After a period of interviews and investigations, the reporter found that the parties involved in the FF factory project progress, LeTV and FF relations, the US opposition to LeTV official motives and other aspects of the dispute, mainly including the following issues.

In November, LeTV, which has been developing high-profile in the United States, has been subjected to a “trust crisis”. The tipping point is that the US media disclosed that Faraday Futures (FF), which was registered in Los Angeles and has a strategic partnership with LeTV, could not pay on time. For the project, the infrastructure project of the electric vehicle factory project was suspended. Subsequently, Nevada officials at the project site publicly questioned the financial strength of LeTV to support the project, and even called the LeTV model a “Ponzi scheme”.

In response, Xinhua News Agency tried to get in touch with various parties and visited the construction site of the FF factory in North Las Vegas, Nevada. After a period of interviews and investigations, the reporter found that the parties involved in the FF factory project progress, LeTV and FF relations, the US opposition to LeTV official motives and other aspects of the dispute, mainly including the following issues.

According to the report on October 25, according to the progress, FF should pay the construction project general contractor AECOM company in September and October respectively for 21 million US dollars and 25 million US dollars, but these two payments have not been put in place, resulting in project shutdown. .

At the same time, FF should pay $75 million to the Nevada state government in September as a guarantee for the state's subsequent issuance of $120 million in matching bonds. The bond financing will be used to improve the infrastructure of the factory area and complete the “three links” (water, electricity, and access). However, the deposit was not in place, the bonds were not issued, and the supporting projects also came to a standstill. Nevada’s Finance Minister Dan Schwartz confirmed the above report to reporters.

In this regard, the FF16 issued a statement saying that the funds have been in place, the Nevada factory has never stopped working, has successfully completed the first phase of construction, and will enter the second phase of construction in February next year, the first production car may be next year In January, it was unveiled at the world's largest Las Vegas Consumer Electronics Show (CES).

In the United States, LeTV responded to the Xinhua News Agency’s written inquiry about the progress of the FF local factory project as follows: “The factory has stopped, but it is not a shutdown. The first phase, that is, the land leveling has ended, this is not called stoppage.”

AECOM issued a statement to the Xinhua News Agency on the 23rd: "At present, we have completed land preparation and infrastructure preparation work, but at this time, FF temporarily adjusted the construction plan, and plans to start construction in early 2017."

The reporter came to the construction site on the 23rd and saw that some of the factories had started to level the land. The water supply and power supply in the construction of the "three links" have not yet begun. The workers told reporters that they entered the on-site construction work in July, but the progress was not fast. It stopped in mid-October. When it was resumed, it was not known. At present, there are about 30 people left every day. The main job is to look after the field equipment.

Schwartz told reporters that he did not understand if the Nevada factory was not completed, and where did FF announce that the car to be unveiled at CES next year?

In this incident, the main body of the factory construction is FF company, but it is closely connected with LeTV.

Le Yue’s head Jia Yueting said in a written interview with Xinhua News Agency on the 21st: “LeEco and FF are strategic partnerships and two independent companies. As one of FF individual investors, I will continue to fully support FF. development of."

At present, LeTV Holdings Group does not have an official website. According to the information released by LeTV.com, its main video business, Jia Yueting announced in December 2014 that LeEco's “SEE Program” will build a super-car and automotive Internet electric ecosystem.

Nie Tianxin, senior vice president of strategic cooperation and investment at LeTV Holdings in Los Angeles, responded to an interview with Xinhua News Agency: "FF is a strategic partner of LeTV. At the CES in January this year, FF released the first concept car FF ZERO1. And announced the strategic partnership between the two companies... Mr. Jia has announced the first round of financing of the LeTV project of 1.08 billion US dollars; recently announced that it will receive 600 million US dollars, a considerable part of which will be used in the LeTV project. He also said that Jia Yueting is one of FF's individual investors and will continue to support the development of FF.

Regarding the ownership of FF and the relationship with LeTV, Xinhua News Agency reporters had inquired about FF, but the latter did not provide relevant information in both response statements. FF said in a Chinese version of its official website that it is a user-centric high-end car company headquartered in Silicon Valley and Southern California. Its team has 1,400 employees worldwide. In the introduction of the company's management team, there was no CEO or president. The top ranking was the global chief brand and business officer Malone, followed by Nick Sampson, senior vice president of research and development and engineering. The reporter saw on an industry media website called "Clean Technology" that in 2015, FF company spokesperson Stasi Morris told the media that a woman named Deng was the company's CEO. But not responsible for the daily operations of the company.

