But if the new CEO, Bi Fukang, cannot control Jia Yueting, he will not be able to save the future of Faraday.
Editor’s note: This article is from Artesyn Technologies “Silicon Valley Cover” , Author: Hey, music.
[Key Points]
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In 2014, Faraday digs people from Silicon Valley and Detroit after the establishment of the future. It was once the most sought-after electric car startup outside of Tesla.
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Company founder Jia Yueting came to the United States in 2017 to escape billions of dollars in debt. At the beginning of the establishment of Faraday, Jia Yueting has been quietly operating this company.
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In 2017, the luxury SUVFF91 developed by Faraday in the past caused a sensation at the International Consumer Electronics Show. But the car has not yet been put into production, and its technology is outdated.
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Jia Yueting invested $900 million in the future of Faraday. By the end of December 2017, Faraday has not had enough funds to pay employees’ wages, so Jia Yueting took 45% of the company’s shares in exchange for Chinese real estate giant Evergrande’s $2 billion investment.
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In 2018, Evergrande asked Jia Yueting to step down and pay the balance in advance, but Jia Yueting refused, and Evergrande will no longer continue to provide the remaining 1.2 billion US dollars to Faraday. Jia Yueting concealed the dispute from many company executives, and the company began mass layoffs.
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One of the ways to get a company back to life may be to file for bankruptcy. But this may change Jia Yueting’s immigration status and force him to return to China to face the high debt he owes.
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The report said that Jia Yueting had bought a $3 million luxury home in August this year before applying for personal bankruptcy, but the FF public relations official responded that this was purely a rumor.
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Now Faraday’s new CEO, Bi Fukang, hopes to bring Faraday back on track and create a grand vision for the company to share the leadership of travel. But if he can’t control Jia Yueting, he can’t save the future of Faraday.
(This article is about 8600 words, it takes about 8 minutes to read the full text)
[Editor’s note]
Faraday was once a star enterprise in the field of electric vehicles, but it gradually went to the edge of bankruptcy under the control of Jia Yueting. Company newChief Executive Bi Fukang hopes to build Faraday’s future into “the number one company in the future travel field”. But the first thing to solve is how to get rid of the control of the founder Jia Yueting and let Faraday continue to survive.
Faraday’s future founder Jia Yueting
The following is the body of the article:
In addition to Tesla, FaradayFuture was once the most sought-after electric car startup in the media, and today the company is known for its frequent funding problems. Now, Faraday’s future employees who have been hired from high-paying companies such as SpaceX, Tesla, Apple, and Ford have mostly switched jobs; the $2 billion spent on developing luxury electric SUVs has yet to pay off, and the vehicles have not yet been put into production. All of this is due to the founder of Faraday’s future, Jia Yueting. In 2017, Jia Yueting ran from China to the United States in order to escape billions of dollars in debt, but declared bankruptcy in the United States this month.
Smart investors have pushed the company to the brink of death. But fortunately Faraday’s future still exists, and the company’s new CEO wants to solve all problems.
Faraday’s future headquarters is located in Gardena, California, across the street from the PetHavenCemetery Cemetery and Crematorium. Last month, the company held a media day at its headquarters. The new CEO, Carsten Breitfeld, told more than a dozen reporters and media people. He joined the struggling electric car startup because of him. I think that Faraday can become the number one company in the future travel field.
Faraday’s new CEO Bi Fukang
The presence of Bi Fukang in black dress: black loafers, black socks, black jeans, black company Polo shirt. He quickly flipped over the slide on the huge video wall and explained in a strong German accent that the transportation industry is about to usher in another revolution. Although Faraday’s future cash reserves are almost exhausted and still owe more than $100 million to suppliers, and the company’s reputation has been damaged by Jia Yueting’s farce, Bi Fukang still insists that Faraday will change the way we know it in a unique way.
This is a bold vision that Bi Fukang now has to sell to investors, potential new employees and corporate creditors. Bi Fukang said that if he succeeds, Faraday will return to the International Consumer Electronics Show in 2021, when a car and platform will be introduced to subvert the entire transportation sector.
In fact, Faraday’s ability to persist in that time is a feat. But in order to try, Bi Fukang must let Faraday rise to the future, but also control Jia Yueting. Although Jia Yueting has resigned from the company’s CEO and applied for personal bankruptcy, as the core figure of Faraday’s most difficult period in the future, Jia Yueting will not leave soon.
The troubled company founder
The dark clouds in the picture rolled in, and the cars on the hazy streets seemed to be blocked for several kilometers. After the sad string, the video revealed the voice of LeTV Group and the future founder of Faraday, Jia Yueting.
Jia Yueting said in the video: “Only a dream that is ridiculed by 99% of people is qualified to talk about one percent success.”
This music video was widely distributed within LeEco during the Leo Group’s near bankruptcy in 2017. In the video, Jia Yueting stood in the recording studio with black headphones. The billionaire sang like this: “Indifferent people, thank you for being ignorant of me.” He lamented that it was their criticism and criticism that made them cheer up.
After Jia Yueting said directly to the camera, he “will pay tribute to all of LeTV’s fellow travelers with this music version of “The Broad Sky”.
He sings: “The blindfolded, we planted the fruits of our dreams in the desert. It hurts, can we count as a harvest? Never look back, break the lock of dreams with tenacity.”
The video fully demonstrates Jia Yueting’s arrogant personality, which is one of the reasons why he became famous in China. Jia Yueting’s entrepreneurial path is equally bold. He has undertaken billions of dollars in debt and promoted the transformation of LeTV from “China Netflix” into a group of companies that produce mobile phones, televisions and even electric vehicles.
But by the end of 2016, the company’s development is not enough to support Jia Yueting’s ambitions. At that time he tried to introduce the LeTV business to the US market, but did not succeed. In October of that year, LeTV held a huge product launch conference, but in just a few weeks, Jia Yueting announced the layoff plan and claimed that LeTV had suffered from “big company illness”. Six months later, this music video was broadcasted inside LeTV. The Shanghai Higher People’s Court froze Jia Yueting’s $182 million in assets, and he was eventually included in the list of untrustworthy enforcers.
The situation has turned sharply. Jia Yueting moved to California in July 2017.