Netease Technology News November 24 news Foreign media Jalopnik published a long article about Jiayue Ting Faraday investment in the future of the story, interviewed a large number of Faraday's future employees and former employees, in order to show people the real view of the future of Jiayue Ting and Faraday. The full text is compiled as follows:
In Los Angeles, a well-known rich district of Los Angeles ranch, a more than 720 square meters of luxury mansion located in the picturesque sea, stood in the house and get up and enjoy the panoramic view of the Pacific Ocean.This two-story mansion has Six bedrooms, seven bathrooms and a three-car garage, in addition to its owner's absolute privacy - Google Maps does not offer street views in the area. Yes, but this one is different because its owner is not someone but a company called Ocean View Drive Inc.
According to a previously unpublished state government filing, Ocean View is registered under the name of Deng Chaoying, who is also Faraday's future vice president, and in 2016 media reports said that the sole controlling shareholder of the company was Jia Youting.
On the one hand, Faraday's future will become the hot issue of all parties after the capital chain crisis broke out last year. On the other hand, Ocean View, as a shell company under the technology empire of Jia Yueting, continues to have luxurious mansions, Guess this also began to have a negative impact on his business.This mansion in Fa Le Di executives have a special nickname: 'club club' According to informed sources revealed to reporters that the house has many uses : It is both a temporary hospice for new hires, a meeting room for the company, or a luxury clubhouse for events, where private chefs are ready for dinner.A source said a $ 2,000 bottle of whiskey and wine It is standard in this club party.
The extravagant clubhouse is in stark contrast to Faraday's dying future, with another group of executives leaving the company this month, leaving Mr. Gaw Yueting, the loner, to save his already-embarrassed entrepreneur image.
'In my opinion, he is good fortune to make a fortune, his money is too easy.' - Anonymous Faraday future employees
Faraday's future will come out in the world with a high profile in 2015 and talk to people about what the future will look like when it wants to make fully electric vehicles that are fully automatic and pull the wind and claim that these new cars are based on the driver's preferences Tweaked like today's smartphones, it promises the world that Faraday will make the world's best car and phase out existing cars.
'The car should be able to understand the driver's needs, preferences and wherever he wants to go,' said Nick Sampson, future senior vice president at Farrell, in 2015. However, apart from bringing out several prototypes and The numerous problems that broke out one after another, the company has not yet fulfilled any commitment.
Faraday's future looks pretty much the same as this time last year, when the company was already exposed to serious funding problems, and Faraday's future stopped even for financial reasons in order to launch the FF 91 at CES (International Consumer Electronics Show) Unluckily, Faraday's future seems to be taking a long walk from last year's one-year trip, despite a reluctance to survive the CES.
Faraday's future faces many challenges: frequent turnover of employees and cash-strapped cash flow. According to some unreported lawsuits, it also faces new claims - from catering to warehousing costs.
Faraday's future refusal to interview, in the face of a series of media questions, it gives the following brief statement:
'As a private company, we will not comment on any financial, legal or business plans related to Faraday's future or its investors.'
Faraday's future is on the brink of dreams, with Jia Yunting, 44, still standing in the middle of this dream, and the other company he founded is also now in a quagmire, with sources claiming he has made big mistakes Looking at the company may have closed down in his own hands, Jia Yueting also refuses to give up control of the future of Faraday.Since this year, one after another investors expressed their willingness to buy, but sources said each of the negotiations eventually ended with the withdrawal of Jiayue Ting .
Fourteen people, including former Faraday forecasters and insiders, were interviewed and all agreed that Faulkner was only possible to survive.
'Jia Yueting has actually proven himself to be a great entrepreneur - very successful and respected,' said Michael Dunne, president of Dunne Automotive, a Hong Kong consultancy, 'but now things are beyond his control.'
After trying to transform the tech industry in a swift and violent fashion, he first made billions of dollars by creating a Chinese version of Netflix, and a few years later he stepped into the car with his personal charisma, enthusiasm and solid financial backing Industry, to promote the industry toward the future of electrification and automatic driving.
Faraday's future debt will continue to grow as the contractor AECOM in the fall of 2016 asked for $ 21 million in arrears of debt, and as a number of executives left the company, he started to face a heap of debt alone. , AECOM issued a warning that the construction of the factory in Nevada will be stopped without paying for the project and later Jia Younting completely renounced the plan to build the factory with a total cost of 1 billion U.S. dollars but at the time Faraday informed AECOM that money was on course and will arrive later.
