Financial Services Association, May 7 (Reporter Xu Hao) Faraday Future (FF), which is on the brink of delisting, has made new progress. On May 7, FF founder and CPUO Jia Yueting made a statement via video saying that he would consider co-CEO of the company with Matthias (Matthias), and that he would start commercializing personal IP to make money, and work with the company's management team to take all possible measures (including ongoing financing) in an effort to maintain the company's compliant listing status and protect FF's eligibility for listing.

The reason behind the introduction of this plan is that FF is facing a huge risk of delisting. According to FF's announcement, the company received a letter from NASDAQ on April 24. Since the closing price of the company's shares fell below 0.10 US dollars for 10 consecutive trading days, which did not comply with NASDAQ listing regulations, NASDAQ staff gave an opinion on the withdrawal of the company's securities from the NASDAQ capital market.

Currently, FFIE's stock price is only $0.04, and the total market value is only $1.7624 million. In order to maintain its listing status, FF filed a complaint with NASDAQ on May 1, hoping to maintain its listing eligibility through corrective measures.

At the same time as filing the complaint, Jia Yueting also proposed the company's rectification measures. Jia Yueting confesses in the video that since she voluntarily relinquished her position as CEO in 2019, her decision-making power over the company has been greatly weakened. Although Jia is still concerned about FF's development, unfortunately, he is unable to directly participate in the company's core functional line and business line decisions. Jia Yueting said, “This situation is not good for FF's development,” so they “decided to stand up and seriously consider being a co-CEO with Matthias to share responsibilities.”

Jia Yueting also plans to open FF's complete technology chain and value chain to the entire industry. It believes that FF's advantages in terms of advanced technology, compliance experience, and user ecosystem construction accumulated over the past ten years can bring value to the entire industry. At the same time, it is also a new opportunity for FF to realize value and increase revenue.

It is worth mentioning that Jia Yueting will also start commercializing personal IP. He hopes to raise funds through this method, partly to repay debts, and partly to support FF's operations and car building plans. Recently, Jia Yueting has spoken out many times in the form of videos in an attempt to reshape her personal IP.

On April 25, Jia Yueting posted a video responding to the much-debated debt issue. “By the time LeTV debt crisis broke out in 2017, I had personally guaranteed about 12 billion US dollars of debt for the LeTV system. These were not my direct debts; basically I guaranteed the LeTV system and the company. Over the years, we have paid back more than 10 billion US dollars on behalf of the company for LeTV. This is probably the largest personal guarantee case in the world.” Jia Yueting said that under the US legal system, he no longer has any debts, but he will still do his best to resolve debts under the Chinese legal system as soon as possible.

On April 30, Jia Yueting posted another video refuting the rumor about the establishment of a family trust. “Some people fabricated the rumor. The cumulative repayment of the 10 billion US dollars my company and I used FF stock debt trusts. This is a complete mistake and rumor. In fact, almost all of these 10 billion US dollars were repaid in cash, and during the repayment process, in order to raise funds quickly, many assets were sold cheaply and forcibly auctioned, and the auction price was less than half of the actual value.”

Since its establishment in 2014, FF has been involved in vehicle manufacturing for ten years. It wasn't until March 29, 2023 that FF announced the start of production of its first electric car, the FF 91 Futurist. However, due to various reasons, the delivery schedule has been slow, and FF has only delivered 11 units since mass production.

However, even these 11 cars also experienced a recall. In March of this year, FF filed a recall plan with the US National Highway Traffic Safety Administration to recall 11 FF 91 2.0 units delivered in 2023 because when the airbag control unit detects a system failure, a software error may prevent the airbag fault warning light from turning on.

FF's most recent earnings release was on November 13, 2023, when the company released financial results for the third quarter of 2023, ending September 30. According to financial reports, FF achieved revenue for the first time in the quarter. Automobile sales revenue was 551,000 US dollars, compared to 0 for the same period in 2022. Despite revenue generation, the company still recorded a loss, with a net loss of 78.46 million US dollars for the quarter.