Delivery in 2024
Author | Truman
Boss Jia has gone to the Middle East.
Nine years after deciding to build the car, Jia Yueting sold the car to the Middle East. On the evening of November 23, FF officially announced its foray into the Middle East market and held a high-profile strategy conference at the Ritz-Carlton Hotel in Abu Dhabi, the capital of the United Arab Emirates.
Members of the royal family and local government officials are in attendance, and FF will launch a high-end customized limited edition model in the Middle East, which is scheduled for delivery in 2024.
In addition, FF also announced the signing of strategic cooperation agreements with two companies with royal backgrounds in the United Arab Emirates. The heads of these two joint ventures will join FF's global advisory board, become directors of FF in the Middle East and support the development of FF's business in the Middle East.
The Middle East has a great attraction to new cars in the past two years, and many car companies have received life-saving money from the Middle East giants.
However, unlike previous investments made by local tycoons in the Middle East, it is still unknown how much hot money FF will get this time.
01. At the press conference on the evening of November 23, using the Middle East as a springboard, Jia Yueting did not show up, and Weibo showed that his IP territory was still in the United States.
The event was hosted by Matthias Aydt, global chief executive of FF, and FF said the Middle East market provided an "exciting" opportunity for smart self-driving cars and coincided with FF's product technology and brand positioning.
Matthias Aydt announced FF's strategy to enter the Middle East market and announced the signing of strategic cooperation agreements with two companies with royal background in the United Arab Emirates: Master Investment Group (MIG) and Siraj Finance LLC.
Master Investment Group (MIG) is a regional investment company headquartered in the United Arab Emirates that provides comprehensive investment solutions for a wide range of businesses and services.
Siraj Finance is a private equity company headquartered in Abu Dhabi and regulated by the central bank of the United Arab Emirates that offers a wide range of financial products.
Under the partnership agreement, the CEO of MIG and the chairman of Siraj Finance will join FF's global advisory board and become a director of its Middle East company. They will support FF's business operations in the Middle East, including business development, sales and marketing, strategic financing and partnerships.
In addition, the two sides did not disclose other more specific contents of the cooperation agreement, Matthias Aydt only said that cooperation with MIG and Siraj Holding will help FF to expand the Middle East market.
Jia Yueting said that the landing of FF's Middle East strategy will be the third pole after FF's Sino-US home strategy, which is of great significance, and it will become a very important springboard for FF to enter the European market in the next step.
FF's first model in the Middle East market is the customized limited edition FF 91 2.0 Futurist aiFalcon, which will come standard with one-to-one customized private AI, Super AP 5G*3 's ultimate connection, extreme racing training and certification, Emirates Gold / Crystal insignia and other advanced identity features, as well as an exclusive invitation from FF "Futurist Spire Club".
It is reported that the limited customized version is scheduled to be delivered in 2024 and will offer a range of free maintenance and upgrade options, such as carbon ceramic brake kits, aerodynamics kits and racing style wheels.
At present, this limited customized version can be booked directly on the official website of FF, while the official website of FF has also launched the Middle East version.
During the Abu Dhabi F1 Grand Prix week, the FF 91 2.0 Futurist Alliance North American model will also be on display at the famous Abu Dhabi Pier track starting from November 24.
02. Before announcing its entry into the Middle East, the media revealed that Jia Yueting planned to sell FF's car factory in the United States. The exact buyer has not been disclosed yet.
It is reported that the factory was sold because FF ran out of money and production could not go on, while selling the factory could get a sum of money, and then rent the factory back to promote the production and delivery of vehicles.
But FF did not respond to this.
Nearly 10 years of car construction, people's impression of FF is basically either in financing or on the way to financing.
FF reported that Q3 generated revenue for the first time in the third quarter of 2023, with car sales totaling $551000.
FF's first revenue in the third quarter came from car sales, and FF has delivered a total of seven FF 91 2.0 Futurist Alliance to customers in the nine years since it was built.
On November 20, FF officially announced that Sean Lee, a famous American car modification expert, philanthropist and founder of Purist Group, picked up his car at FF's headquarters in Los Angeles, California, officially accepted his FF 91 2.0 Futurist Alliance and became the co-founder of FF.
Earlier this month, FF also delivered his new car to American singer and entrepreneur Chris Brown and announced that he was officially the co-founder of FF owners and developers.