Meanwhile, Ocean View on the other side was idle, filing documents show that just 11 days after AECOM had asked for a debt, Ocean View submitted an application to the local department asking for a luxury home to Parysford Ranch Create a new swimming pool and a spa.
The source described Jiayuenting reckless regardless of the consequences - when his hands have money, we must give priority to their own enjoyment. As can be seen from this incident, this statement makes sense.
'In my opinion, he is fortunate enough to make a fortune,' said one former Farah employee who requested anonymity. 'His money is too easy.'
Recently, the crisis facing Jia Youting and Faraday is further aggravated by the fact that CFO Stefan Krause has been confirmed to have resigned in mid-October.
Faraday made a dramatic statement about this in the future, accusing Klaus of misconduct and claiming that the company took the initiative to fire him. Klaus then hired a legal adviser to claim the statement was a defamation against him.
The same day, Jiayue Ting to employees in the mail revealed the resignation of Klaus disdain:
'I know we have more than 1,000 dedicated employees in the world, and despite the outside world questioning us and others not trusting us, we are still working hard day and night to bring FF 91 to market as soon as possible.'
This is the typical Jiayue Ting-style reply, and the 6 future Faraday interviewees described him as ambitious and arrogant, and refused to give up even in the face of such unfavorable circumstances.
Foreign media Faraday at the end of the future: as long as Jiayue Ting in, can not create a car
Jia was born in a rural family in Shanxi in 1973. Various reports of his childhood showed that he was in a very poor family and had spent most of his summer vacation working in steel mills.
After graduating from college, Jia Yuetting fell in love with science and technology.He started as a computer technician at the local tax bureau before setting up his own business.He also sold batteries of signal base stations in the early days of his business.
In 2002, he resigned from the Inland Revenue Department to set up Sinotel Technologies, a company listed in Singapore in less than five years. During this time, he also founded a company called China Version of Netflix 'music video.
With the launch of LeTV in 2010, the company's business rapidly expanded into areas such as television, streaming video services, movies and smartphones, etc. LeTV's number of employees has suddenly risen to over 10,000, generating over $ 1 billion a year.
The rapid rise of LeTV also made Jia Youting's background known to the world, with a senior official plunged into corruption in 2014. Evidence shows that the officials' families had invested in the company two years before LeTV's IPO, triggering accusations of collusion between LeTV and TV commercials .
Soon after, he disappeared from the public eye for some time, and reappeared months later. In an interview with Forbes in 2015, Jhae-Ting called himself the time to cure the cancer and insisted he had nothing to do with the government's anti-corruption investigation Jiayue Ting said he would not have accepted anybody else 's investment if he knew that such problems would have happened later.
On the day of 2014, Jia tested his Tesla car in the United States, and at the moment of getting off, he made the decision, and he was rumored to have said: 'We have to make this.'
The brief turmoil did not slow down the development of LeTV even as some commentators pointed out at that time that LeTV had too much business to spread too much, when Jia Yueting was ambitious and LeTV's business was in every corner of the technology industry.
Jia Yueting also aware of the challenges, especially the fierce competition he needs to face, in order to overcome the difficulties and survive, music as the need for continuous cash flow.
'Public companies must grow rapidly,' said Jia Youting in an interview with Forbes in 2015. 'We have to pay for the new business of burning money.'
With its thriving music scene, Jia Yueting is confident that he has begun to announce that it wants to challenge both Apple, Tesla and Netflix at the same time.
At this time, Jia Youting's dress is also changing, he started wearing Steve Jobs minimalist style dark shirt, blue jeans and ordinary sports shoes.Meanwhile, LeTV and mobile phones are also released through the Apple style conference appearance .Jia Yuet Ting sell their dreams and stories, investors pay for it .As the growing empire of the JiaShi empire, his story is also more and more blowing, and occasionally beyond the public tolerance .For example, he had in the Weibo apples compared to the Internet Nazi era, but then apologized for the matter.
Electric cars are also in his ambitious blueprint for China's auto industry expert Dunne recalls a story allegedly ignited Jiayue Ting car dream: one day in 2014, Jia Yueting test-drive Tesla cars in the United States. For the moment, he made the decision, and he was rumored to have said: 'We have to make this.'
He later invested in an electric car startup called Atieva (now renamed Lucid Motors) and promoted the company's development of its own electric car, which marks an ambitious but ambiguous vision - a 'smart' ',' Connected ', fully autonomous and fully electric vehicles, reaching 200 kilometers per hour at the end of 2014. At the end of 2014, Jia Yueting invested in the future of Faraday and soon attracted a lot of talents in Silicon Valley and traditional automobile industry, and even There are people who have switched from Tesla.
