Faraday future (hereinafter referred to as “FF”), an electric vehicle company founded by Jia Yueting, announced a new appointment on Tuesday. Susan Swenson, an independent member of the company’s board of directors, assumed the newly established position of “chairman”.
In the future, both Carsten breitfield, CEO of FF, and Jia Yueting, founder, will report to the new executive chairman. In addition, FF also said that the annual basic wages of Bi Fukang and Jia Yueting would be reduced by 25% respectively.
At the close of Monday, FF shares soared by more than 6.5%. Over the past year, FF’s share price has fallen by more than 76%.
Affected by the Spring Festival holiday, as of press time, FF did not respond to the first financial reporter about the purpose of the latest personnel adjustment.
While announcing the latest management appointment, FF also said that the company’s preliminary review found that its employees made some inaccurate statements to investors, including about the role of Founder Jia Yueting within the company. FF said that Jia Yueting played a more important role in the company’s spac listing than in the statement.
Due to the allegations of short selling agencies, FF postponed the submission of the third quarter financial report last November. The company insisted that the allegations in the short selling report were not supported by the review evidence, and said that a special committee had been established to review the allegations of inaccurate disclosure, and further investigation would be conducted under the guidance of the new executive chairman.
In October last year, J capital, a short selling agency, accused FF of counterfeiting its vehicle reservation number in a research report, questioned FF’s ability to mass produce electric vehicles, saying that FF “can’t sell a car”.
At an investor meeting in December last year, FF expected a cumulative loss of about $2.8 billion (as of September 30, 2021) and will continue to generate significant operating losses in the foreseeable future. FF did not disclose details of its financial position in the third quarter of last year. Bi Fukang said at that time that the company had sufficient funds to complete the ff91 project, and the production time target of the project was still July 2022. However, FF said that it is expected to need $1.5 billion in additional funds for ff81 and ff71 projects.
own Motors、Nikola和Electric Last Mile Solutions等多家SPAC上市企业都遭到监管机构的审查。’, ‘dstLast July, FF was listed through spac special purpose acquisition transaction, which is also a popular way of listing in the electric vehicle industry in the past year. However, as more and more senior executives of SPAC listed companies resign due to inaccurate statements, spac listed companies are also being questioned by the market and regulation. Previously, several spac listed companies, including Lordstown motors, Nikola and electric last mile solutions, were reviewed by regulators.
own Motors和Fisker在内的美国电动车企都已承诺将在2022年开始交付。’, ‘dstAlthough the automotive market has encountered challenges such as chip shortage, under the leadership of Tesla, the electric vehicle industry is still expected to usher in mass delivery this year, and the market competition will be more intense. At present, American electric vehicle enterprises, including FF, lucid motors, canoo, Lordstown motors and Fisker, have promised to start delivery in 2022.
