The news of Xiaomi and Didi building cars one after another reminded many people of Jia Yueting, who was suffocating dreams on the other side of the ocean. Since FF Motors (Faraday Future) has accelerated the pace of making cars in recent months, its founder, Jia Yueting, also has a strong momentum of “returning to China next week”; however, a recent official document issued by the China Securities Regulatory Commission allowed Jia Yueting to return to China. The schedule became distant indefinitely.
On April 2, the China Securities Regulatory Commission’s website issued the “China Securities Regulatory Commission’s Market Banning Decision (LeTV, Jia Yueting and other 15 responsible entities)”.LeTV and LeTV’s actual controller Jia Yueting will be fined 240.6 million yuan and 241.2 million yuan respectively for ten consecutive years of financial fraud and fraudulent issuance. Among them, Jia Yueting and Yang Lijie will also be sentenced to life-long securities market bans by the China Securities Regulatory Commission. Into measures.
Speaking of LeTV, you can’t get aroundJia Yueting, the man of the year, once expanded wildly in the name of dreams and built a business empire with a market value of 170 billion. In the end, he became the spokesperson of “suffocation for dreams”, and only one remained. The legend of “return home next week”.“Seeing him getting up from the Zhu Tower, seeing him banqueting guests, seeing his building collapsed” is just right for Jia Yueting and his LeTV.
Jia Yueting, a visionary liar
From the perspective of character, Jia Yueting’s financial fraud, non-fulfilment of loan commitments, and fraudulent issuance of stocks; from the perspective of winners and losers, Jia Yueting’s current situation can only be regarded as a veritable “Kou”; butJudging from his previous vision and layout, we have to admit that Jia Yueting is a very far-sighted person.
Jia Yueting founded LeTV in 2004, followed by fighting KuaiBai, buying copyrights, and listing LeTV on the GEM in just 6 years. Regarding the importance of copyright, I believe everyone has already experienced it. Xiaolei now encounters copyright issues when listening to a song or watching a video on a certain platform.
LeTV’s ecosystem covers seven major sectors: content, TV, mobile phones, automobiles, sports, the Internet, and cloud. Its “platform + content + terminal + application” ecosystem is called the “LeTV model” by the industry. From the current perspective, Jia Yueting’s layout at the time was still very forward-looking and strategic.Although Jia Yueting’s credit reputation has fallen to the bottom, the LeTV model has become the originator of the intelligent ecosystem that many Internet companies are vying to follow.
In the automotive field, Jia Yueting planned a “kangzhuang road” for the ecological development of automobiles for LeEco before 2016, compared with the “sluggish” Xiaomi and Didi. If Jia Yueting did not build a car like his present one, he should also have his top spot among the current auto giants.
So since Jia Yueting is so insightful, how could he still play this game of 100 billion yuan? In fact, the problem lies in this big game.Although the ecosystem laid out by LeTV back then showed Jia Yueting’s advanced strategic vision, the rhythm of his layout was completely wrong. The blind industrial expansion turned LeTV into a magnificent and crumbling loft in the sky.
Now, the era of LeTV has long passed,The first ray of life for Jia Yueting’s turnaround is also pinned on the dream of building a car that suffocates him, and his dream of building a car is currently in a state of coexistence of vitality and crisis.
Jia Yueting’s dream of building a car is coexisting with vitality and crisis
FF has already made a lot of big moves when it just entered 2021. It announced that it would backdoor listing, and it was successful in financing. After that, it has reached strategic cooperation with Zhuhai State-owned Assets and Geely, showing it to the outside world. The scene is booming.
Lack of money is the biggest problem FF has always faced, Backdoor listing means that FF will be able to obtain more funds in the future, Which can make its car-making business complete more smoothly. The successful financing means that although Jia Yueting has long been notorious in China, FF can still be recognized by the capital market. The cooperation with Zhuhai State-owned Assets and Geely also shows that the Zhuhai government and domestic auto giants have a positive attitude towards FF, which will become a powerful boost for FF in the automotive field.
Judging from the various major moves of FF in the past six months, it seems that it has firmly grasped the three major elements of the strategy of war: the time, the right place, and the harmony of people, but in Xiao Lei’s view,The current crisis facing FF is far greater than the vitality.
first of all,The positioning of the FF 91 is too high-end. Even if it can achieve mass production next year and complete its sales target of 2,400 vehicles, it still cannot solve its urgent financial needs.You know, mass production and profitability are two different things. In the long river of automobile history, there are countless cases of suspension of models and bankruptcy of car companies due to high cost and too little output. The annual sales volume of 2,400 vehicles is obviously difficult to bring to FF. How much profit, poor gross profit margin may even further drag it down.
Of course, judging from the positioning of FF 91,The significance of its mass production is obviously not for volume, but for the hope of FF’s dream investors to see their dreams shine into reality.So, whether there are 2,400 diehard fans who will spend more than 2 million yuan to pay for FF 91 has become a key question. If FF 91 completes annual sales of 2,400 vehicles, then it may further stimulate investors to continue to spend money; but if FF 91 only sells 24 vehicles, what mentality will FF investors have?
According to FF’s model plan, its follow-up model FF81 will have to wait until after 2023 to complete mass production at the earliest, and the lower-positioned FF 71 is expected to be mass-produced by the end of 2024.These mass production plans can only be completed when FF is progressing smoothly, and it is difficult to say whether FF, which is already struggling, can survive such a long time.
In addition, FF 91 was originally planned to be mass-produced and launched in 2018. Now even if it can be mass-produced as planned, the time will have to be pushed to the first half of 2022, which means that it has been delayed by 4 years. Smart cars are developing so fast,There are already a large number of smart car giants on the market, and these giants have had the strength to equalize or even surpass the previous advantages of FF in the past four years of development.
to sum up
Finally, come back and talk about the “China Securities Regulatory Commission’s Market Banning Decision (Jia Yueting, Yang Lijie and other 5 responsible entities)” issued by the China Securities Regulatory Commission and what impact will it have on Jia Yueting’s car-making plan.For Jia Yueting, a fine of 240 million yuan is second. Anyway, he has already developed the ability to not overwhelm his debts, butThe SFC’s ban on him can make his situation even worse. He is bound to struggle in the country, and may even have no hope of returning to China from then on.
Note: The material for this article comes from the Internet
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