Recently, it was reported that Faraday Future, a car company founded by Jia Yueting in the United States, owed nearly a million US dollars in rental payments and was sued. Later, he reached an agreement with the landlord that he could continue to stay in the building as long as certain conditions were met.
On April 9th, FF Automobile confirmed the authenticity of the news to a reporter from Nandu Bay Finance Society. FF told reporters from Wancaishe that the two sides have reached a settlement, but the specific content of the agreement is not convenient to disclose.
In February of this year, Lexford Industries, the landlord of Faraday Future's headquarters in Los Angeles, filed a lawsuit against Faraday Future in the Los Angeles High Court, accusing it of defaulting on rent, maintenance fees, and taxes for January and February. It is reported that Faraday has owed a total of 91000 US dollars (approximately 660000 RMB) in rent in the future. In addition, the landlord also demanded the recovery of the building in the lawsuit.
Faraday Future told First Financial reporters at the time that it was actively cooperating with the landlords of the San Jose office and Gardner headquarters, and conducting friendly consultations on the current situation to resolve it as soon as possible.
In 2014, Jia Yueting began his "car making dream" and founded Faraday Future (hereinafter referred to as "FF"). In January 2017, FF released its first mass-produced car, the FF 91. But six months later, in June 2017, LeEco's financial crisis broke out, and Jia Yueting boarded a plane to the United States, where he was ridiculed by onlookers for "returning home next week.".
The road of Jia Yueting's car manufacturing has been very bumpy. Despite experiencing multiple ticket cancellations, the PPT car manufacturing industry, which has been ridiculed by the outside world for many years, has finally made substantial progress in 2023.
On the morning of March 30, 2023 Beijing time, FF announced the start of production (SOP) of FF 91 Futurist at its FF ieFactory factory in Hanford, California, USA. It is reported that the FF 91 Futurist is the company's first mass-produced and flagship model.
On August 14, 2023, FF announced that Jia Yueting had driven the FF 91 to deliver a new car to users. As one of the largest luxury car dealers in Southern California, "Private Collection Motors" was FF's first new car delivery to users.
On November 14, 2023, FF released its third quarter financial report, generating revenue for the first time with a sales cost of $16.1 million and an operating loss of $66.4 million, compared to a loss of $80 million (approximately RMB 576 million) in the same period last year. FF stated that the narrowing of operating losses is mainly due to a decrease in research and development expenses, followed by an improvement in management expenses.
On February 16, 2024, FF announced on its official social media platform that the FF 91 has become a VIP car for weddings of members of the Royal Family of the United Arab Emirates in Ras Haima. On the day of the news release, FF's stock price surged nearly 120% at its highest and ultimately closed with a 70.47% increase.
Since Jia Yueting founded Faraday Future in 2014, his FF91 has delivered a total of 11 vehicles and has been recalled.
In mid March of this year, FaradayFuture (referred to as "Faraday Future") filed a recall plan with the NHTSA (US Highway Traffic Safety Administration) to recall 11 FF 91 2.0s produced in 2023. The reason for the recall is that when the airbag control unit (ACU) detects a system malfunction, a software error may prevent the airbag malfunction warning light from turning on, and the driver will not be warned that the ACU has lost communication. If the airbag is correctly deployed during a collision, it may increase the risk of passenger injury.
In response to the above defects, Faraday will upgrade the iHUB module software through OTA in the future, and the owner's notification letter is expected to be sent out on March 15, 2024.
On the early morning of April 8th Beijing time, FF completed the remote OTA software update and corrected the potential security risks identified in the previous proactive recall. The software update has completed large-scale testing and implemented improvement measures to ensure that the vehicle complies with FF safety standards.
As of the closing of the US stock market on April 8th, Faraday's future stock price has surged 15.38% to $0.09 per share, with a total market value of $3.841 million.
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