Jia Yueting car puzzled: Where does the huge debt money come from?

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Jia Yueting turned to the United States, leaving a glimpse of chicken feathers. Following the suspension of employee social security in June and the delay in the payment of wages in July, the news of the collapse of the LeSEE executive team has recently disappeared. Let's take a look at the related content with the car electronics editor.

According to the information that the reporter learned from the insiders of LeEco, after the departure of the former co-founder of LeTV Supercar and the CEO of China, Ding Lei, since May, Zhang Hailiang, who has just completed the global CEO of the new LeTV supercar, has disappeared in less than two months. "In front of the public. In response, Zhang Hailiang responded that “it is on vacation in the US + business trip”. Immediately, the LeTV supercar was exposed to the news that China’s chief technology officer Niu Shengfu resigned.

“The domestic department of LeTV has almost no one.” The insiders said, “There are only three people left in the core executive team, namely Fu Zhenxing, vice president of LeTV Supercar (China) Co., Ltd., and LeTV Supercar (China). Vice President of Manufacturing Gao Jingshen and Vice President of LeTV Supercar (China) Co., Ltd. Lu Zhengyu."

It is reported that Jia Yueting, who has resigned from all positions of LeTV.com and is the global chairman of LeTV Automotive Ecology, is working on the financing of Faraday Future (hereinafter referred to as FF). But this does not seem to be directly related to the “focus on the super car” promised.

Under the crisis, I only hope that Jia Yueting’s "I will do my duty to the end!" is not an empty talk.

Car puzzle

On July 6, Jia Yueting issued a statement in the United States: "I am sorry to let you worry. LeTV has a huge challenge to this day, I will assume all responsibility and will be responsible for LeTV employees, users, customers and investors... Everyone will give LeTV some time and give LeTV a certain amount of time. We will return all financial institutions, suppliers and any arrears."

In Jia Yueting's "making a car dream", in addition to the LeEco super car, FF is also attracting attention. Jia Yueting emphasized in the statement that "(I) resigned from the listed CEO and even more important positions, in order to go all out to achieve the fastest mass production of FF91." In the context of LeTV's own problems, FF is in the field of building cars. Progress seems to be faster.

On July 11, LeTV strategic partner and electric vehicle company FF released the latest news that in order to ensure the timely delivery of products, the high-end factory of the production model FF91 will be moved to the new site, and the existing plant and propulsion equipment procurement will be fully transformed, and realized as soon as possible. Mass production. At the same time, the site of the APEX factory in North Las Vegas will continue to be maintained, and the construction plan will be adjusted from two phases to two phases.

Recently, FF released a construction plan to suspend the production base in Nevada, USA, saying that it is making major adjustments to its business strategy.

Jia Yueting also released the news on Weibo, but his planned $1 billion financing has not been announced, although FF said that the production base will be transferred elsewhere, but did not provide more information on the new site. In the eyes of the industry, this is probably the slowdown of LeTV. Whether the FF91 can be mass-produced as planned should still be a question mark.

At the CES at the beginning of this year, FF released its first electric car FF 91. According to the official report, this is the world's fastest electric car, with a peak power of 783 kW, 1,050 hp, a battery life of over 700 km, and a 0-60 mile (96 km) acceleration of 2.39 seconds, exceeding the Tesla Model S electric sedan.

Although the FF91 is said to be a production model, the initial plan is limited to 300 vehicles worldwide, and a deposit of 5,000 US dollars is required, which was first delivered in 2018. According to data released by FF, the FF91 is scheduled to reach 64,124 vehicles, and the results are much more than expected. However, whether the above reservations have already been paid, the FF has not been accounted for.

The reasons for the Lexus car transfer production base, which is deeply mired in the debt crisis, have been clearly revealed. There is speculation that FF will use mass production in other auto assembly plants for production, which may be a more convenient way out now.

In fact, this is not the first time that LeTV has suspended factory construction work. In November 2016, foreign media reported that the construction of the FF factory was put on hold due to the impact of the LeTV fund break.

Moreover, unlike LeTV's "Fan must be called FF" in the automotive business, FF has been trying to clarify the relationship with LeTV. However, from the point of view of LeEco, the LeTV supercar project seems to be more "inconvenient to disclose" than the FF which is not a shackle.

