Jia Yueting, who "suffocated" her dream for nine years, seems to have a chance to "breathe".

on the last day of March, Faraday Future (FF for short) held a production ceremony at hanford manufacturing plant in California, USA, announcing that its first flagship model, FF 91 Futurist, was officially mass-produced. According to the existing plan of FF, the first batch of FF 91 Futurist will be off-line in early April and delivered before the end of April 223.

From the explosion of LeTV in that year to leaving the United States to establish Faraday's future; Jia Yueting's dream of building a car can be said to be full of twists and turns, from the initial funding problem to the later contradiction with his partners. This plot can be made into a commercial blockbuster. Now FF Company has finally started mass production of FF91 Futurist. After many improvements and upgrades, this model seems to be on-line in appearance and performance.

It took nine years, and the blood loss was 24 billion. It seems that Boss Jia can avenge the past, exchange American leeks for China's debts, and even kill him back home.

But don't be so happy yet. With Boss Jia's consistent reputation, this dream of building a car may not be realized smoothly even if it is mass-produced.

after all, Jia Yueting has missed the best time to build a car.

it's already 223, and the new energy vehicle market has undergone tremendous changes.

If the FF91 debuted in 217, it can be described as "stunning". After many years, with a large number of new energy vehicle manufacturers at home and abroad launching various new energy vehicles, people have long been accustomed to the styling design, functional configuration and various intelligent functions of new energy vehicles. At this time, in terms of product strength, it is hard to say how many differentiated advantages there are in the mass-produced FF91, such as automatic driving, intelligent cockpit and dynamic performance.

on the other hand, the global economic slowdown, weak demand and the surge in the production capacity of new energy vehicles have made the competition in the new energy market enter the Red Sea stage.

Take China, the largest new energy market, as an example. In the fourth quarter of 222, Tesla once showed signs of overcapacity, so that it finally had to cut prices to digest its production capacity. At the beginning of 223, Tesla took the lead in price reduction, pulling almost all car companies into the "price war". In fact, at present, except Tesla and BYD, which can rely on scale and cost advantages to achieve profitability, other new energy vehicle manufacturers can only continue to reduce prices on the basis of losing money to protect market share.

then, how far the FF91 can go after mass production, which is positioned at the high end, but not differentiated, not to mention the advantages of scale and cost, will be a big question mark.

Lack of money is the biggest problem

Of course, what we lack most now is not the product strength, brand strength, scale cost and so on mentioned above. What should be lacking most is money. Especially for a new car-making enterprise, money is never enough. As long as there is enough money, most of the problems mentioned above are not problems.

but will Faraday have money in the future? Yes, but it may not be many. Since the appearance of FF91 in 217 and the announcement of mass production and sales in 218, it has experienced four ticket jumps so far, and every ticket jump is inseparable from money.

the first jump was the breakdown of the financing agreement between FF and Evergrande in 218; The second jump ticket was in 219 when FF claimed that financing was difficult, and it was postponed to mass production in 22 again; The third time is in 22, FF claimed to go all out to complete the equity financing targets including IPO. According to the production plan, FF 91 will start mass production about 9 months after the successful delivery of equity financing; After the fourth successful listing of FF in 221, FF promised to mass-produce FF91 in 222, but by 222, it claimed that it could not be mass-produced due to the additional financing time, scale and possibility.

due to the popularity of new energy vehicles, the valuation of new energy vehicle manufacturers has also begun to change. Except for a Tesla, we have seen a very big decline in the valuation of all listed new energy vehicle manufacturers. In the United States, RIVIAN；, known as the "Tesla killer"; In China, Weilai Ideal Tucki, together with Zero Run, which just went public last year, experienced a sharp drop in share prices. FF's share price has also dropped from an all-time high of $2.75/share to a level below $1/share for a long time. Even if it has been successfully listed, FF still can't get rid of the predicament of lack of money.

So, this time, it was Jia Yueting who got another $135 million in financing from nowhere to promote the mass production of FF91. But how long will it take $135 million to FF? It is definitely not enough.

if in the next 2-3 months, FF91 still fails to achieve mass production and delivery, and at the same time wins word-of-mouth and opens up sales in the market, proving that its own brand and products have market prospects, and then pushing its share price up to achieve refinancing, then this mass production will probably become a "show".

Write it at the end:

Speaking of "putting on a show", it can be regarded as Jia Yueting's specialty.

At the FF91 mass production ceremony, there was not a mass production vehicle, only a "frame" with FF logo was displayed. Chen Xuefeng, CEO of FF Global, also explained that this is actually the first production car that will be rolled off the assembly line at the manufacturing plant in hanford, California. But this whole car never showed up.

At the beginning of this year, in order to create momentum for mass production, FF also voluntarily revealed that it had signed a framework agreement with Huanggang, Hubei Province, and planned to move its future China headquarters to Huanggang. The headquarters will be jointly funded by the Huanggang Municipal Government Guidance Fund, related industry funds and FF***, and Huanggang will also provide FF with financial and policy support.

after all, everything, including this mass production ceremony, is for the capital. Without money, you can't do anything; But I can't do it, let alone get the money. In this case, Jia Yueting's "last battle" may not be able to jump out of this strange circle. (Text/Youshi Auto Gun)

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