According to several US media reports, Faraday's most important project in the future, Nevada's $1 billion construction of a new plant, has been temporarily suspended. There is even news that Leroy's electric vehicle project, Faraday Future, has suspended construction of the Nevada plant, and the Nevada finance minister said "this is a Ponzi scheme." In response, the statement’s response to the media misunderstanding caused misunderstandings in the Faraday Future Nevada plant project.
LeTV
In the statement, the company said in the statement that the funds of FF have been put in place one after another, and the FF Nevada factory has never stopped working.
According to public information, the future of the company is part of Jia Yueting's network of electric vehicle companies in China and the United States. In addition, Jia Yueting also specifically mentioned at the LeTV US press conference last month that the first production car of Faraday will be released at the CES in Las Vegas in January next year.
Nevada officials said that Faraday has postponed payment deadlines to construction contractor AECOM several times in the future. The future spokesman of Palladium refused to confirm whether the company failed to pay. It only said that during the “adjustment periodâ€, Faraday was working with AECOM, and the company plans to restart the construction of the plant in 2017.
Nevada’s finance minister, Dan Schwartz, said in an interview on Tuesday: “This is a Ponzi scheme. The new company has never been able to produce a car and build a new factory in the desert. And got the investment of the mysterious Chinese rich."
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Faraday's future is one of the electric vehicle companies invested by Jia Yueting and the technology provider behind the LeTV supercar LeSee. It has extremely important strategic significance for the LeTV supercar. According to professional media Electrek, Jia Yueting himself invested $300 million in Faraday's future investment.
On the same day, a spokesperson of FF refused to confirm whether payment was not made on time, but said that it was “cooperating†with AECOM during the “adjustment period†of the factory and plans to restart the construction of the plant in 2017. â€
Despite Lexus's signs of improvement in capital and operations, a Faraday Future (FF) Nevada $1 billion project confirms the suspension of production, which has made LeTV's car project worse. FF is LeTV's high-end electric vehicle manufacturing start-up, which is also a technology provider for LeEco's LeSee.
The reason is that the company missed the deadline for payment to the contractor AECOM several times. According to media reports, the FF Nevada factory project is actually a government cooperation project. FF's agreement with Nevada shows that while the state invested $1 billion in a new plant in Nevada, the state government provided more than $200 million in incentives and incentives. The project is expected to create approximately 4,500 jobs.
In response to the outside world's questioning the suspension of the LeTV project, the main party involved in the Faraday Future (“FFâ€) issued a statement saying that there were misunderstandings.
FF said that the funds have been put in place, and the Nevada factory has never stopped working. The first phase of construction has been successfully completed and will enter the second phase of construction in February next year.
At the same time, FF said the company's first production car will be unveiled at the 2017 International Consumer Electronics Show (CES).
At the strategic conference held in Los Angeles in the United States, Jia Yueting also personally told the outside world that FF's first production car will be launched early next year.
Further reading: How long does LeTV's new $600 million life-saving money last?In the 9 days after the founder Jia Yueting was exposed to the tight capital chain, LeTV, which burned the most money, first received 600 million US dollars in foreign aid funds in his “acquaintance circleâ€.
On November 15, Haishu Group, Hengxing Group and other companies signed the first US$300 million investment agreement with LeEco Holdings, and said that the main investment is LeTV. These companies who have invested in LeTV have a common identity, that is, they are all classmates of Jia Yueting at Cheung Kong Graduate School of Business.
On November 14, Zhou Jianping, the chairman of Haishu Group, led the team to negotiate investment with LeTV. After two days, the two sides reached a formal investment agreement.
At the signing ceremony, Zhou Jianping said, "Our six classes have jointly commissioned me to negotiate with LeTV. After two days of negotiations, we have decided to invest $600 million on behalf of the whole class, including the first investment between the end of November and December. Billion dollars.†He also said that the first phase of investment will be in place before mid-December, and the investment will be dominated by enterprises.
LeTV is a optimistic project for the CEOs of Jia Yueting.
Zhou Jianping said at the signing ceremony that the main investment of 600 million US dollars is LeTV, which is a financial investment and will not participate in future management and automotive business. He also said that the shareholding structure has not yet been calculated, and the return on investment will be handled according to market rules.
But the car is also the most burnt of the seven business of LeTV. Jia Yueting also mentioned in the open letter issued on November 6 that more than 10 billion of the car’s own funds have been burned.
The timetable for the second phase of investment has not yet been implemented. Zhou Jianping said that according to his understanding, after LeTV had negative information, many people thought it was an opportunity, and capital would come here. "The next 300 million may not be needed, but we are also prepared and talked about it, depending on the progress of the project."
After Jia Yueting was exposed to the tight capital chain, which led to the impact of the mobile phone supply chain, Jia Yueting had been looking for money for LeTV.
On November 11, LeTV, a listed company of LeEco, announced that its senior executives and core technology backbones will increase their holdings of the company's shares in the next six months, with a total amount of not less than RMB 300 million to show confidence in the company.
On the afternoon of November 13, Jia Yueting released Weibo: “Grass and grass first, the second phase of the ecological strategy is solidly set off, Mark.†The Weibo shows its location in the Hong Kong International Finance Center. LeTV also said in a message sent to reporters that Jia Yueting went to Hong Kong last weekend to make significant progress in the rescue of LeTV funds. However, it is still unclear the specific amount of Jia Yueting’s behavior in Hong Kong.
But what is the pressure of 600 million US dollars to ease the Lexus car capital chain?
Recommended reading: LeTV capital chain storm continues to ferment, where more than 10 billion go?
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