Faraday's future plans are as grand as the $ 1 billion plant in Nevada, which offers financial subsidies and tax breaks, creating a faster electric superjet than Tesla's and changing the way people think about private transportation.
'Tesla is a great company that has brought the global automotive industry to the era of electric vehicles.' 'Janet told Reuters in 2016.' But we are not just building a car, we think of it as owning The four-wheel smart mobile device is essentially nothing like a cell phone or tablet. '
However, Jia Yueting think the rhetoric of Faraday's future is not optimistic about the insiders and critics.Lettek, Faraday and Lucid Motors three companies mixed business, often let the industry watchers and reporters have a headache.
Faraday future and Lucid Motors business overlap? Faraday future and music as a group? Jia Youting when investing in the future of Faraday, and in which the division of responsibilities is what? Why delay in the future there is an official Faraday CEO? Or is it that Jia Yueting in this position? The parties to the outside world to provide very little information, so that these issues puzzled. (Jiayue Ting has said it plans to sell its holdings of Lucid Motors's Shares, Lucid Motors declined to comment.)
'He always tries to do too much at the same time, but does not have enough resources to make all these things successful.' One former employee commented.
Looking back at Jia Yunting's initial vision of Faraday's future, he wanted to do more than just beat Tesla, but he also hoped to achieve the goal of producing 2 million to 3 million per year in 10 years, and at the same time in the United States and China Construction.
Jia Yueting has visited General Motors abandoned factory in Louisiana, Louisiana not only offers tax concessions, but also cash subsidies, the total amount may exceed 400 million US dollars for Jiayue Ting, he just want to use very little budget first The factory was built and Jia Yueting hopes to spend $ 3 billion to complete his 10-year plan, after learning that he was not joking and many investors have chosen to withdraw.
Jia Yunting far underestimated the threshold of repairer.His senior adviser is a veteran of the automotive industry, the consultant calculated that in order to achieve Jia Yunting car dream, may need 25 billion US dollars.Jia Yuet Ting laughed at them, And doubt the truth of this figure.
He asked for ridiculousness, and he did not realize that billions of dollars were needed to build a car, "said a source familiar with the project.
What is the result? The cruel reality gives the answer.
Faraday plans to showcase his first car at the International Consumer Electronics Show (CES) in Las Vegas after a public appearance in the second half of 2015. Media hype is uproarious, and people are expecting not to just brag about it Concept, but come up with real things.
At the end of the day, he still lived up to expectations, and in the future, Faraday will only present a model similar to the Batmobile instead of the 'real car' people expect from the audience.The disappointed people were told that the real car was already in the test phase, Will come soon. '
Not only does he want to beat Tesla, he wants to achieve his goal of 20 to 3 million vehicles a year.
At this point Jia Yunting has invested heavily in auto projects, and now take out the hands but only a model can not be opened, which is far from his grand goal do not know how far.
At the CES booth, emerging executives compared their cars to iPhones, which turned out in 2007, saying the car could be driven either manually or fully automatically, saying it would "transform all our perceptions of the car ', Promised to use advanced technology such as AI learning and augmented reality, and will subvert the travel concept of the world.
In a word, executives promise that this car can do something that the car can not do today. However, there is no room for improvement.
Making cars is not an easy task, but given the bright future depicted by Jia Yunting and the seemingly never-ending money, it is not hard for Faraday to attract talent in the future. In recent years, the momentum in the auto industry seems to have made it easy for people A similar idea - shared cars will become obsolete in the future, all-electric self-driving cars will carry people around and these cars can be easily called with the mobile phone APP.This bold idea in 2015, ordinary people and the car industry People may be incredible eyes, but Jiayue Ting is not ordinary people.
'His vision for the future of the car may be the best I've ever heard,' said one Faraday future employee.
The staff, led by high salaries and devoted to the project, has grown to 1,200 employees, a billionaire who is willing to invest in the future of the world's automobile industry. Two former employees described the Faraday future for that period as engineers and designers Teacher's paradise.
Despite the slow pace of development of production models during this period, Faraday's future funding situation for the time being without any signs of difficulty.But Yuyutuan in the electric car industry, a series of half-hearted move - investment Lucid Motors, released under the music brand, as well as Investment in Fa Le Di - began to run out of Faraday's input depleted.
