Faraday Future (FF, FFIE, with a stock price of $5.24 and a market value of $64.8715 million), whose stock price has skyrocketed by nearly 90%, has attracted attention from the public.
On September 4th local time, FF's stock price rose by 88.92% during trading and closed with a 52.77% increase. On the news front, FF founder Jia Yueting announced on his personal Weibo account on September 3rd that FF officially launched the "People's AI Car People's Choice Co Creation" questionnaire survey activity on September 4th, inviting global technical talents to participate in the co creation of FF's second brand.
Sina Weibo (@ Jia Yueting)
According to Jia Yueting, the above-mentioned survey questionnaire of FF will be conducted through online voting, offline experience communication and other forms, and the first stage of the questionnaire survey will be completed before the "919 Launch Conference" (FF China US Automotive Industry Bridge Strategy and Second Brand Launch Conference). We hope everyone can participate in the process of serving the second brand strategy and product definition, and work together to create mass market explosive models that meet the needs of the American market, "Jia Yueting said in the video.
According to the plan, FF will hold the "FF China US Automotive Industry Bridge Strategy and Second Brand Launch Conference" on September 19th to share more information and execution plans. The holding of the '919 press conference' is an important milestone for FF's second brand to officially launch and enter the substantive stage, "said Jia Yueting.
Accumulated delivery of 13 vehicles
In June of this year, Jia Yueting revealed to the public that "FF is considering launching a second brand under the 'China US Automotive Industry Bridge Strategy' and launching mass market models for Volkswagen
At that time, FF was unable to purchase parts due to a shortage of funds and had not delivered a new car for four months. On June 13th, FF announced the completion of the delivery of a new car to a senior individual investor user. This is the 12th FF 91 2.0 Futurist Alliance delivered by FF since its mass production delivery in 2023, and also the first delivery completed by FF after a four month hiatus in delivery work.
The restart of SOD2 (Phase 2) this time may be a very small thing for many mature companies, but it is a very important milestone for the current FF, and may even be a turning point, "Jia Yueting once admitted.
FF Global CEO Matthias Aydt stated that as long as the required component funds can be raised before completing the strategic investor financing, FF will strive to deliver one new car per month.
On August 13th, FF completed the delivery of its second FF 91 2.0 Futurist Alliance vehicle since SOD2 reboot. It is worth mentioning that this is not only the 13th car delivered by FF since its official mass production in 2023, but also the 13th car delivered by FF in more than ten years since its establishment.
Enterprise image supply
On May 31, 2023, FF 91 2.0 Futurist Alliance was officially launched, priced at $309000 and limited to 300 units worldwide. But it wasn't until August 14, 2023, that FF truly delivered the first car of Faraday Future 2.0.
Regarding the market positioning of its two brands, Jia Yueting explained that FF brand focuses on the top tier market, and its most distinctive feature is that it cannot achieve large-scale volume expansion. The second brand mainly focuses on the tower base market and tower waist market, pursuing scale.
Recently, Matthias revealed that FF's second brand will focus on the price range market of $20000 to $80000 (approximately RMB 140000 to 570000), and achieve a leap in cost-effectiveness by transferring the core technology of FF 91, a flagship model priced up to $300000, to the second brand models.
Jia Yueting emphasized that FF has sufficient successful experience and innovative models in the mass market.
Loss narrows, with total book assets of approximately $458 million
Shortage of funds has been the crux of FF's long-term operational difficulties.
On August 15th, FF released its Q2 2024 financial report, which showed that Faraday Future achieved a cumulative revenue of approximately $295000 in the first half of 2024; Under the significant reduction in research and sales costs, the net loss decreased from approximately 270 million US dollars in the same period last year to approximately 157 million US dollars.
From the above data, it can be seen that FF's performance is developing in a positive direction. However, the overall financial pressure on FF remains severe. According to the financial report, as of June 30th, FF's total assets on paper were approximately $458 million, total liabilities were approximately $309 million, and net assets were approximately $149 million. Moreover, the cash used for FF's operational activities is only $29.1 million.
FF stated that it expects its operating costs to continue to narrow year-on-year within 2024. Based on the current business needs and funding situation, the company has made adjustments to its operations and staff size, and will continue to promote the production and delivery of vehicles.
In fact, since its listing, FF's stock price has been at a low level for a long time due to losses, poor delivery volume, and funding shortages. Previously, FF announced that it received a letter from NASDAQ on April 24, 2024, stating that FF's stock had closed below $0.1 for ten consecutive trading days, which did not comply with NASDAQ's listing regulations. Therefore, the NASDAQ exchange issued an opinion to withdraw FF's stock from the NASDAQ capital market.
However, since Jia Yueting announced the "Personal IP Commercialization" and "China US Automotive Industry Bridge Strategy" in early May, FF's stock price has set a historical record of rising 90 times within a week and achieved 15 circuit breakers overnight.
A reporter from the Daily Economic News found that the FF stock price trend data showed that the FF stock price continued to rise sharply in the five trading days from May 14th to May 20th local time, with the highest increase exceeding 489%, and the stock price once rose to $3.9 per share.
On September 4th local time, FF closed at $5.24 per share. As of September 6th local time, FF fell 7.87% and its stock price was reported at $4.8.
Disclaimer: The content and data of the article are for reference only and do not constitute investment advice. Investors operate based on this and bear the risks themselves.
转播
