Boss Jia built a car for 10 years before selling 10 Faraday Future. The stock price has skyrocketed amazingly in the last two days.

Following a 367% surge on Tuesday, May 15 (Wednesday) local time, Faraday Future$Faraday Future Intelligent Electric Inc. (FFIE.US)$Open high again. It once again surged 241% in the intraday period, and finally closed up 147.19% to $0.705, ranking first in the US stock market for the day.

In just two days, Faraday's future stock price soared by more than 1000%, and the market capitalization expanded rapidly. The latest market value was reported at US$3.0843 million.

Faraday Future also received a letter from Nasdaq not long ago, stating that its stock price fell below 0.1 US dollars for 10 consecutive trading days and did not comply with the listing rules.

Seeing that it fell into a delisting crisis, the situation changed abruptly as a result.

It is worth noting that the US government announced on May 14, local time, that it will increase tariffs on Chinese electric vehicles and other products. According to the White House's official website, tariffs on Chinese electric vehicles will be raised from 25% to 100%.

Some analysts pointed out that the sharp rise in stock prices since then may be because FF is the only electric vehicle stock not affected by the ban, so it has attracted speculation.

Jia Yueting recently spoke out

On the afternoon of May 15, Jia Yueting issued an explanation of FF's abnormal rise. Through video analysis, Jia Yueting believes that this “highlights the role of FF as a 'bridge between China-US automobiles'.”

Jia Yueting said that more and more people are aware of the uniqueness of FF as a bridge between China and the US automobile industry, as well as its many unique values.

“My personal IP and I are also making continuous efforts to build a bridge of friendship between China and the US and the economy between China and the US, and are communicating with our partners on the Sino-US automobile bridge strategy.”

Jia Yueting believes that along with the US imposing tariffs on electric vehicles imported from China, FF's valuable role as a bridge for the Chinese automobile industry has been pushed into the spotlight. On the premise of complying with relevant US laws and regulations, FF can help Chinese car companies and supply chains quickly enter the US market, reduce trial and error and time costs, and hope to have the opportunity to cooperate with Chinese car companies.

Prior to that, Jia Yueting also posted a video explaining in depth some important decisions about FF.

Jia Yueting made plans for the company's future.

He will re-serve as co-CEO of FF to participate in the operation and management of the company in a more direct manner; work closely with the company's management to take all necessary measures to ensure that the company can maintain its compliant listing status.

At the same time, he announced an impressive plan: he will launch the commercialization process of personal IP and achieve profits as soon as possible. The funds obtained will be partially used to repay debts and partly to support FF's car building business to guarantee the company's basic operations. We will regularly synchronize the company's latest developments through video format to maintain transparent and timely communication with the public.

Furthermore, Jia Yueting also said that he is preparing to return home.

Is it a “myth of wealth” or a “leek harvester”?

Although the sharp rise in stock prices has brought a glimmer of hope, FF's current situation is still very difficult.

Jia Yueting and FF still have many challenges to face, including financial pressure, market competition, policy environment, etc.

As we all know, FF's path in the automobile market has not been easy. Since the establishment of the brand, difficulties such as financial crises, executive turnover, supplier disputes, and production delays have occurred one after another, and Jia Yueting, the helm, has been in turmoil more frequently. However, despite the bumpy road, Faraday is still persevering in the future.

In the past half month, Jia Yueting posted several videos explaining the debt on the Douyin platform.

Jia Yueting said, “By the time LeTV debt crisis broke out in 2017, I personally guaranteed a total debt of about 12 billion US dollars for the LeTV system.” Jia Yueting said that over the years, it has repaid more than 10 billion US dollars on behalf of the company for LeTV, and has not used stock debt trusts to repay, but almost all of them have been repaid in cash.

Jia Yueting said, “Five years ago, I applied for personal debt restructuring in the US and reached and completed the restructuring plan. Under the US legal system, I no longer have any debts, and I will still do my best to resolve my debts under the Chinese legal system as soon as possible.”

According to the China Executive Information Disclosure Network, Jia Yueting still has three untrustworthy records. Also, according to Tianyan investigation, Jia Yueting has now been executed for a total amount of 1,094 billion yuan.

Currently, FF Auto's financial data has been suspended until the end of the third quarter of last year. According to FF Auto's three-quarter report, as of the end of September 2023, the department's cash balance was approximately US$8.5 million, of which US$1.85 million was restricted cash.

According to reports, FF Auto will disclose financial data for the first quarter of the 2024 fiscal year on May 16.