According to news on November 25, Beijing time, Jalopnik, the US automotive media, recently published an article that disclosed some of the lesser-known stories of Jia Yueting and electric car startup Faraday in the future.
According to the article, Jia Yueting’s once-unparalleled image has now collapsed. Some employees even believe that as long as Jia Yueting is still the future decision maker of Faraday, they cannot sell a car.
The following is the main content of the article:
In Rancho Palos Verdes, an affluent district of Los Angeles, a 725-square-meter mansion stands on the picturesque seashore, from where you can see the beauty of the Pacific Ocean.
This two-story luxury home has six bedrooms, seven bathrooms, a three-car garage and absolute privacy. With Google Maps, you can't find this place at all. At Palosford Ranch, such a mansion is not unique, but the unusual thing about this building is that its owner is a company called Ocean View Drive Inc.
According to previous documents that have never been exposed, the property rights of Ocean View are registered under the name of Chaoying Deng, the executive vice president of Faraday Futures, an electric vehicle startup company. In 2016, Ocean View announced that the company's chief executive is Jia Yueting, who is also an entrepreneur in the Chinese technology industry and a major investor in Faraday's future.
In the past year, financial problems continued to plague Faraday's future, but as an empty shell company under Jia Yueting's technology empire, Ocean View stayed away from the battle and continued to own the luxury mansion in Palosfort ranch—Faraday's future. The operation is now completely in turmoil, and this mansion has become the center of controversy - in Faraday's future circle of executives, it is called "Clubhouse".
Four informed sources revealed to Jalopnik that Jia Yueting’s mansion has multiple uses: it is both a temporary residence for new employees, a meeting place for the company, and a luxury clubhouse where activities are held. It is equipped with a personal chef and is always ready to offer to the guests. Feast. A person familiar with the matter said that at the party here, a $2,000 bottle of whiskey and wine was common.
Clubhouse's luxury lifestyle is in stark contrast to Faraday’s future. This month, another group of executives left the future from Faraday, leaving Jia Yueting alone to save his desolate entrepreneurial image.
Maker dream broken
Faraday will first appear in the world in 2015 for the future, boasting to the outside world the mode of production of futuristic cars - the company wants to create a fully automatic, stylish all-electric car that can be customized according to the driver's preferences, just like today's Like a smartphone. It also painted a beautiful picture for people, saying that Faraday’s future car is better than all current cars.
"Our car should be able to read my cravings, understand my preferences and where I want to go," said Nick Sampson, Faraday's future senior vice president, in 2015. However, in addition to several prototypes and numerous problems, Faraday has not produced any results in the future.
Faraday’s current state of affairs is very similar to last year’s time, when the company’s flagship model was unveiled at the Las Vegas CES conference and has become a laughing stock with serious funding issues. Faraday made sufficient efforts for the demonstration in the future, but in the end it ended in bleakness. The company is destined to repeat last year's scene this year: the bloody situation has not yet been stopped.
Faraday’s future brain drain continues and cash reserves are still stretched. According to some previously undisclosed reports, it also faces new lawsuits, and the reasons are not the same - failure to pay small to high meal expenses on time. To warehouse rental fees and other expenses.
Faraday refused to interview Jalopnik in the future. In the face of Jalopnik's series of questions, the company sent a brief statement: "As a private company, we will not have any financial, legal, or legal affiliations with Faraday Future or its investors. Comments on business plans."
Faraday's future is currently at a turning point in his fate, and 44-year-old Jia Yueting is still at the center of this storm. Another Chinese technology company he founded, LeTV, is also in a quagmire. Informed sources said that all this is because of his obedience.
Jia Yueting refused to give up any control over Faraday's future. Even under his own business, the company faced the danger of closure. Since the beginning of this year, investors have shown willingness to purchase, but according to informed sources, Jia Yueting has to leave Faraday's future and is a prerequisite for each transaction. So far, Jia Yueting has rejected this request.
Seven people, including Faraday's future employees and insiders, were interviewed by Jalopnik. They all proposed the same way to get rid of the current predicament: If Faraday wants to continue to survive, only Jia Yueting will be out.
“Jia Yueting has actually proved himself to be an outstanding entrepreneur – he has achieved remarkable results and is respected,†said Michael Dunne, president of Hong Kong consulting firm Dunne Automotive and an expert in the Chinese automobile industry. “But under the current circumstances, He has already returned to the sky."
FF 91 conference
Early in his career, Jia Yueting tried to change the technology industry quickly. He earned billions of dollars by launching the "China Netflix". A few years later, with personal charisma, enthusiasm, and solid financial resources, he broke into the auto industry and tried to push this traditional industry toward the future of electrification and autonomous driving.
From the beginning of 2016, when AECOM, the engineering general contractor, requested $21 million in engineering arrears, Faraday's debt crisis will become more severe. However, with the departure of a number of well-known executives, Jia Yueting can only face this series of thorny issues alone. At the beginning of October 2016, AECOM issued a message to Faraday that the construction of the plant in Nevada will stop if it does not pay the arrears. Faraday later completely abandoned the $1 billion plant construction plan.
While Faraday told AECOM that they were short of money in the future, the document showed that Ocean View had submitted an application and wanted to build a new swimming pool and a spa for the mansion in Palosford Ranch. "I think that his previous success was purely accidental," said one former Faraday employee who asked not to be named. "Some things come too easy."
Recently, Jia Yueting let Faraday face even greater crisis in the future - the company’s chief financial officer Stefan Krause confirmed to Jalopnik that he had left in mid-October. Faraday later issued a strongly worded statement, denounced Klaus’s dereliction of duty and claimed that the company had taken the initiative to dismiss him. Klaus is not to be outdone, saying that Faraday's future statement is an affront to him and will reserve the right to take all actions.