At the CES show in January this year, Nick Sampson announced that FF will redefine the car, one of the important reasons is "excellent alliance." Market analysts at the time generally believed that the so-called "excellent alliance" was related to Jia Yueting's investment in FF.

Regarding the relationship between LeTV and FF, Schwartz said in an interview with Xinhua News Agency on the 22nd: "Obviously, Jia (Yue Ting)'s company is using mortgage loans to provide financial support to FF", "If Jia said LeTV and FF is not a family. He must not tell all the facts. You should ask him about mortgages."

According to a number of domestic media reports, Jia Yueting and other recent years have held a large number of LeTV shares held as collateral for financing to support the development of LeTV Holdings' various business lines including automobiles.

On November 15th, Schwartz commented that FF and LeTV were "Ponzi schemes" in an interview with American magazines. However, LeTV questioned the motivation behind Schwartz's remarks.

Nie Tianxin said in a written communication with the Xinhua News Agency reporter: "There is no unwarranted attack on LeTV and LeEco. This is even unfounded and downright. This kind of government officials frequently attack a company and even in the United States. Rarely, it is obvious that the finance minister has defended his personal interests through this abnormal attack or has some ulterior motives. We reserve the right to put into law."

Nie Tianxin also said that LeSEE, the first concept car of LeTV Supercar, debuted in April this year, causing great concern. Just last month, the LeSEE Pro concept car LeSEE Pro also completed the world's first show. This is completely inconsistent with the so-called scam he described.

Earlier reports mentioned that Schwartz caught the FF and LeEco cars because he and the Nevada governor Sandoval, who supported the project, did not hesitate. In this regard, Schwartz told reporters: "The rumor said that my relationship with the governor is not good, but this does not affect my attitude and views on LeTV and FF."

In an interview, Schwartz said that he visited LeTV in China and also studied LeTV's financial statements. His distrust of LeTV is based on two points. First, LeTV's annual profit margin is very low. The income is not enough to support an overseas development project with an investment of US$1 billion. Second, LeTV has not had any car design and production before. Experience, lack of sufficient technical accumulation and personnel reserves, the small-scale R&D team hired by FF for one or two years of high salary, the technical ability is not enough to support the construction and operation of a design annual production of 150,000 state-of-the-art electric vehicle factories. . Therefore, he suspects that the local car project is just an empty shell for LeEco's use of funds.

In response, Jia Yueting said in a reply to the Xinhua News Agency: "The accusation of the Nevada Finance Minister is unfounded, completely inconsistent with the facts, and allegedly embarrassing, but the communication channels are always open."

On October 19th, LeTV held a press conference in San Francisco, planning to show the prototype to the public and Jia Yueting personally drove to the stage, but LeEco later said that the prototype that was originally planned to be displayed on the way from Los Angeles to the venue could not be repaired. Another prototype was delayed on the way from London to London. However, the latter car arrived at the scene after the press conference and showed it.

The FF and LeTV's turmoil in the United States are also related to the uncertainty of the relevant US new energy vehicle industry.

Autotrade senior researcher Michel Cribbs said in an interview that although new energy vehicles are a hot topic in media discussions, as oil prices continue to fall, many places now fall below $2 a gallon, including Tesla. The sales of household electric vehicles and hybrid vehicles are very difficult. At this time, entering such an extremely complex, highly competitive, strict standard and highly capital-intensive areas, the risks are high.

However, some bankers who did not want to be named said in an interview with Xinhua News Agency that as a start-up company in the field of self-driving cars and electric vehicles, encountering capital and technical bottlenecks or even failures is part of the risk of high-tech investment. At the beginning, Tesla had encountered similar difficulties.

The banker believes that regardless of whether FF's factory construction should be called downtime, whether the media misunderstands, and how LeTV's development model should be defined, it is most important for FF, LeTV and even LeTV Holdings. It is to spend the "funding winter" in the coming months.

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