As the core of the LeTV industry chain, LeTV's electric vehicle business is highly anticipated by investors. However, it is regarded by the outside world as the most important chess piece in the field of electric vehicles - Faraday's future (hereinafter referred to as "Faraday"), but recently there have been news of towed money and a large number of executives leaving the company.
"Cheese is not bad." In the eyes of many industry insiders, LeTV has too many fields involved in cross-border and needs a lot of money, and the electric vehicle field is undoubtedly the largest piece of capital demand, so it is not surprising that there is a crisis of moratorium. Moreover, the threshold for the basic manufacturing of electric vehicles does not seem to be high, but it is not easy to do a good job and form an industrial chain, and sufficient cash flow is needed for protection.
It is understood that Faraday's main investor is Jia Yueting, chairman and CEO of LeTV Group. The Fadoday's loan crisis reflects the stretch of Jia Yueting and even LeTV Group in the auto business capital chain. It is reported that Jia Yueting’s shareholding in LeTV has been fully pledged. Although LeTV has not been included in the listed company, it is undoubtedly an important basis for LeTV’s nearly 100 times price-earnings ratio and full of imagination. Therefore, once the LeTV project has a big problem It is likely to induce a rapid decline in stock prices.
In fact, on November 2, or due to the above-mentioned news and the rumors of the default of 10 billion yuan in the payment of goods, LeTV's share price has experienced a 7.49% plunge, and the turnover rate is more than 4% throughout the day. The large number of tens of thousands of hands in the plate continued to show signs of large funds fleeing. If the annual high of 60.98 yuan was created on June 3, the cumulative decline of LeTV has exceeded 30% so far.
For the current Faraday withdrawals and executives' resignation news, the reporter called LeTV's public relations director Chen Hao and other responsible persons to verify, but they did not receive a response.
Storm
The explosion of Faraday’s crisis originated from a report in the US Automotive News. The latter reported on October 21 that Robert Gay, vice president and project director of AECOM, which is mainly responsible for the construction of the Faraday Nevada plant, issued a warning letter to Faraday on October 10, claiming that Faraday defaulted on a total of $21 million in construction in September. AECOM plans to wait for 10 days. If it fails to receive the arrears within the time limit, it will stop working until the funding problem is resolved.
According to public information, Faraday is headquartered in Gardner, California, with a technical operations center located in Silicon Valley, a research and development center in Los Angeles, and branches in Düsseldorf, Germany and Beijing, China. The plant is expected to be commissioned in 2017. The main investor is Jia Yueting.
In fact, before the above-mentioned press conference, Faraday had already had problems with the arrears of construction. In addition to arrears of $21 million in construction in September, Faraday should pay $25.3 million in October and $11.8 million in November, which means that Faraday has to pay $58.1 million in construction costs in the past three months.
On October 25, Jia Yueting publicly responded to "Faraday's request to allocate funds for design-type third-party custody established in Nevada." The fund is $13 million. At the same time, Faraday also said in the statement: "We are working hard to solve the problem of overdue payment. The progress of the factory will not be affected."
In addition to the problem of arrears in construction, Faraday has also had a number of senior executives who have resigned, including James General, General Counsel and Vice President of Government Affairs, David Wisneiski, Chief Financial Officer, and Sarah Ashton, Deputy Director of Government Affairs.
In the case of executive resignation, Faraday said in a recent statement, "We acknowledge that in the past 2-3 months, a group of employees left the company in pursuit of their own interests. The electric vehicle market is highly competitive and talented. The competition is unimaginable. The company has been growing rapidly in recent years. This is very proud. Recently, we have introduced many newcomers from Lamborghini, Jaguar, Porsche and other manufacturers. These fresh blood will greatly enhance the strength of Faraday. Someone has recently left, but the company’s turnover rate is still quite low compared to industry standards. Now, our main goal is to launch the company’s first production model as soon as possible.â€
The continuous storm has also caused the outside world to question the layout of LeTV's electric vehicle industry chain. On the eve of the tragic crisis, LeTV announced its full-scale entry into the US market at a press conference held at the San Francisco Art Palace on October 19. At the press conference, there was no mention about the motor and battery components of the electric vehicle core components, but the software and cloud computing system were simply emphasized. The LeTV supercar originally planned to appear did not appear in the venue. The statement was made that the logistics truck carrying the LeSEE Pro from London to San Francisco had an accident on the road, which made LeSEE Pro not appear on the scene as planned.
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