In Las Vegas, North America, Faraday's president of LDA, a local land-based property, confirmed to reporters that it has already paid back the outstanding contractors' money.
In April 2016, Faraday plans to launch a $ 1 billion plant in North Las Vegas in the future but was forced to stop the project due to a $ 59 million in arrears in construction work.
Jiayue Pavilion's repairer plans usher in a turning point? According to reporters in early January 2018 visit, the future of Faraday American factory doors closed, no one in the inside.
In Zhejiang Province, China, as the car eco-park at present, the entire construction site has not even dug the groundwork, and the plant construction, equipment introduction and mass production are in the foreseeable future.
Jiayue Ting seems to have got some money.
"They paid the debt." In North Las Vegas, David Brown, president of Faraday Future's LDA, a local-owned property, confirmed to the news that the company's latest move, They repaid the arrears engineering contractor AECOM.
As early as April 2016, Faraday plans to launch a $ 1 billion plant in North Las Vegas in the future.
This is a vast program that, once completed, will be able to recruit more than 4,600 people locally to rejuvenate the economy and Faraday will receive more than $ 300 million in tax benefits from the local government in the future.
But the project stopped in November 2016 - because of the $ 59 million in construction contracts owed to contractor AECOM, which has also caused local politicians to attack the officials who introduced Faraday's future and set off waves in the United States.
That is also the beginning of the decline of Jia Yueting's commercial empire. People are quickly forgetting this ambitious project when more and more news on the shortage of funds is exploded.
In August 2017, Faraday announced that the repairer program was being switched from North Las Vegas to an old factory in Hanford, California, where small-lot repairers do not need as much money.
But even then, the little-looking, back-yard factory was shelved for a long time because of financing problems.
'We did get some money.' 'In early January this year, a Faraday future North American, who declined to be named, told Interfacing News that although he could not confirm the amount was as much as $ 1 billion in rumors, it was indeed a matter of making money It's
Did Jia Yunting's car repairer really turn around? To this end, the interface reporter recently visited Faraday's future as well as Le Soleil's factories in China and the United States.
1
Three hundred miles south of Silicon Valley is Faraday's future plant in Hanford, California.
This is the recent hope of Jiayue Ting, he wanted to make the first mass production FF91 really mass production, is the result of this factory.
Into this industrial park entrance, one can see the signs of the future of Faraday.
The factory district was bustling in August 2017, when Faraday invited 400 company employees in the United States to come to the factory to celebrate the scene with local officials in Hanford.
But soon the park was calm.
One afternoon in early January 2018, an interview journalist came here and found that the factory gate was open, the factory gate was closed, there was no car in the parking lot and no one was working in it.
There is only one janitor in the huge factory. 'I work for the property and not for the future of Faraday,' he said.
The guard did not do any work every day. In January, other factories in the Industrial Park began to recruit workers. People entering the park did not know how to go and always came to ask him directions.
Hanford's factory covers an area of 1 million square feet, equivalent to 93,000 square meters. According to earlier reports of surging news, as early as two years ago, Faraday future people have visited the plant, but after they Choose North Las Vegas that three times the size of the land self-built factories.
They returned to the plant as the business empire collapsed, and compared to North Las Vegas for a $ 1 billion plan, the plant could be refurbished and refurbished for as little as $ 30 million.
At that time, Jia Yunting wrote in social media that in order to ensure the timely delivery of products, FF91 high-end factories will be relocated to Hanford and fully transform the existing plant and promote equipment procurement, mass production as soon as possible.In their plan, the company expects The beginning of 2018 began a wide range of machine moving into work.
But the reality was that after a group of workers came in and brush the Faraday sign on the wall in August 2017, there was no movement in the factory, after an engineer had come to work in the workshop daily but returned to Las Vegas.
According to the interview with the news reporter on the ground, so far the production machines have not yet entered the plant.
However, the guard said he heard some remarks that the factory may have started to enter by the end of January. "I do not get any news, but I really hope someone can work as soon as possible. The factory needs more than a thousand people '
The plant, which had been vacant for more than a decade before Faraday rented it, was originally a manufacturing plant for Pirelli tires that was abandoned in 2001.
