FF and Zhuhai do have a substantial layer of connection.

According to SkyEye, on December 14, 2020, FF set up a new company in Zhuhai, “Fafa Automotive (Zhuhai) Co. The legal representative Jia Chentao, in addition to serving as executive director and manager, also holds the position of supervisor of Leshi Ecological Automobile (Zhejiang) Co.

Since this year, there are more companies providing help for Jia Yueting to build cars, but even if Jia Yueting gets “assistance” from many parties to successfully mass-produce FF91, how much competitiveness does this car have today? Does FF91’s stunning and advanced design still have any advantages today?

How competitive is the FF91?
For new car makers, building a factory, releasing new cars, mass production and delivery are the key factors to consider the execution of the company.

FF technology is indeed very hard, especially in the electric vehicle three electric core technology, software, artificial intelligence and Internet and other aspects of the patent advantage is extremely obvious. At present, it has got more than 500 patents on new energy vehicle technology.

When can Jia Yueting turn over by FF91 without mass production?

FF91 undergoing alpine testing, source Jia Yueting’s public website

But now the new car makers have achieved mass production, and Azera, Xiaopeng and Tesla have already produced several cars, occupying a certain market share. So what does FF rely on to compete with other new energy vehicles?

According to the official information of FF, in terms of appearance, FF is equipped with a closed front face with penetrating LED light clusters and streamlined model frame; in terms of interior, according to relevant media reports, it has 11 screens and integrates car networking and artificial intelligence system; in terms of performance, FF claims that the car has a drive motor of up to 1,050 hp and the acceleration time of 100 km is only 2.39 seconds; in addition, in terms of range In addition, in terms of range, the car is equipped with a 130kwh power battery provided by LG Chem, with a range of over 700km under NEDC conditions.

If these configuration conditions were put into the market two or three years ago, there were only a few mass-produced new energy vehicles, FF may have a few competitive advantages. But in the current hot market, there is not much competitiveness.

When can Jia Yueting turn over by FF91 without mass production?

FF91 interior, image source Faraday Future official website

A practitioner in the field of automotive travel has analyzed to Connected Travel, “in the power battery and range, FF91 also does not occupy any advantage, because Tesla, Azera and other car companies have released a new battery plan, and the range has been pushed to 1000 km.”

In terms of intelligence and autonomous driving, FF has been “cut off” by many players. There are already “star” players such as Tesla, Azera, Xiaopeng and Ideal, and technology giants such as Ali, Baidu and Huawei have come to the forefront with traditional car companies, piling up to build cars.

Another point worth noting is that FF is suspected to have been confusing the concept of mass production vehicles.

In January 2017, when FF released the FF91, it called it a “production car”, which caused an uproar in the auto industry at the time. Many industry insiders believed that the FF91 was only an engineering prototype (ET) model, but the engineering prototype was still a long way from mass production.

And then, on December 9, 2020, Jia Yueting posted on social media that “the FF91 pre-production car was assembled and will join the existing test team to help continue to promote the FF 91 project.” According to the official video of FF’s pre-production car, the “pre-production car” Jia said was not produced from the production line, but almost “assembled” by hand. Even the plant where the new cars are built looks like a small workshop, not the location of the factory production line.

Even in the recently opened New York Experience Center store, test drives are not publicly available.

Several experts in the automotive field have publicly expressed their views that the mass production of FF91 is an almost impossible task. Because of its advanced configuration features, or to face the lack of supplier capacity, parts production can not keep up with the progress and other problems, mass production is almost impossible.

Now that the “east wind” of new energy vehicles is getting stronger, in the next year or two, the new energy mass production vehicles of the Internet platform may also come out one after another, making the competition more intense. As an industry insider expressed in an interview with the Securities Daily: “The core of the second half of the new energy car manufacturing is still the product itself.”

Although FF has been frequently sending signals that mass production is expected to be completed and has been emphasizing the reliability of its own technology and products, calling FF91 a “Tesla killer”, Tesla’s cumulative sales have exceeded 110,000 units by the end of last year.

From this aspect, FF91 is already a big step too late. Jia Yueting’s idea is very good, but in the new energy vehicle market, it can be said that he “got up early and caught a late start”.

(The header image of this article is from Faraday Future’s official website.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/when-can-jia-yueting-turn-over-by-ff91-without-mass-production/
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