Recently, the first financial reporter learned from a recruitment platform that Fafa automobile (China) Co., Ltd. (hereinafter referred to as "FF China") has released a large number of recruitment information. There are 134 recruitment positions, covering engineering, design, intelligence, marketing, brand, sales, etc. the main working places are Beijing and Shanghai, and a few positions are located in Chengdu.
FF China's recruitment this time is mostly mature employees, and most of the annual salary is more than 200000 yuan. Among them, the senior software project manager is an urgent position, responsible for the research and development of vehicle and vehicle products, software project management, etc.
Faraday future (hereinafter referred to as "FF") has previously said that the company will recruit key positions for the Chinese business in order to deliver products in the Chinese market. On May 4, FF said in its official channel that the ff91 project of the first mass production vehicle was advancing as planned, and the test and verification work was going on as scheduled. The company is on track to launch ff91 in the third quarter of 2022.
According to tianyancha information, FF China was incorporated in March 2017, registered in Beijing, with a registered capital of 330 million yuan, a paid in capital of 14.766 million yuan and 14 insured people.
China and the United States have always been FF's development strategy, but FF's business in China is not progressing smoothly.
At the beginning of 2021, it was reported that the state owned assets supervision and Administration Commission of Zhuhai city coordinated the investment of FF by Zhuhai Municipal State-owned Enterprises < a data link = "1" href = "" target = "_blank" > Gree Group and HUAFA group, with an investment amount of about 2 billion yuan. Before that, Fafa automobile (Zhuhai) Co., Ltd. was incorporated at the end of 2020. However, the investment ended later. At present, the paid in capital of Fafa automobile (Zhuhai) Co., Ltd. is 0 and the number of insured persons is 0.
In March 2021, FF announced that Chen Xuefeng, former executive vice president of Chery Jaguar Land Rover, officially joined as CEO of FF China and global partner of FF, fully responsible for all FF China related businesses, including related project implementation, production strategy, localized product development and user ecological construction. FF said that Chen Xuefeng's joining is to promote the implementation of FF's China US dual home strategy.
In July 2021, FF completed "backdoor listing" on Nasdaq, raising US $1 billion. Then FF began to speed up the search for Chinese headquarters in cities. In addition to Zhuhai overseas, Wuhan and Shanxi Changzhi have also become gossip targets, but there is no follow-up news. While the Chinese headquarters were not located, FF also encountered setbacks in the United States.
Less than three months after FF's listing, it encountered short selling by jccapital research, an American short agency. The latter questioned the authenticity of 14000 orders mentioned by FF and suspected that Jia Yueting, FF's founder, had filled the funds raised from the listing into his own debt black hole.
In February 2022, FF submitted a special investigation result and denied the short selling allegation, but admitted that only hundreds of bookings had paid the deposit out of 14000 previously claimed orders, misleading investors. To this end, Wang Jiawei, former vice president of FF global capital markets, resigned, while Jia Yueting no longer served as the executive officer of FF and only served as the chief product and user ecosystem officer of FF.
Because of this allegation, FF said that the company needed additional time to complete the investigation, so it was unable to make financial disclosure within the specified time. Since its listing, FF has not released a complete financial report, and has continuously delayed the publication of last year's third quarterly report and last year's annual report.
Last November, FF received a delisting warning letter from the U.S. Securities and exchange commission due to the delay in publishing the third quarter financial report. The last financial report submission date set by the securities and Exchange Commission for FF is May 6, 2022. If it is still not submitted, FF will have delisting risk. Since its listing, the total market value of FF has evaporated by more than 80% in less than 10 months. As of the closing of May 4 US Eastern time, the total market value of FF is only US $827 million.
Although no specific financial report was released, FF released some data of last year. By the end of 2021, FF expects a cumulative loss of about $2.9 billion. FF expects that the company will continue to generate significant operating losses in the future.
Author / Xiao Yisi