This is also related to changes in the industrial environment in California. Since the 1980s, California was originally one of the major manufacturing cities, it also nourished a series of auto parts manufacturers, and as these car manufacturers move out of California, parts manufacturers Gradually die out.
California once again set off a wave of car manufacturing this year, it is because of the rise of Silicon Valley Electric Vehicle Co., represented by Tesla, they have revitalized the abandoned car factory in California .Faradra was originally the media as Tesla's Challenger.
Prior to Faraday's workshop in Hanford, the property drew the factory into small spaces for rent out, and Faraday informed the property to let others move out within 30 days after announcing rented the plant, but until now, several Hispanic workers Not yet moved out, they are still making the roof of the car used to tie the luggage rack.
California has the legal protection of tenants, it is difficult to drive tenants.Jia Yuet Ting want to start, then must first solve this problem.
2
At the other end of the ocean in Zhejiang, China, the doorkeepers of LeTV Auto Eco Park also live the same leisure time.
Lessee Eco-car won the land of the northern Deqing Economic Development Zone in Deqing, Zhejiang in two phases in January 2016 and April 2017, covering a total area of more than 2000 mu and spending a total of 419 million yuan. The goal is to build Deqing into a car eco-town .
After New Year's Day in 2018, the interview journalists visited the park on the field.
Deqing Deqing plant location is very partial, more than 20 kilometers away from Deqing Railway Station, is the high-tech development zone in Dezhou County, Huzhou City, a northern part of the park has not yet developed a good wasteland, many maps are not specific navigation display.On January 2, When the news reporter arrived at the Le Deqing factory, the construction site was inhospitable and there was no sign of construction or worker's work.
Security guards at the gate told the news reporter that at present the entire site is not even dug into the ground, and plant construction, equipment introduction and mass production are in the foreseeable future.
According to the planning of the northern zone of Deqing High-tech Zone, the LeTV plant is scheduled to be mass-produced in December 2018.
Interface News reporter came to Deqing County High-tech Zone Management Committee.A member of the CMC land and resources planning and construction bureau told the interface reporter, currently do not know the progress of the music as the car project, it seems to have stopped.
In the Deqing High-tech Zone Management Committee downstairs, there is an entire wall of the Deqing High-tech Zone official website project progress map - including Beidou high-precision geographic location big data center project, a total of 100 aircraft UAV project. Specifically cover the project name, construction unit, project content, investment, commencement of construction time and so on.
However, before the vigorous music as a car town project is no longer included.
In the planning of Deqing High-tech Zone, Deqing High-tech Zone hopes to build a characteristic town mainly consisting of geographic information, automobile and aviation industries, among which "smart automobile industry" is still the most important position on the website.
North of Moganshan Scenic Area, south of Hangzhou, Deqing has been hoping to attract foreign enterprises by preferential policies to attract factories settled factories to improve town GDP. Deqing has belonged to the state top 100. According to the local taxi driver, Deqing High-tech There are several hundred factories in the Industrial Park, including the relocation of Hangzhou from Hangzhou and the result of independent investment promotion by the local government.
As for the equity structure of Le Eco-car (Zhejiang) Co., Ltd., Deqing Qihang Construction and Development Co., Ltd., a local enterprise in Zhejiang, accounts for 20% of the total shares while the rest is owned by LeTV Auto Co., Ltd. Deqing Sailing is responsible for the infrastructure in the villages and towns within Deqing Prefecture, Public facilities and industrial and commercial buildings for construction and operation, land development and comprehensive utilization.
According to the latest risk warning, the equity of Le Soleil (Beijing) Co., Ltd. is in a state of pledging in exchange for 8 million financing support in June 2017. There is no change in the ownership of Deqing Sail.
3
Back to the United States, more than 200 miles south of the Hanford Industrial Park in California, is Faraday's future R & D headquarters.
From July 2017 onwards, Jia Yueting left China came here, behind the music business empire is a little bit collapsed .Jia Yuetting held music Watch shares were all frozen, he also resigned, including the chairman, including all positions, from Sun Hongbin sent to take the plate.
