Jia Yueting Sticks to His Car-Making Dream: A Detailed Explanation of Equity Incentives under the SPAC Framework

Amid the windfall opportunities of the industry boom, Faraday Future—founded by Jia Yueting—and its partnerships with Geely, Zhuhai state-owned capital, and its SPAC listing: Can it finally realize its long-cherished dream? Since 2020, 'car-making' has become the new king of the capital market. Tesla is riding high; NIO, XPeng Motors, and Li Auto have all achieved impressive market valuations. Under this trend, capital players are eagerly lining up: Byton—having undergone bankruptcy restructuring—secured investment from Foxconn; a Didi-affiliated company invested in Aiways Automobile; Evergrande Automobile raised HK$26 billion; even Baidu, Apple, and Huawei are eyeing cross-industry entry. Faraday Future Corporation (FF), founded by Jia Yueting back in 2014, had long remained dormant—only to re-emerge into public view recently. ・ On January 27, news broke that Zhuhai’s state-owned capital would invest RMB 2 billion in FF and facilitate the construction of FF’s local production base. Two major local SOEs—Gree Group and China Resources (Zhuhai) Group—also expressed interest in participating. ・ On January 28, FF announced it had reached an agreement with Property Solutions Acquisition Corp. (PSAC) on a business combination. The merger is scheduled for completion in Q2 this year, after which the combined entity will list on Nasdaq under the ticker symbol “FFIE”. ・ On January 29, FF signed a framework cooperation agreement with Geely, while Geely Holding also confirmed its participation in a modest investment in FF’s listing. ・ … After years of delays in mass production, amid its parent company LeTV’s cash-flow crisis, the founder’s personal bankruptcy restructuring, and turbulent relations with investors—why has FF secured endorsement from Chinese state-owned capital and prepared for an immediate listing? What has enabled FF—despite repeated setbacks—to remain standing? Priced above RMB 1 million, targeting premium luxury vehicles As early as 2014—when electric vehicles were still in their infancy—Jia Yueting foresaw the promising future of new-energy vehicles. Named after Michael Faraday, the father of alternating current, “Faraday Future” not only playfully evokes “Ferrari”, but also signals bold, long-term ambitions. From inception, FF committed $1 billion to build a manufacturing base in Nevada. Its debut EV—the FF 91—made a stunning impression, retaining strong appeal even four years later… At one point, FF was widely regarded as Tesla’s most formidable challenger. The FF 91 debuted in 2016. According to its official website, it delivers industry-leading 1,050 horsepower, accelerates from 0–100 km/h in under 2.4 seconds, features zero-gravity seats with a record-breaking 60-degree recline angle, and offers revolutionary user experience. It targets flagship luxury models such as the Mercedes-Benz S-Class, Porsche Taycan, and BMW 7 Series. Yet this vehicle—originally slated for mass production in 2018—has still not entered volume delivery. At the beginning of this year, FF announced that the FF 91 would launch approximately 12 months after the merger with PSAC is completed—meaning it could hit the market as early as Q1 next year. Additionally, over the next five years, FF plans to launch the FF 81 and FF 71, along with a smart last-mile delivery vehicle.

Operational Trends and Investment Planning Report for China’s Liquid Biofuel Industry (2015–2025)

【Publication Date】September 2020 【Publisher】Hunan BizResearch Information Consulting Co., Ltd. 【Analyst Hotline】400-166-9286 【Report Download Link】 For any customization requests, please contact our analysts! Market Overview Liquid biofuels serve as energy-efficient alternatives that help mitigate energy security risks and pollution levels associated with fossil fuel combustion. Consequently, they can be extensively blended with conventional fossil fuels for applications such as transportation. This report integrates international market dynamics with China’s domestic conditions to provide a detailed analysis of the current development status of the liquid biofuel industry. First, it conducts an in-depth examination of the current market landscape across three dimensions—region, type, and application—including market distribution by category and end-use, import/export analysis by region, development trends of different product types across regions, market opportunities and constraints across various applications. Second, it analyzes the industry’s current competitive landscape and key players’ market positions, product strengths and weaknesses, based on profiles of major industry participants. Finally, grounded in industry data and supplemented by expert insights and recommendations, the report assesses and forecasts investment prospects and associated risks. North America has dominated the global market in recent years, owing to abundant feedstock resources and arable land available for biofuel production. Globally, the liquid biofuel market size is projected to grow at a compound annual growth rate (CAGR) of 6.2% between 2020 and 2026. Depleting fossil-fuel-based resources and heightened environmental awareness are key drivers likely to propel market growth. Moreover, diverse regulatory policies and tax incentives worldwide are expected to compel biofuel manufacturers to increase R&D investments aimed at commercializing advanced second- and third-generation technologies. Key Player Analysis Major international market participants covered in this report include Archer Daniels Midland, Renewable Energy Group, Novozymes, Neste Oil, Bunge Limited, Wilmar International Limited, Louis Dreyfus Company, Royal DSM, Green Plains Renewable, and Future Fuel Corporation. Their respective market shares, revenues, corporate profiles, and SWOT analyses are all included in this liquid biofuel market research report. Regional Market Analysis This report elaborates on the development of the liquid biofuel market from multiple perspectives: international market dynamics; domestic policy environments and current market conditions across North China, Central China, South China, East China, Northeast China, Southwest China, and Northwest China; regional industry scale; market development prospects; investment forecasts; competitive landscape; supply-demand balance; existing and potential customers; development trends of different product types; market opportunities and constraints across various applications. The report aims to deliver comprehensive market analysis and scientifically grounded forward-looking forecasts, helping investors and operators gain thorough insight into the liquid biofuel market.