According to the description of the six former Faraday's former employees, Jia Yueting is an ambitious dreamer, and even in the face of such a disadvantageous environment, he still refuses to give up his plan for building a car. A former Faraday employee said: "Jia Yueting has not changed anything.
In fact, there are some deviations from the views of the outside world and his internal views on him. "The employee continued:" He is more like an itchy western gunner but it is not a rational calibrator. â€
Burning money too fast
In 1973, Jia Yueting was born in rural Shanxi and his family was poor. According to media reports, in his childhood, the family saved food, and Jia Yueting worked in the local steel plant in the summer. After graduating from university, Jia Yueting became fascinated by technology. He first worked as a computer technician at the local tax bureau and later started his own business. In the early days of his business, he sold batteries used in cell phone signal base stations.
In 2002, he established a communications technology company called Sinotel Technologies, which will be listed within five years. During this time, Jia Yueting also created LeTV, known as the "China Netflix." LeTV went public in 2010 and began to rapidly expand into television, streaming video services, movies, and smartphones. The total number of LeTV employees has also increased to more than 10,000 in a short period of time, and the annual revenue exceeds 1 billion US dollars.
The rapid rise of LeTV also made Jia Yueting's background known to the world. In 2014, after a senior government official was sacked for corruption, allegations of collusion between Leshi officials and businesses also surfaced. Later, Jia Yueting disappeared from public view for a period of time and did not show up until several months later. In an interview with Forbes magazine in 2015, he stated that he had treated the tumor for a while and insisted that he had nothing to do with the government's anti-corruption investigation.
This brief turmoil did not slow down the development of LeTV. Even if observers at the time believed that there were too many areas for LeTV, the fronts would be too long. LeSport's growth and expansion plans involve all aspects of the technology industry, apparently exceeding Jia Yianting's original ambitions.
Jia Yueting is also keenly aware of various challenges, especially fierce competition. In order to overcome these difficulties and survive, LeTV needs continuous financing. “Listed companies must develop rapidly.†Jia Yueting said in an interview with Forbes magazine in 2015. “We must provide financial support for those new businesses that burn money.â€
LeTV’s development momentum has caused Jia Yueting to lose sensible judgment and even began to claim that LeTV is going to surpass Apple, Tesla and Netflix at the same time. In the launch of new television and mobile phones, LeTV also followed Apple's large-scale conference, which often lasted several hours. Many investors believed in his vision. As LeTV's empire grew, Jia Yueting became more and more inflated.
He said that LeTV will also surpass a number of technology giants at the same time, and this blind confidence sometimes exceeds the public's tolerance. For example, he publicly compared Apple to Hitler of the Internet era, although he later apologized.
Deep crisis
Electric cars are also in his grand blueprint. Michael Dunn recalls a story that allegedly fueled Jia Yueting's dream of making cars: In 2014, Jia Yueting went to the United States and drove the Tesla Motors for the first time. At the moment of completion of the test drive, he already made up his mind. He said at the time: "This is what we have to do."
He later invested in an electric car startup called Atieva (now renamed Lucid Motors) and promoted LeTV to develop his own electric car. Although LeTV looks ambitious, the vision is very vague, because Jia Yueting hopes to create a "smart", "interconnected", fully automatic, and all-electric car with a speed of 130 miles per hour. At the end of 2014, Jia Yueting invested in the establishment of Faraday's future. The company quickly attracted talents from Silicon Valley and the traditional automotive industry, and even some people had come from Tesla.
Abandoned Faraday Future Factory
Faraday plans to launch a huge future: to invest $1 billion in Nevada, to build a factory that can produce all-electric supercars. Jia Yueting hopes to let this sports car experience exceed Tesla, but also completely subvert the world's personal travel mode of view.
"Tesla is a great company that has brought the global automotive industry to the era of electric cars," Jia Yueting said in an interview with Reuters in 2016. "But we don't just produce cars. We also think of cars as A smart mobile device with four wheels is essentially no different from a cell phone or tablet."
However, Jia Yueting's vision for Faraday's future vision is not favored by insiders and critics. The relationship between LeTV, Faraday Futures, and Lucid Motors's cut-offs continues to be chaotic and has even confused many industry observers and reporters.
Does Faraday's future overlap with Lucid Motors' business? Is Faraday's future a cooperative relationship with LeTV? What is the role of Jia Yueting in the future of Faraday? Why doesn't Faraday formally appoint the CEO in the future? Is Jia Yueting the CEO of this company? If not, why is that? Since the relevant information is very small, it also makes the whole issue more complicated. (Jia Yueting has said that he plans to sell his stake in Lucid Motors, but Lucid Motors declined to comment.)
Jia Yueting, who is now living in a luxury residence in California, is a simpler and more low-key person than usual. After the intermittent financing rumors, Faraday's future was once again blown to bankruptcy in the future. Some leaked documents show that Faraday is seeking to file for bankruptcy in the future and will transfer the company to new investors – this is exactly what Claus wanted to contribute. However, Faraday has denied the creation of these documents in the future. However, people familiar with the matter believe that the company is obviously considering the relevant plan.
Recently there have been rumors that India’s Tata Motors plans to acquire Fallad’s next 10% stake for $900 million. If the news is true, this would be tantamount to Jiayue Ting, who is in trouble. Unfortunately, this is not true. Last week, the Tata Group denied the investment in Faraday's future.
However, even in the face of unfavorable conditions, Jia Yueting is still full of confidence in himself and his previous vision. According to informed knowledge, he once again mentioned the grand goal of allowing Faraday to achieve an annual output of 3 million cars in 10 years.
However, a former employee of Faraday's future said, “Each non-Musical Faraday future employee believes that as long as Jia Yueting is still the company’s decision maker, it is impossible to sell a car.â€
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