Jia Yunting, who has stranded in the United States, has also come back from 'next week's return to the United States.' He did not mention returning to China despite the fact that domestic partners and regulators alluded to propaganda.
In early November 2017, when interviewing Tencent News in Los Angeles, Mr Jia said that 'the top priority now is to complete rounds of FF round A financing, and will not be returning for the time being because debt disputes will involve me and may limit me to exit and high The impact of consumption, once returned to the United States, can not come back to the United States, FF financing is out of the game, it collapsed.
But few people know that Jia Yunting hiding in Los Angeles R & D headquarters during this period, also experienced a brutal power struggle.
At the end of October 2017, the Titanium Media broke an article describing Jia Yueting's cash withdrawal plan.
According to sources, in July 2017 they got a financing plan indicating that Faraday intends to file for bankruptcy with the U.S. Federal Bankruptcy Court in August 2017 and that the company is being sold to other investors through bankruptcy and reorganization , Quit yourself.
Through such arrangements, the U.S. Bankruptcy Protection Corporation may not pay off its debt on priority but may solve the problem of subsequent development of the company by completing the financial financing of the sale of control rights, in which case the creditor may be turned into a shareholder.
According to the brokerage financing documents, the final new investors will invest 150 million US dollars, holding 85% stake in the company, the creditors and the team holds another 15%, jia yingting is completely withdrawn.According to titanium media reports, When the plan goes into effect, he can cash up to 150 million U.S. dollars from this financing plan and waive the 130 million U.S. dollars of debt, totaling 280 million U.S. dollars.
A person close to Jia Youting confirmed the authenticity of the document to the news, but stressed that it was a self-assertion made by Faraday's future CFO CFO Stefan Krause and without the consent of Jia Youting, He hoped to pass the company bankruptcy proceedings, and then seek new financing, the formation of a new company, the company's rights under his control.
From the wording of the financing plan, they are really emphasizing that the company has always been mistakenly managed, but the management team in place in 2017 is very experienced and has successfully restructured the company's management and overhead architecture . "Also said that this restructuring plan for investors is a great opportunity.
'If the CFO can go out with the founders to finance like this, and the board agrees, it's time that Jia Yuanting has been emptied.' An investor in Silicon Valley made the same guess about Faraday's argument.
He believes that if the CFO really tried to go bankrupt in liquidation without Jia Yueting knowing it, at least it agreed with the board of directors because "no financing plan approved by the board of directors is invalid."
To be sure, former CFO Tvan Klaus was intimately involved with the rest of the company - he later left, formed a new electric car company and enlisted former core members of Faraday, including former technical director Ulrich Kranz, former chief designer Richard Kim, etc. Both of these were once on the stage at CES in January 2017 to introduce the FF91 to the public.
It can be seen from all the signs that there really broke out serious conflicts between Jia Yunting and Klaus and experiencing contention for control.
In early November 2017, Mr. Jia sent internal mail to all staff, attaching a paper on the future of Faraday's statement of departure of Kraus, stating that Faraday's future decision to 'terminate' Klaus will take effect immediately .
In his statement, he said: 'Stephen Krauss, who took office since March this year, may be suspected of violating the law and lacking a contribution to Faraday's future goal. This has led to serious damage to Faraday's future and the interests of its investors. In the light of Stephen Klaus's misconduct and negligence, Faraday is currently pursuing legal action in the future.
Dismissing senior executives and taking the initiative to reveal conflicts, such actions as Jiayuenting are unprecedented among U.S. automakers and U.S. start-ups.
Jia Yueting eventually regained control of the company - December 18, 2017 Jia Youting as Faraday's future CEO, ending the day Faraday has no CEO since its inception.
4
Faraday's future is indeed the final territory of Jiayue Ting, after the collapse of the entire commercial empire, rather than FF may let him comeback, as it is to prove his only chance.
Even investors want him to leave.
Interfacing news At the end of July 2017, investors interviewed by several music investors still lacking in investors' willingness to acquire Faraday's future when the music-to-consumer privately-owned business collapsed. However, they both expressed the hope that they would be able to isolate themselves from the risk of Jia Yueting. That is to say that Jia Yunting quit FF.
