Jia Yueping and FF91

Thoroughly get rid of the debt burden, which announced the latest Hongda Puttings.

On April 5th, Faraday Future (FF) submitted to the US Securities Regulatory Commission, marking its transaction with Property Solutions Acquisition Corp. (hereinafter referred to as PSAC), is expected to be May Can complete. FF US stocks are listed, and enter the countdown.

Ff submitted S4 file

The S4 file shows that FF has clarified the previous debt, and the 2020 financial audit is passed. After the FF listing, the original shareholders and creditors will hold the company’s 66% of the equity after the transaction. The debt problem means that FF founder Jia Yueping’s car dream is close to the reality.

However, whether FF will still be able to land still doubt, at least in China, FF is looking forward to the joint venture company’s joint venture company production plan, and is not determined. But these uncertainty does not affect the grand vision of FF.

According to S4 file, FF is expected to receive $ 5004 million in 2022, jump to $ 2144.5 million; sales expectation, FF is expected to be delivered to the first batch of FF91 in 2022, sales of 2,400 in the same year; 2024 3 cars sales 113,000; in 2025, the annual sales of 4 models have reached 302,000.

[Focus on the “electric car observers” public account, and reply to “FF” in the public number dialog, you can get the FF S4 file and FF investor speech PPT]

1

3 years, 4 cars, 456,000

456,000, is a near-time grand goal.

According to FF submitted S4 files, 2022, 2023, 2025, the Vehicles sold by FF programs were 2,000, 39,000, 113,000, and 302,000, and deliver 3 years from scratch 3 years. 45.6 Ten thousand.

FF five-year sales plan

Source: FF S4 file

Among them, in 2022 sales only FF91 cars, the car is also the first mass production vehicle. On August 29, 2018, Ji Yueping, when the FF Global CEO announced, FF91’s first pre-production car was officially completed, and the plan was delivered at the end of the US Hanford factory at the end of 2018.

However, after experiencing the great disputes, Jia Yueping is unloading the storm such as CEO, the car has not been listed as scheduled. According to the FF S4 file plan, the first batch of FF91 will be delivered in 2022.

FF five-year sales plan split

Source: FF investor speech PPT

Starting from 2023, in addition to the FF91 of the Luxury Performance Electric Vehicle, the FF81 of the high-end car is positioned with high-end vehicles (FF is called Last Mile Delivery Vehicles, LMDV, the last kilometer transport vehicle) will also start selling.

In 2025, the FF71, including the positioning of the mass market, means that FF’s full 4 models will be over, and the FF is scheduled for 266,800, and the FF81 and FF91 sales are sold 266,800, and the LMDV sells 35,000.

Sales target is large, and it is natural to make money.

FF five-year revenue plan split

Source: FF investor speech PPT

FF is expected that 2022 can reach 5004 million US dollars, 2023 and 2024 are expected to be RV. US $ 10.5555 billion, in 2025, and the company’s annual cost can reach 21.45 billion US dollars.

FF five-year revenue plan

Source: FF S4 file

It is worth mentioning that FF is expected to achieve EBITDA (expendant profit and amortization profit in 2024) to 914 million US dollars, and EBITDA is US $ 231.2 million in 2025.

2

Money, people, car, factory

On the eve of the US stock market, FF has been prepared for the preparation of a grand vision.

In terms of funds, on March 26th, FF announced that nearly $ 100 million in claims, from Ares leader, Birch Lake and other existing lenders.

The next day, FF chief products and user ecological officials Jia Yueping released Weibo said that the FF was awarded $ 100 million before listing. The new financing will help FF to start the Hanford factory production preparation work in advance, and FF91 delivery enters the countdown, will Accelerate FF China business landing.

In terms of personnel, March 31, FF issued, after completing the merging transactions with PSAC, will appoint 9 new board members. Among the latest 16 FF board members, including Bi Fukang (the first line below) and FF founder Jia Yueping (Chapter 3).

FF board member

Source: FF S4 file

FF Other management and technical teams also include some core members from Motorola, Maserati, Tesla, BMW, GM, Kama Auto, Mercedes, and former LeTV.

FF part of the technical team member

Source: FF investor speech PPT

In terms of models, the 3 passenger cars of FF covers around 45,000 US dollars, to a luxury car market around 180,000 US dollars, and the truck models include Tesla Model 3, Model Y, Model S, Wei to ES8. , Porsche Taycan and other levels of electric vehicles represent models. Source: FF investor speech PPT

Comparison of FF91 and major competitive partial performance parameters

Source: FF investor speech PPT

The production area of ​​several cars is basically determined. The FF91 is expected to be produced within 12 months after FF and PSAC merger, and the FF leases are produced in Handorfu plant, which is about 1.1 million square feet (about 1022 acres), and the annual production capacity is 10,000. It takes approximately $ 90 million to complete the development.

FF main production plant

Source: FF investor speech PPT

FF’s remaining production capacity plans to produce 270,000 annual production capacity by MYOUNG SHIN. Myoung Shin is a subsidiary of the Korean Auto Parts Manufacturer MS Autotech, and has signed a strategic cooperation agreement with the 2019 and Taotong cars at the time and announced that participation in the Wheel C round financing. After the arrival of Bai Teng, the cooperation between the two sides did not have any following.

In addition, FF said in the S4 file, with Geely, a certain line city signed a memorandum of cooperative understanding, one of the cooperation contents, and the three parties will set up joint venture and support the production of FF in China. FF is expected to begin in 2025, the annual production capacity of the plant is 10-250,000, and the annual capacity of 2026 will increase by 150,000.

Introduction to FF investors and Geely cooperation

Source: FF investor speech PPT

Ff did not mention this “first-tier city”, but there are several media to quot; FF is located in Zhuhai, Zhuhai, Guangdong Province, and the three-party cooperation, FF, and Zhuhai City. And sales targets are set up for gambling conditions. If everything goes well, FF will be mass-produced in China in the second half of 2022.

Of course, if “if” is after all.

On the one hand, FF indicates in the S4 file and investor PPT, and Geely has not reached an agreement on the joint venture company, and cannot guarantee that the company finally established. On the other hand, although the framework cooperation agreement is signed with FF, Li Shufu, chairman Geely Holdings, clearly stated that Geely did not want to achieve anyone, is Fujikang ideas for FF.

At present, FF’s Chinese official website shows that FF91 has begun to accept reservations, and the deposit is 50,000 yuan. After the FF91 US booking page is opened, it will automatically jump to the Chinese website. Has been delivered, but repeatedly became the FF of the Government Community Bin, can this really achieve a grand vision?

–End-

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