Editor's note: In recent years, the automobile industry has undergone major changes, especially Internet vehicles, new energy vehicles have changed the old pattern. Today's focus on the FF91 can be mass-produced, the latest progress of SAIC Audi, Two major cases in the automotive industry change.
As the most well-known activist in China, Jia Yueting once again completed a counterattack in the cold eyes and surprise of others.
From Li Zemin to India's Tata, to Thailand's National Oil Company, Faraday Future (French Futures FF) has repeatedly rumored that it will receive capital injections from various majors, but they were subsequently denied. Because of this, outside the world It seems that many rumors are only the smoke bombs released by Jia Yueting to the capital market, so that the prospects for FF are mostly singular views.
However, on June 25, 2018, with the announcement of Evergrande Health, Jia Yueting, a secondary school student from Shanxi, not only hoped that the Evergrande Health, controlled by the famous real estate tycoon Xu Jiayin, would invest a total of 2 billion US dollars. At the same time, it also saved the position of FF CEO.
It is worth mentioning that, just after FF officially announced that FF completed the first round of financing, Xiaopeng Automobile Chairman He Xiaopeng commented in the circle of friends: 'See also financial technology, be a shell company investment of 2 billion US dollars, then 8 Billion dollars through mergers and acquisitions by way of. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
Some auto industry experts told the "Securities Daily" reporter that although FF claimed that 85% of the accessories have been mass-produced, Evergrande is the hair dryer 'FF91 fully meets the conditions of full-scale production'. However, the car has its own rules, FF91 Mass production in 2018 is almost impossible.
'FF91 claims that the configuration and functionality are extremely advanced, which will greatly increase the difficulty of mass production.' He added that the FF Hanford factory also announced the start of the contractor and started construction at the beginning of last month. 2. Recruiting workers, production line debugging and installation is simply too late.
Experts say that mass production is hopeless after FF91
As early as November 30, 2017, Hong Kong Shiying Company and the original shareholder of FF represented by Jia Yueting established a new company, Smart King, in a joint venture mode. Shiying invested US$2 billion to acquire 45% of the joint venture company, while the original shareholder of FF With the technical assets and business shares owned by FF, the company acquires 33% equity of the joint venture company, and the remaining 22% equity will be reserved as equity incentives to the company management.
In fact, from the setting of Smart King's existing equity and voting rights, the two sides of the transaction are obviously not at ease with each other. The top of the 'Lao Lai' identity tag, Jia Yueting's conditions for getting money is undoubtedly extremely demanding.
According to the reporter's observation, Evergrande's valuation of FF is the first to bear the brunt. Earlier Jia Yueting claimed that FF's valuation was 6 billion US dollars. In this capital injection, Faraday's future assets are worth 1.467 billion US dollars, in the newly formed company Smart King Ltd. only accounts for 33% of the shares. And Evergrande (Shi Ying)'s 2 billion US dollars contribution accounted for 45% of the share.
In addition, Evergrande's $2 billion investment is not a one-time completion, but is paid in three batches. The first batch of $800 million is in place after the contract is signed; the second $600 million is due before December 31, 2019; Three strokes of 600 million US dollars will arrive before December 31, 2020. At the same time, the second and third strokes respectively set up the conditions for gambling.
Some experts in the automotive industry told reporters that Evergrande was equivalent to receiving a 45% stake in Faraday for US$800 million. And Jia Yueting’s seemingly comprehensive AB share setting was also set for the gambling condition--that is, once Jia Yueting The prescribed tasks cannot be completed, and the voting rights will be automatically transferred to the holding company of Evergrande Health Control.
At present, the gambling condition in the industry is that Jia Yueting needs to realize the mass production of FF91 before the Spring Festival of 2019. 'This is an almost impossible task.' The above said that although FF claims that 85% of the accessories are mass-produced, Heng Bigger is the hair dryer 'FF91 fully meets the conditions of full-scale production'. However, the car has its own rules, FF91 mass production in 2019 is almost impossible.
'Before Musk equipped a lot of configuration options for Model 3, but due to lack of supplier capabilities, parts production capacity and other reasons have to be greatly reduced. Compared to Tesla, FF91 claims configuration and functionality are also extremely advanced This will greatly increase the difficulty of mass production. ' He added that the main manufacturing facility in FF, the factory in Hanford, did not announce the general contractor until June 8.
Xiaopeng teasing Jia Yueting is a 'smart person'
From the perspective of financing alone, FF's $2 billion financing scale exceeded the amount of first-round financing of all similar companies and has set a new industry record.
Shortly after FF officially announced that FF completed the first round of financing, Xiaopeng Automobile Chairman He Xiaopeng commented in the circle of friends: 'See also financial technology, to be a shell company investment of 2 billion US dollars, and then 800 million US dollars through debt M&A, as for how to pay can be slowly, how to 'return' and talk privately, similar to the previous LeTV sports, sitting in reverse version after a few years. Everyone thinks that they are smart people.
In this regard, FF immediately responded that the $2 billion financing is 'real money and silver'. In fact, He Xiaopeng 'accepted' Jia Yueting is not the first time. Previously, He Xiaopeng had commented on Jia Yueting's land---'Today China really wants Innovative, industrial is definitely better than financial, real estate. But in the 30 years of Hedong 30 years, we must have patience.
The reporter noted that as a star enterprise of new car power, Xiaopeng Automobile and Faraday's future affiliated company Ruichi Automobile are in Guangzhou. Previously, Xiaopeng Automobile was the only new power enterprise in Guangzhou, and it was located in Guangdong, Hong Kong and Macau. At the same time as the geographical advantage of Dawan District, it has obtained a number of industrial support provided by the Guangdong Provincial Government.
It is worth mentioning that according to the “Regulations on Investment Management of Automobile Industry (Draft for Comment)” just released by the National Development and Reform Commission, the right to approve the qualification of automobile production in the future will be delegated to various local governments, which means that as long as the conditions of the NDRC are met, outstanding new forces The car manufacturers will have the opportunity to obtain the production qualifications issued by the local government.
According to this, some insiders speculate that after the FF capital increase, it will inevitably add new variables to the new power enterprise pattern. How to distribute the local policy dividends, the distribution of the 'passport' will become the car companies in the jurisdiction The problem facing.