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Editor of Every Economic Report: Zhang Jinhe

On July 31, FF founder and partner Jia Yueting posted a video on Weibo saying that Faraday Future's (FFIE, stock price $0.316, market value $140 million) products are mainly aimed at the United States and other countries, so there is no head-on confrontation with Chinese car companies.

Jia Yueting said,Since FF was founded, we have had two brands, one is FF and the other is LeSee.FF is targeting the top of the market. You should not doubt my experience in the base and even the middle of the market. You can see this from the success of LeEco, which almost swept the relevant market in China from 2013 to 2016.”

Regarding how to compete with traditional manufacturers, Jia Yueting responded that if one wants to compete, one must first improve one's own cost control capabilities, but this is far from enough.

Image source: Screenshot of Jia Yueting’s Weibo video

Jia Yueting also said:BYDNot our competitorBecause our second market is mainly the United States and other countries. How to compete with GM?FordCompetition, how andBMW、Benz, Volkswagen, especially Volkswagen's launch of such low-end products. Everyone knows that the automobile industry is not an industry with strong network effects. The brand concentration of automobiles will become higher and higher, but it will not be too few. At least the United States can tolerate 5 brands, and I believe FF will become one of the fifth. "

On July 18, Jia Yueting revealed thatThe thirteenth FF 91 model is scheduled to be delivered around July 31.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 success of the FF brand. However, with the changes in the market landscape,FF has decided to accelerate the research and development of mass-market models (i.e. low-end and high-volume models).

On June 13, 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 mass production and delivery in 2023, and it is also the first delivery completed after FF's delivery work was suspended for 4 months."Due to lack of funds and inability to purchase spare parts, we have not delivered new cars for four months." Jia Yueting admitted that the restart of SOD2 may be a very small thing for many mature companies, but for FF at this stage it is a very important milestone, and may even be a turning point.

According to FF's global CEO Matthias Aydt, before completing the financing from strategic investors, as long as the funds for the required parts can be raised,FF will strive to deliver one new car every month.

On July 31, FF released its financial report showing that operating expenses in the first quarter of this year were US$22.9 million, compared with US$95.8 million in the same period last year; operating loss was US$43.6 million, compared with US$95.8 million in the same period last year; net expenditure was US$14.7 million, compared with US$103 million in the same period last year.

On the market, as of the close of the U.S. stock market on July 30, Faraday Future's stock price fell 7.06%. Before the U.S. stock market opened on July 31,Faraday Future's stock price rose 26.27%.

Daily Economic News compiled from Jia Yueting's Weibo and public information

Daily Economic News