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Jia Yueting personally received and spoke! Chinese automotive supplier delegation visits FF headquarters. Faraday's future price surged by over 17% before the start of trading

bmxphg274
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Before the US stock market closed on January 4th Beijing time, Faraday saw a surge of over 17% in the future.
On January 4th, Faraday Future Weibo posted that a North American inspection team of more than ten automotive supply chain companies from China visited the company's headquarters in Los Angeles and had in-depth discussions with several FF executives, including global CEO Matthias Aydt, founder, chief product and user ecology officer Jia Yueting, on topics such as China's smart electric vehicle supply chain.
It is reported that representatives from well-known automotive supply chains and manufacturers such as Shanghai Yida Air Conditioning, Shanghai Shuce Software, Jixiang Yundu Automobile, Zhixing Automobile, and Kunshan Guoli Yuantong New Energy Technology participated in this inspection and discussed topics such as China's smart electric vehicle supply chain with the FF executive team.
Jia Yueting, Chief Product and User Ecology Officer of FF, stated: "Chinese supply chain enterprises are the most important component of the global automotive industry, especially in the AI tram sector. In the process of establishing the Chinese supply chain, these Chinese enterprises are bound to play an important role in FF's dual home ground between China and the United States, as well as in the future Middle East third pole strategy. As a company established in the United States, FF will also provide unique value to China and the global automotive industry chain."
Not long ago, Faraday's future triggered another delisting alert
On the evening of December 29, 2023 Beijing time, Faraday Future, an electric vehicle listed company that Chinese investors are paying close attention to, announced that it has once again received a delisting warning from the NASDAQ exchange.
According to China Securities News, Faraday Future announced that the company has failed to maintain the minimum closing buy price and its stock price has been below $1 for 30 consecutive trading days. According to the requirements of the Nasdaq Listing Rules, from November 9, 2023 to December 27, 2023, based on the closing purchase price of its common stock, a minimum purchase price of at least $1 per share must be maintained for 30 consecutive trading days (the "Minimum Purchase Price Requirement").
The exchange notified that according to the Nasdaq listing rules, Faraday will have 180 trading days in the future (i.e. before June 25, 2024) to comply with the minimum buying price requirement again. During the compliance period, the company's Class A common stock will continue to be listed and traded on the NASDAQ capital market. In order to comply again, the closing price of the company's Class A common stock must reach or exceed $1 per share for at least 10 consecutive trading days.
If the company fails to comply with the minimum purchase price requirement again before June 25, 2024, and is not eligible for an additional compliance period at that time, Nasdaq will issue a delisting notice to the company.
It is worth noting that this is not the first time Faraday has received a delisting risk notice in the future. According to Caixin, just four months after its debut on the US stock market, Faraday received a delisting warning from the Nasdaq Stock Exchange due to its inability to submit its 2021 fiscal year third quarter report on time. It also received delisting warnings due to reasons such as "no shareholder meeting held for 12 months after listing" and "stock price continuously falling below $1.".
Only about ten vehicles will be delivered in 2023
Previously criticized by the industry as "PPT car making", Faraday Future officially began delivering its first model FF91 in August last year. However, despite this, Faraday's future stock price has not significantly improved. As of now, its cumulative delivery of new cars is only about ten.
The third quarter financial report shows that Faraday Future generated revenue of $551000 for the first time during the reporting period, with sales costs of $16.1 million and operating losses of $66.4 million, compared to a loss of $80 million in the same period last year. As of September 30, 2023, the company's cash balance was $8.6 million, including $1.9 million in restricted cash.
Faraday Future has stated that it expects to achieve operational cash flow balance as early as 2025, provided that it can obtain the necessary capital, supply chain capabilities and stability, and obtain necessary permits.
According to previous reports from Meijing.com, on September 27, 2023, Faraday Future officially released a letter from its global CEO Matthias Aydt to all shareholders. The letter mentioned that in the past nine years, we have invested approximately $3 billion (approximately RMB 21.9 billion) to make Faraday the emerging leader in electric vehicles in the future. These funds have been invested in our products and technology, enabling us to deliver our flagship model FF 91.
Large scale and high-quality delivery remains the most important strategic goal for the company at present. While obtaining additional financing, the company plans to deliver more FF 91 2.0 Futurist Alliance vehicles to its top users this year and increase production capacity and sales in the future.
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