On July 18th, Faraday Future (FF) founder Jia Yueting revealed in a video interview that he plans to deliver the thirteenth FF 91 model around July 31st. Jia Yueting also mentioned that FF formulated a dual brand strategy at the beginning of its establishment, and originally planned to launch a second brand after the FF brand was successful. However, with the changing market landscape, FF has decided to accelerate the development of mass market models (i.e. low-end high-volume models).
Jia Yueting's Weibo video screenshot
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. Due to a shortage of funds, we were unable to purchase parts and have not delivered a new car for four months, "Jia Yueting admitted." The restart of SOD2 this time may be a very small matter for many mature companies, but it is a very important milestone for FF at the current stage, and may even be a turning point.
According to Matthias Aydt, global CEO of FF, 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 the same day, Jia Yueting said, "FF is considering launching a second brand under the 'China US Automotive Industry Bridge Strategy', which will empower FF's high-value solutions and functions to future mass market products, allowing more individual investors and users to enjoy our extremely intelligent technology luxury
It is worth mentioning that at that time, FF was facing delisting risk due to its stock price being less than 0.1 yuan. 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.
On June 28th, Jia Yueting, founder and Chief Product and User Ecology Officer of Faraday Future (FF), announced on Weibo that FF has officially received approval to continue listing on NASDAQ.
The prerequisite is that the company must submit regular financial reports before July 31, 2024 and meet the minimum bid requirement before August 31, 2024.
Jia Yueting stated on Weibo that the company completed its annual report compliance in May and recently hired a new independent auditing firm. We also plan to submit the first quarter quarterly report no later than the end of July and submit the second quarter quarterly report in a timely manner.
At present, some Chinese automakers are in talks with FF. If FF can seize the current blue ocean market opportunity of AI EVs in the United States and launch products with the ultimate cost-effectiveness, just like how LeTV Super TV completely subverts the Chinese television industry with 'twice the performance, half the price', FF may once again transform the automotive industry.
On the market, as of the close of the US stock market, Faraday Future's stock price fell 5.73% to $0.461 per share, with a total market value of $204 million.
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