Time is Up In the second half of 2016, more and more property irregularities began to appear on Faldo's accounts. The company's fund managers began to worry that due to the complex corporate structure of LeTV, the lack of internal controls and some problems with bank accounts, Future financing of the company may encounter difficulties.
The answer has come out: 'paradise' does not exist forever.
Too much to cheat, the company's shortcomings erupted in October 2016. That month, the first construction company to commission a construction facility in Nevada, Faraday, opened the first overdue notice, leaving employees feeling unlucky. .
At the same time, Jia Yueting is still busy with the introduction of LeSEE as its own electric car, and in the previous weeks Faraday's future employees were asked to move to LeSEE, and LeTV plans to launch a gorgeous car for the car in mid-October The conference.
The project did not go well, and LeSEE finally failed to meet with the public due to an unexplained accident, but Jia Youting brought new positive news: Marco Mattiacci, the future chief commercial officer of Faraday, was at the launch for the LeSEE platform, He was former boss of Formula One Ferrari.
In Malone's dialogue, Jia said that Faraday will launch its first electric car at the CES show in January 2017.
This was something everyone could not possibly think of, maybe even Malone was rather surprised at the time, Faraday in fact there are two options: to CES appearance, or not, but most of the company's internal executives are that although they The FF 91 claims 1050 horsepower to hit Tesla but is not yet ready.
But Jiayue Ting let them have no choice, some executives immediately began to leave.
Jiayue Ting insisted that FF 91 attend CES, which means that Faldo employees also have to work overtime during the Christmas season in December, and one former executive said he slept only one hour a day during that time.
'There was no sleep in the last two weeks,' said one of Farah 's future employees. "Crazy interfered with most executives, causing some executives to leave before CES.
Another source said that the original budget for the preparation of the show was seven-figure, but the budget was shrinking as time went by. Finally, it was simply impossible to achieve the desired effect of Jia Yunting.
A few days before the show approached, Faraday's future employees resigned after seeing the departure of senior executives, and some senior officials wished to cancel the show at CES instead At an opportune time for an independent press conference this opinion was rejected by Jia Youting.
The style of the press conference on the show day was similar to that of the previous press conference held by Jia Yueting, which was full of expectations. However, the originally scheduled 45-minute show turned into an awkward 'catching the duck' - FF 91 Live Demo A mistake occurred.
The entire conference eventually self-defeating, so that people think Faraday's future false.
However, the car's autopilot performed well at test drive outside CES, so some investors are still confident of the company.
However, sources pointed out that the failure of parking demonstrations on the stage is a clear sign of the financial distress of the company and this is why the internal functions of the car could not be fully displayed. "The source also mentioned the flaws in the car door. Employees have long predicted that parking demonstrations will fail because the stage is not a standard parking lot, but Jia Youting is still insisting on parking demonstrations. A small example is just a microcosm of internal discord.
Through this embarrassing press conference, Faraday will show people the future results of FF 91 and will make further progress in the future.
'In the face of all opposition and doubt, we will continue to do so,' said Nick Sampson, Senior Vice President at Falcons, on the show. 'We will continue our efforts to make this impossible.'
Confusion continues after CES, followed by a series of reparation litigation: $ 1.8 million in promotional video production costs, $ 580,000 in corporate headquarters and $ 210,000 in website domain names.
In late January 2017, a warehouse rented by Faraday in the future was taken back by the owner, who also sought compensation of 15 million U.S. dollars.
However, under such circumstances, Jia Youting still has the ability to recruit talent for the company.A former Krause who spent 30 years at BMW and Deutsche Bank joined Faraday in March, and his job statement described his mission as "Faraday Future in the global market, the road to sustainable development '.
Shortly after taking office, Klaus started a fundraising roadshow and hopes to raise $ 1 billion for the company, while Ulrich Kranz, a former BMW executive, joined Faraday's future chief technology officer in July. After such a round of management Huge exchange of blood, it seems likely that Jiayue Ting decadent magic.
However, things get more and more weird.
Just to make Faraday's future work on this side, Jiayue Ting's music as another trouble.In April, under the pressure of cash shortage, LeTV laid off most of the staff of the United States branch.At the same time, China's suppliers began to the company The lawsuit prompted a Shanghai court to freeze the 182 million U.S. dollar assets held by Jia Yunting in July.
Vizio, the US television maker, has pursued a $ 60 million "break-up fee" to LeTV due to the takeover, and in early July Vizio sued Jia Yunting himself in court, demanding that he have a major financial responsibility.
