FF91 booking data was falsified, claiming 14,000 orders, but only a few hundred people actually paid
Although jia Yueting under FF car making ability is not good, but always can attract attention from all sides.At the beginning of the year of the Tiger, the findings of a special committee formed by FF’s independent board of directors have attracted public attention.In October, US short seller J Capital Research published a 28-page short report questioning FF’s Research and development spending, production capacity, Capital performance and founder Jia Yueting himself. It concluded that FF could not sell a single car.In response, FF set up a special committee of independent directors to investigate the allegations.After more than three months of investigation, the special committee on two important conclusions: 1, for the FF with PSAC business merger in July 2021, some employees to some investors about Gu Yueting role in the company information is inaccurate, Gu Yueting participation after the business combination for management of the company bigger, than show some investors.2. The company’s statement before the business merger that it had received more than 14,000 bookings for FF 91 vehicles may be misleading as only a few hundred of these bookings have been paid for and the others (a total of 14,000) are unpaid.First, In September 2019, Jia yuting stepped down as FF global CEO and became CPUO (Chief Product and user Officer), replaced by former BMW executive Fu Kang Bi.CPUO is the newly created position responsible for the overall implementation of the Internet ecosystem strategy, leading artificial intelligence, product definition, user acquisition, user experience and user operations.In his new role as GLOBAL CEO of FF, He will fully lead the company’s core team to achieve strategic goals, continue to build industry-leading technologies and products, manage the efficient operation of the team, and focus on the ongoing financing activities.It is not difficult to see that Bifukang and Jia Yueting have a clear division of labor, and each is responsible for their own areas of expertise. The former is responsible for the research and development and manufacturing of traditional cars, while the latter is responsible for the relevant businesses with advantages of the Internet.In theory, Fu Kang is the head of FF, but according to the investigation results released by the special committee, Jia yuting is the actual controller of FF. Being CPUO does not mean that his power is limited, and his voice is even higher than Fu Kang.Unfortunately, when FF went public in July last year, the role of Mr Jia was not adequately presented to some investors, or was deliberately played down or concealed, which was one of their core concerns.After all, FF’s fundraising has been rocky, not least because investors are concerned that jia yuting, who has lost credibility, is still firmly in control of FF.The second point, to put it bluntly, is that FF91 booking data were falsified, with only a few hundred valid orders taking into account the vast majority of unpaid orders.People familiar with Mr Jia know that he has a history of marketing false prosperity or exaggerating propaganda, which worked well when he was in charge of LeEco.Of course, there are always questions from the outside.In April last year, regulators slapped Leshi and Jia with a whopping 240 million yuan fine each for financial fraud and fraudulent non-public offerings over the past decade.The news was announced, immediately shocked the industry, the original Jia Yueting fraud this set of play so 666, actually can last for ten years.Now, FF91 real booking data surfaced, only a few poor hundreds, on behalf of its popularity in general, and not jia Yueting to brag about the popular, will directly affect FF91 to seize the high-end luxury car market.He has repeatedly said that FF 91 will disrupt traditional ultra-luxury brands like Maybach, Ferrari and Bentley.Obviously, FF91 only hundreds of orders, it is difficult to arm with Maybach, Ferrari, Bentley, let alone subversion, this is a huge blow to Jia Yueting who is determined to win.In addition to these two conclusions directly confronting FF officials, the special committee’s investigation report largely supports FF, emphasizing that other allegations against the company, including an earlier short selling report by J Capital Research, were not supported by the review of evidence.In my view, the special committee report is a mixed blessing for the ill-fated FF, whose priority is to push ahead with FF91 production as soon as possible in addition to filing Q3 2021 earnings and a revised investor statement, as a prerequisite for proving itself by July this year.As of Feb. 2, FF closed at $4.22, down more than 76% since going public six months ago, giving it a market cap of $1.369 billion.It is foreseeable that Jia yueting will still face severe challenges in the future. It is not easy to build cars, FF and cherish!