In the eyes of investors, "the unlisted corporate system and its debt needs Jiayue Ting, but he is also a big shareholder in the car, entangled here."
This view of investors, to some extent just coincide with the share of the financing plan was burst, that is, if Faraday insider information is true, the former CFO to allow Jiayue Ting reorganization, the market is not Fewer investors welcome this approach.
Faraday after leaving the CFO urgently needed funds to continue running.According to "Securities Daily" reported at the end of December last year, Faraday obtained a new financing in the future, some media said the investor is Richard Li, the Thai national oil company.
However, both companies denied so much that the news of whether or not Jia Yunting was able to obtain financing began to doubt.
One noteworthy message is that on December 28, 2017, U.S. technology media The Verge quoted three insiders as saying that Jia Younting transferred the controlling stake in Faraday Future (FF) to the shares of Faraday Future The nephew
The news is unconfirmed, but the transfer of ownership to trusted non-immediate relatives is undoubtedly an ingenious means of isolating risk while maintaining control of Farah at a time when Jia Yunting is currently facing a high level of indebtedness.
However, his creditors did not want him to do that. On the evening of January 19, LeTV publicly listed companies required that they stop disposing of third-party related music assets such as Le Fame, Faraday Future, Lucid and other assets and assets, Music Watch's 76.3 billion debt.
In addition, with the financing news broke out before the music as the car will be merged with Faraday, the Securities Daily reported that the music as 300 domestic car staff will also be incorporated into the FF.
Based on this information, it can be assumed that Jia Youting is indeed disposing of third parties such as Le Fame, Faraday Future, Lucid and other related equity and assets, including the integration of LeTV's domestic assets into FF and the new financing through FF in the United States, Tug of all resources, in order to make cars in the United States, and this can also explain the source of his recent funding.
In October 2017, when interviewing other Chinese R & D teams in Silicon Valley, interface journalists noticed that as a competitor in the industry, FF still considered the unmatched staffing of the average company.
Investors who had earlier invested in Jiayue Pavilion rated the news on the interface as saying that he did not think that he was trying to get money.
'He personally over 10 billion cash, but the music car and other businesses have also spent a lot of money, I was done at the time, by mid-2016, Ji Yunting Auto Music in the individual investment of more than 5 billion.' He said Other early acquisitions such as acquisitions of cool and unlisted companies, coupled with a freeze, leave little real estimates.
While other electric car companies are expressing their opinions about Faraday, they will show that they will pay more attention to saving money.
In addition to Faraday's future, Mr. Joyce ventured into investing in three electric car companies, including Atieva in Silicon Valley (now renamed Lucid Motors) and plans to establish a joint venture with Astartein. The decisions made within a month, each costing more than $ 1 billion to $ 200 million, do not look like rational business practices.
The interface news asks whether these plans are behind commercial activities or not, but the aforementioned answer to Jia Youting was: 'You misunderstood that he just made a car and he set it down to make Faraday's future and then saw Atieva's proven technology , Intending to buy the company to increase technical support for Faraday.He always wanted to make Faraday into a luxury car brand, and Aston Martin has entered into cooperation, the other promised to help us foundry production.
According to public information, Atieva company, originally Jia Yueting and BAIC investment together, and later Jiayue Ting further under the Beiqi shares, and Aston Martin's joint venture because of funding problems, the final did not proceed.
Although it appears to the outside world that Jia Yunting's actual role as the contradiction with the continued "exuberance" of LeTV makes him look like an out-and-out liar, he is still convinced by the contacts with him. Entrepreneurs often stand out even if his words out, such as Liu Qiang East and Hou Xiaoqiang, although later because of various reasons and deleted.
Had to admire Jiayue Ting is that, even in this situation, he still does not intend to give up that Las Vegas, the $ 1 billion large factory plans.
'Hanford is just an interim plan and eventually we are moving to Las Vegas.' 'A Faraday future North American told the news that the final mass production will still be in Las Vegas.
'They never said they wanted to sell the plot, and we asked them if they were considering selling, but they gave a negative answer,' confirmed David Brown to the news.