In July 2017, Jia Yueting resigned from all positions of LeTV. He went to the United States and devoted himself to the name of making a car. He has never returned to China since then. In November 2017, FF Auto released a public statement to invite reporters to lead the team to investigate. The reporter also publicly responded that he would accept the invitation to investigate. The investigation process was not smooth and was repeatedly pushed down.
However, the team of reporters still spent two months visiting and investigating the various US state governments, courts, dealers, related suppliers, potential investors, company management, and general employees involved in the FF car. The FF91 car was field-tested and 360-degree measured. The following is part of Jia Yueting's US vehicle and asset survey report.
The report is based on the investigation of the three most important parts of Jia Yueting's three-year history of making cars in the United States: asset puzzles, equity puzzles and FF cars.
First, the asset puzzle: Where did Jia Yueting go to the United States?
According to Jia Yueting's first disclosure in the November 2016 open letter and repeated mentions, he has invested more than 10 billion in making cars for the United States. From the public reports and informant clues, field investigations, and legal documents, related parties and the verification of various transactions, the reporter obtained a portrait of Jia Yueting's overseas assets.
1, multiple sets of luxury homes, everyone has changed
The reporter has verified five luxury homes on the US real estate platform, namely, No. 7, No. 11, No. 14, No. 19 and No. 91 villas. In the legal relationship, they all belong to Jia Yueting’s assets, and the total purchase price is more than 25 million US dollars. .
2. Multiple luxury homes for mortgage loans
In the multi-family production, some of them participated in the mortgage loan on June 29, 2017. The entire asset mortgage loan amounted to $19.7 million. With multiple mortgages, these villas received a total of more than $42 million in loans.
3. Status of equity in Lucid Motors
In January 2014, BAIC invested US$100 million in the C-round financing of Lucid Motors, with a shareholding ratio of 25.02%. By 2015, BAIC will transfer all its shares to Jia Yueting, who will become the largest shareholder of Lucid Motors, with a shareholding ratio of around 40%.
4, FF Los Angeles headquarters building, has been mortgaged
As the most obvious asset of Jia Yueting and Faraday Futures (also referred to as FF), the address of FF's Los Angeles headquarters building was estimated at the time, and LeTV's purchase amount was approximately $13.25 million.
The asset received $14 million as a collateral loan.
5. Jia Yueting’s land in Las Vegas has been mortgaged and not in the name of Jia Yueting.
The actual controlling shareholder of Jia Yueting’s land purchased in Las Vegas is Jia Yueting. But at the moment, the company has also changed. The person in charge of the company has now changed to Wang Jiawei (according to Jia Yueting's nephew).
6, asset inventory
After investigation, the Lexus US headquarters building in Silicon Valley was leased; the $2 billion acquisition of American television manufacturer Vizio also aborted the project, and finally only paid 40 million US dollars in liquidated damages. At present, Vizio has filed a lawsuit in court, asking LeTV Holdings to pay another $60 million in liquidated damages.
Second, the equity puzzle: Who is the FF car?
In addition to the soft investment in FF automobile intellectual property and personnel investment, Jia Yueting and its related parties invested less than 100 million US dollars in fixed assets and equity investment in the United States.
Faraday Futures has 22 affiliates registered in the US and Hong Kong.
FF and LeTV America are also facing high debt. In addition to the $350 million in convertible bonds due, the remaining multi-family production of more than 40 million US dollars in mortgages and guarantees, a large number of suppliers owed money, Vizio's $60 million claims and so on.
Third, the car puzzle: How much gold does FF91 have?
In 2017, it was the “lost year of FFâ€, which made the real FF91 take off the avant-garde glory.
FF's marketing department temporarily parked the car on the side of the road next to the CES venue in Las Vegas and invited some media to take the test ride.
1, shape design
Matrix LED headlights and interactive array light display systems that traverse the rear of the car can intelligently interact with the outside environment; with the open door design, it can be automatically turned on and off. The feel of opening the door is rough and raw, and the function of automatically opening and closing the door is not seen.
2, power performance
Built to date, the world's largest single cell energy + highest battery pack cell density, battery pack total capacity of more than 130kWh, one-charge driving range of more than 700 kilometers, surpassing all mass production electric vehicles.
The front section of the explosion is the natural advantage of the motor, and the high-speed torque burst in the latter stage is still the physical advantage of the gasoline engine super-running.
3, the interior situation
During the CES show in Las Vegas in January 2018, the FF91 was handed over to the media and displayed without any interior. The media also stressed that the interior could not be photographed and spread. The steering wheel also came from the modified parts. . The overall comfort feels like a word, "It’s flustered everywhere."
4, intelligent and unmanned driving
Valve Mechanism,Valve Operating Mechanism,Overhead Valve Mechanism,Side Valve Mechanism
Chongqing LDJM Engine Parts Center , https://www.ckcummins.com