Faraday's Extraordinary and Confusing Future announces that what Jia Yunting has done in the near future is in fact in line with the company's long-term goal, while Jia has resigned from his position in LeTV and focused on Faraday's future development.
'These (news about Jiayuenting) will not have an impact on the day-to-day operations of FF, but on the other hand will also satisfy the demand for FF diversified financing and the company expects to bring the FF 91 to market by 2018.' The spokesman said.
A few days later, Faraday's future confirmed that it was abandoning Nevada's $ 1 billion plant in search for a new location, and sources said that Kraus could not get away with the acquisition of Faldo by Indian motor company Mahindra.
Faraday's future funding was depleted in August, but the company subsequently secured an emergency loan of $ 14 million to sustain its operations and found a local construction plant in California, but the future is still empty if there is no subsequent massive investment. Klaus' $ 1 billion fundraising plan failed to attract any real investment, and only a few investors expressed interest.
Faraday's future factory is still a wasteland
Several sources said the problem is not with Faraday's future products, and investors are only willing to invest in the case of Jia Yunting, or allow bankruptcy reorganization, which Klaus hopes to bring about, Abandon any rights.
The impasse triggered a fresh round of resignations in early October when a group of future veterans of Farah left the company and Klaus announced his resignation on October 14. One day later, chief technology officer Kranz also announced his departure, and sources said More executives and employees will leave.
"Klaus was the only one who could keep the company alive," said one of Faraday's future employees. "Applying for bankruptcy is the only way FF can survive, and Klaus understands that getting Jalatting away allows the company to get out of the status quo. Now Klaus is gone, too, and the rest of the group will not last long.
The issue of music has caused Chinese regulators to review similar companies, according to the South China Morning Post. Two lawyers responsible for the 2010 IPO were arrested for wrongdoing.
As long as Jiayue Ting or Faraday's future policy makers, then a car do not want to make it - Faraday future employees
Jia Yuanting denied outside speculation about the alleged fraud in the music and television company, and today Jia Yunting is living in a California luxury home for a while, a lot less than usual, after the intermittent financing rumors last month that Faraday was once again threatened with bankruptcy in the future.
Some of the leaked documents show Faraday's future is seeking to file for bankruptcy and resale the company to new investors - exactly what Krauss wants to get in. But Faraday denied having created the documents in the future, but insiders say it is clear Already thinking about the plan.
Just as things seem to be improving, new changes have taken place, and in November Faraday's future chief financial officer, Klaus, confirmed to the media that he had resigned from the company a few weeks ago, but Faraday's future argument is Clohne The case of dereliction of duty was ousted and claimed to take legal action to hold it accountable (Kraus' lawyer did not respond to the request for comment.)
A former Faraday employee thought the accusation was a nonsense and said it was no strange to the trick.
'They tried to save face,' the source said.'I've been there a few times since I left my company and the company immediately went into counterattack mode, accusing it of being in the wrong place. '
The news of Klaus's departure is quickly overwhelmed by rumors that India's Tata Motors, the parent company of Jaguar Land Rover, plans to acquire Faraday's 10% stake for a further $ 900 million, and if the news is correct, This is the same for the struggling Jiayue Ting sent snow, but unfortunately this is not true, on Wednesday, Tata group denied investment in Faraday's future.
'The news is not true, so we will not comment.' A Tata Group spokesman told the Indian media that insiders believe the news was fabricated by Fatah's future insiders in China and intended to shape a positive Image, let him seem to be able to lead Faraday's future to the right direction.
In addition to Faraday's trouble in the future, another managed by Jia Yueting empty shell company Ocean View Drive also in the lawsuit .Jia Yuet Ting's California mansion is the company's property .Laws from a named Miles Bernal's Ocean View Former employee, he accused Jiayuenting and the company of intentional layoffs and filed a series of allegations against Mr. Jia that the property of the company was being used as a private company. The case will hold a hearing on November 27.
Although Faraday's future looks very gloomy, there are still a group of people in Jia Yueting who are willing to follow him. According to sources, the former music company as a whole would be transferred to Faraday's future to replace those who left the company.
Although confronted with the current daunting environment, Jia Yueting, now a California native, remains unsure of confidence and has confidence in his own goal, an insider said he started to make another reference to let Faraday's future come true in 10 years The grand vision of producing 3 million cars a year.
But it is still a question of whether he can win enough followers this time.
'The non-music-viewing employees inside the company still think that if Jiayuenting is still the future decision-maker of Faraday, a car should not be created,' said one former Farah employee.