Letv as electric car Pang's scheme authenticity: Xinhua News Agency reporter visited the United States FF plant

- Nov 30, 2016-

After a period of interviews with the survey, the reporter found that the relevant parties in the FF factory project progress, letv as a car and FF relations, the United States against the letv as officials and other aspects of the debate, mainly including the following questions.          


In November, has been highly developed in the US company LETV suddenly "crisis of confidence", the tipping point is the American media, a strategic partnership, and had declared that LETV car registered in Losangeles Faraday Future Ltd (FF) unable to pay for projects, the electric car factory project construction engineering work. Subsequently, the project is located in the state of Nevada officials questioned the letv as a support for the project's financial strength, even as the letv as the model is a pang scheme".            


In this regard, the reporter tried to contact the relevant parties, and field visits to the FF plant construction site in northern Las Vegas, nevada. After a period of interviews with the survey, the reporter found that the relevant parties in the FF factory project progress, letv as a car and FF relations, the United States against the letv as officials and other aspects of the debate, mainly including the following questions.            


Question one: FF plant construction or phase of the completion of the work stoppage?          


It is reported that, in accordance with the schedule, FF should be in September and October respectively to the factory construction project general contractor AECOM company to pay $21 million and $25 million for projects, but the two amounts have been in place to stop the project.            


At the same time, FF should also pay $75 million to the Nevada state government in September, as the state subsequently issued $120 million in supporting bond margin. Debt financing will be used to improve the factory area infrastructure, complete the "three links" (water, electricity, access). But this margin is not in place, the bond is not issued, supporting the project also stalled. Nevada finance minister Dan Schwarz told reporters confirmed the contents of the report.            


In this regard, FF16 said in a statement, funds are in place, the Nevada factory never shut down, has successfully completed the first phase of construction, and will enter the second phase of construction in February next year, the first production car will be in January next year in the world's largest consumer electronics show in Las Vegas (CES) unveiled.            


In the United States, as the letv, said, "the factory did stop, but not stop, the first phase, that is, land leveling and so on, it is not called downtime."            


AECOM company told Xinhua 23 sent a statement said: "at present, we have completed the formation of land and infrastructure construction preparatory work, but at this time, FF temporarily adjust the construction plan, plan to start at the beginning of 2017."          


The 23 reporters came to the construction site, see the part of the plant has been launched land leveling work, the "three links" in the construction of water and electricity has not started, the road had. The workers told reporters that in July they entered the scene construction work, but progress is not fast, stops in mid October, do not know when to return to work, every day about 30 people left behind, the main job is to care field equipment.            


Schwartz, told reporters that he did not understand if the Nevada plant is not completed, FF announced that next year's CES debut in the car come from?            


Question two: letv as a car and FF is what relationship?          


In this event, the plant is the main building FF companies, but also with the letv as the car close.            


As the head of Jia Yueting 21 said: "LeEco (letv) and FF is a strategic partnership, but also the two independent companies. As one of the FF individual investors, I will continue to fully support the development of FF."            


At present, as the holding group has no official website, according to its main business video LETV released data, December 2014 LETV Jia Yueting announced a "plan SEE" will create a super car and electric car Internet ecosystem.            


As the holding based in Losangeles, Nie Tianxin, senior vice president in charge of strategic cooperation and investment, said: "FF is as a strategic partner, CES in January this year, FF released the first FF concept car ZERO1, and announced a strategic partnership between the two companies...... Jia has announced the first round of the letv as the car project financing 1 billion 80 million dollars; recently announced that it will finance 600 million dollars, of which a considerable part of the letv as the car project." He also said that Jia Yueting is one of FF's individual investors, will continue to support the development of FF.            


FF in its official website of the Chinese version of the company said that it is a user centric high-end car company, headquartered in Silicon Valley and South California. The team has 1400 employees worldwide. In the company's management team introduction, no CEO or president, is ranked first in global brands and chief business officer Malone, followed by the responsible for the development and engineering of senior vice president Nick Sampson. The reporter saw in a company called "clean technology" media industry website, 2015 FF spokesman Stacy Maurice told the media that a man surnamed Deng (transliteration) is the CEO of the company, but is not responsible for the daily operations of the company.            


At the CES show in January this year, Nick Sampson has announced that FF will redefine the car, and one of the important reasons is "the perfect union" ". At that time, the market analysts generally believe that the so-called "excellent alliance" with Jia Yueting on the investment of FF.            


The relationship between letv and FF, Schwartz 22, in an interview said: "obviously, Jia (Yue Ting) Company in the use of mortgage loans to FF provide financial support", "Jia said if the FF is not a car with letv, he must not tell all.


According to a number of domestic media reports, Jia Yueting and other recent years will hold a large number of letv as collateral to finance the stock financing, in order to support letv as holding a number of business lines, including cars, including the development.            


Question three: Schwartz accused of personal motives?          


November 15th Schwartz evaluation of FF and letv as a car is a pang scheme". However, the letv, as the motivation behind the speech Schwartz questioned.            


Nie said that the letv as the first concept car LeSEE in April this year, the global debut, causing great concern. Just last month, the letv as a super car upgrade concept car Pro LeSEE also completed the world's first show. All this and he described the alleged fraud completely detached.            


Earlier reports mentioned that the reason why Schwartz grabbed FF and LETV car not to put, because he was supported by the project's Nevada governor Sandoval discord. In this regard, Schwartz told reporters: "rumors that my relationship with the governor is not good, but this does not affect my attitude and views on the letv as FF and."            


Schwartz said that he visited China to study letv, also studied the letv as the financial statements. He does not trust the letv based on two points, one is LETV annual profit rate is very low, the income is not enough to support a total investment of 1 billion US dollars of overseas development projects, two LETV had no car design and production experience, the lack of accumulation of technology and personnel reserve, only FF this one or two years paid to dig small to R & D team, the technical ability is not enough to support a design of an annual output of 150 thousand sets of the most advanced electric vehicle factory construction and operation. Therefore, he suspected that the local automobile project is LETV for a shell of capital operation.            


Question four: how to see the new energy vehicle risk?          


FF and letv, as the car in the United States appeared storm, but also with the relevant U.S. new energy automotive industry uncertainty related.            


Autotrade senior researcher Michel Krebs said that although the new energy vehicles is the media focus of discussion, but with oil prices continued to decline, many places now drop to below $2 a gallon, very difficult, including Tesla household electric vehicle and hybrid vehicle sales, this time into such a complex, intense competition, and strictly regulate the capital highly intensive, high risk.            


However, there are also anonymous banking sources said, as the self driving cars and electric vehicles in the field of startups, encountered financial and technical bottlenecks, even failure, is a part of high-tech investment risk, Tesla had also encountered similar difficulties.


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