It's just that the $550000 in revenue from car sales is a drop in the bucket compared with the loss. FF posted a net loss of $78 million in the third quarter, slightly narrowing from a net loss of more than $100m in the same period last year.
However, just three days after the announcement of the results, FF shares plummeted, closing down 22.67% at $0.522 per share. The share price has fallen below $1 for six consecutive trading days, with a total market capitalization of less than $30 million, another all-time low.
So far, U. S. stocks have been closed for Thanksgiving, and FF has a market capitalization of $28.14 million, or 49 cents a share.
Earlier, Jia Yueting mentioned in an open letter to all shareholders and investors posted on his personal Weibo that FF's share price and market capitalization had suffered the darkest moment, when the company's market capitalization fell to just over $3bn, with less than 1 per cent of the total cash investment.
Jia Yueting said he felt "extremely sad and disappointed" and believed that FF was seriously underestimated.
03. The banknote capacity of the Middle East Tuhao FF delivery is divided into three stages: in the first stage, the first batch of users pay the vehicle fee in full so that they can book and receive vehicle training. In the second stage, the first batch of car owners will get the vehicles. To the third stage, is the production capacity after mass production climbing, and finally complete the full delivery.
Of the seven vehicles delivered by FF, the fourth is owned by Jia Yueting himself. It can be said that Jia Yueting has opened a new form of delivery in the automobile industry, and the delivery of FF is still in the second stage.
Middle East tuhao, can you help FF to the third stage of delivery?
There is no more news about the cooperation between FF and the Middle East. Although they will enter the Middle East market, the two partners in the Middle East have not invested money in Jia Yueting.
As netizens said, "after working for a long time, without money, you can't mass produce without money. How can it be customized?"
Of course, if FF can get enough orders in the Middle East, with the "money ability" of the local tycoons in the Middle East, picking up cars should not be a big problem.
But today's electric car market in the Middle East is no longer the blue ocean imagined.
Many new powers and traditional car companies have set their sights on the Middle East. The day before the FF Middle East strategy launch, BYD opened its new flagship showroom in Dubai, United Arab Emirates, and officially launched the pure electric model Han for the UAE market.
In recent years, the local tycoons of the Middle East can be seen behind many investments in new energy vehicles, especially newly built cars.
In order to achieve the "carbon reduction" goal, many Middle Eastern countries have issued a series of emission reduction plans. For example, the Saudi government has set a new energy target for 2023-at least 30% of electric vehicles in the capital Riyadh by 2030. The Israeli government aims to ban the sale of new fuel cars by 2030 and achieve net zero emissions by 2050.
At present, countries such as the United Arab Emirates and Jordan are attracting Chinese new energy vehicle companies to set up factories and invest in production bases with various subsidies and preferential policies.
On June 20 this year, Weilai announced that it and CYVN Holdings L.L.C, an investment agency owned by the Abu Dhabi government of the United Arab Emirates. Sign a share subscription agreement and obtain a total strategic investment of about 1.1 billion US dollars (about 7.9 billion yuan). According to Li Bin, cooperation takes only three weeks from the discussion to the signing of the agreement.
Prior to the arrival, the Ministry of Investment of the Kingdom of Saudi Arabia also signed a cooperation agreement with Gaohe Motor's parent company, Chinese American Express, in which the Saudi side will invest a total of 5.6 billion US dollars (about 40.1 billion yuan). The two sides plan to set up a joint venture to engage in automobile research and development, manufacturing and sales.
Earlier this month, it was reported that the Saudi Public Investment Fund (PIF), the world's largest sovereign wealth fund, is in talks with Chinese Express to invest at least $250 million, while PIF may buy a stake in Chinese Express at a valuation of $3 billion.
For a long time, the form of energy in the Middle East has been dominated by oil. Although it is rich in oil, it has also begun the energy transformation under the general direction of global environmental problems, and the speed is even faster than that in Europe and the United States.
New energy vehicles as the hottest tuyere nowadays, no matter from the general trend of investment or environmental protection, the local tycoons in the Middle East have no reason to miss it.
Jia Yueting himself said that many sovereign funds in the Middle East attach great importance to the AI electric travel industry.
Next, let's see if FF can get the Middle Eastern tycoons to pay the bill.
This article is from the official account of Wechat: Super Electric Lab (ID:SuperEV-Lab). Author: Truman.
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