On December 28, 2016, the Leshi Deqing Automobile Eco-Industrial Park was announced to start construction. After half a year of operation, progress has been almost zero. It is said that the "Le Shi Ecological Automobile Industrial Park" surrounded by barbed wire has piled up rocks and weeds on the site. On the construction site visible in the area, there are only four excavators and one muck.

According to the plan, the first phase of the LeTV Supercar Ecological Experience Park will cover an area of ​​4,300 mu and it is planned to produce 400,000 vehicles per year. Upon completion, the Experience Park will form a global vehicle manufacturing base and a theme amusement destination featuring LeTV's advanced manufacturing and sightseeing experience, integrating LeTV's sports, music and music elements.

If LeTV wants to produce cars in China, then at least two years in advance to build a good factory, declare the production qualification of new energy vehicles, and enter the automobile production catalogue of the Ministry of Industry and Information Technology through the impact test prescribed by the state. However, so far, LeTV has not achieved any results in addition to its mammoth "making a car dream."

In contrast, the same is the Internet car company's Wei Lai car, the car is also the first to melt money into the capital, but then quickly landed on behalf of the construction, build their own car R & D team, obtain test licenses, release products. Recently, Weilai Auto's brand image store also landed in Shanghai, opening up brand building.

Besieged

Since the release of the “SEE Plan” for supercars in late 2014, its super-car and Internet intelligent transportation ecosystem and lifestyle have attracted a large number of elites and capitalists. Once in front of the media, LeTV founder Jia Yueting said: "Even if you are not ruined, you will not hesitate to let everyone experience what is the real Internet car."

However, after a few years, this dream has become precarious.

From the break of funds, easy to incidents, to layoffs, executive adjustments, asset freezes, equity mortgages, and debt collection in the US, the LeTV plot has been ups and downs in the past six months.

First, Jia Yueting stepped down to LeTV Holdings and LeTV CEO; then, Jia Yueting and LeTV’s 1.2 billion yuan assets were frozen by the judiciary; LeTV Sports was unable to continue to pay for the event, and many copyrights were continuously lost, and the company continued to lose weight and increase layoffs. The proportion of layoffs has exceeded 50%; LeTV has always been regarded as a more valuable part of the LeTV system, but currently LeTV Holdings has pledged its 99.94% stake in LeTV Pictures to Sunac, and this part of the equity is frozen. status.

On July 6, Jia Yueting, who had been in the whirlpool of public opinion for a long time, announced his resignation as the chairman of LeTV. In addition to still holding 26.27% of the shares of Lexie.com, Jia Yueting no longer held any positions. According to the scheduled plan, Jia Yueting will focus on the LeTV super car. The reporter contacted LeTV Holdings. The other party said that the move was more to liberate Jia Yueting from the cumbersome affairs, so that more energy could be invested in the LeTV supercar and the listed part of the work.

The LeTV Supercar, which is considered to be the primary factor in LeTV's funding problems, has been dominated by Jia Yueting, known as LeTV's "Car Dream." According to incomplete statistics, LeTV has invested tens of billions of dollars in the automobile business. Jia Yueting has repeatedly stated that he has been bet on all his net worth for the car dream.

According to public information, in November 2016, LeTV exposed the debt crisis. Jia Yueting said in an open letter that LeTV's funds and resources are actually very limited. On the one hand, LeTV has invested heavily in the early stage, and has spent more than 10 billion yuan of its own funds, which directly led to the lack of personal support for LeEco. Subsequently, the crisis finally came to an end because of the “fundamental” of China’s (1918.HK) Chairman Sun Hongbin’s 15 billion yuan of funds. But this money does not involve the car business.

Recently, LeTV’s tight capital chain and the arrears of suppliers’ tens of billions of funds have once again fermented, and even LeTV’s doorway is full of debt collectors. Jia Yueting, who went to the FF headquarters in the United States on July 4, issued a document on July 6, saying that he would assume full responsibility and would return all debts.

At the end of the day, there is still no shortage of funds to be laid out. To this day, there is still no strong product to land. "I saw trees, no forests" made LeTV's car-making matters more and more questionable.

In two years, Jia Yueting let the public see a variety of PPTs, visions and new concepts related to automobiles, as well as several production bases that were suspended. However, there have been no spy photos of unlisted auto products, and mass production products are "mysterious." As the industry has said, maybe these plans have been realized for a day, but by no means.

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