On December 9, LeTV Eco-Auto (Zhejiang) Co., Ltd. photographed 900,000 square meters of land located on the north side of Chuangye Avenue in the north of Zhejiang Deqing Economic Development Zone for 279 million yuan. LeTV Auto Moganshan Factory The first phase of the project will begin construction on December 27th.

According to the relevant requirements, LeTV should pay the 60 million yuan bidding guarantee deposit before the 7th of December. After the transaction, the land will be paid a deposit of 5 million yuan. The contract will be signed before January 8 and paid within 60 days. The remaining 219 million yuan in transfer fees. LeTV will spend a total of 284 million yuan on land acquisition.

The project plans a total investment of 20 billion yuan. The first phase of the project can be put into operation in June 2018, and the second phase of the project will begin two years later, with the fastest production in 2022. It takes a year to build a new car factory, but the local government gave LeTV a three-year construction period, and the two phases can be extended for four years, which means that LeEco should complete all investment commitments by 2026 at the latest.

"No matter how the outside world is questioned, our mission remains unchanged. We must build a globalized interconnected electric intelligent shared transportation ecosystem, so that China's automobile industry will stand at the forefront of the world's automotive industry for the first time, and even strive to make LeTV a once in a hundred years. The leader in the era of traditional car revolution."

On November 6, LeTV founder Jia Yueting said in an open letter to all LeTV employees. On the same day, many media reported that the LeTV mobile phone business had a capital chain crisis, and then the media found that the real bleeding point was LeTV. Jia Yueting also said in an exclusive interview with Tencent Technology, "If you put more than 10 billion yuan invested in the car ecology into LeEco Global, there will be no such situation today."

In an interview, Jia Yueting revealed that LeTV's auto business has invested "1,560 billion", and to achieve mass production, the total investment "at least 40 billion to 50 billion yuan." That is to say, LeTV still needs to invest 24 billion to 35 billion yuan to the automotive business. According to the statistics of Caijing reporters, the funding gap is more than 46 billion yuan (see attached table: LeTV's total investment).

For the outside LeTV viewers, despite the recent high media exposure, LeTV's auto business is still a fog, which is a non-listed part, a messy, and its main sectors and partners are overseas. Information acquisition is very difficult.

In the past month, Caijing reporters visited LeTV's US factory, found the incumbent employees and outgoing executives of LeTV's US headquarters, and communicated with a number of LeTV's important partners, basically understanding LeTV. The context of the business.

Many industry insiders interviewed by Caijing reporters disagreed with the comments of the Nevada Finance Minister about LeTV as a Ponzi scheme. They believe that Jia Yueting’s layout of the automobile industry chain is professional and can promote the sound development of the industry, but LeTV's technical reserves are insufficient and the use of funds is not efficient, leading to current problems.

So far, LeTV has not been able to produce prototypes for mass production. This has not only affected its financing process, but also allowed partners to stop shallow cooperation. Several important investment decisions have not brought enough confidence to the market. The construction of factories in China and the United States is progressing slowly.

January 3, 2017 is an important time node, and LeTV is committed to its first production car at the CES (Consumer Electronics Show, held in Las Vegas, USA) at the beginning of the year. If the prototype can win market recognition, the follow-up financing of LeTV will be much smoother.

The main force is not enough

Layout of the entire industry chain is a move, but the main force has been unable to produce convincing products.

The Caijing reporter verified the main body of each company in the automobile industry chain by consulting the industrial and commercial materials. Among them, the most striking is Faraday Future (French Future, hereinafter referred to as "FF"). This is a LeTV investment of $1 billion and an absolute holding of electric vehicle start-ups, and is also the main force of the LeTV segment.

In April 2015, FF Global was incorporated in the Cayman Islands and Jia Yueting is the actual controller. Headquartered in Silicon Valley and Southern California, the company now has an international team of more than 1,400 people. The US headquarters is mainly engaged in battery technology, design engineering and product innovation. In short, it is responsible for front-end R&D.

In November this year, Faraday (Beijing) Network Technology Co., Ltd. changed its name to LeTV Auto (Beijing) Co., Ltd. (hereinafter referred to as "FF China"), which is 100% owned by Beijing Baile Culture Media Co., Ltd. Jia Yueting and Jia Yuefang Holdings. Under FF China, there are a number of holding or holding companies related to the automotive business (see “LeTV Automotive Business Architecture Diagram”).

"The outside world said that Jia Yueting is a liar for money. I don't agree with it." An industry-leading cross-border vehicle maker told the Caijing reporter. He believes that Jia Yueting's development of the car at the same time and the downstream travel service is an insider's practice. The sales of the new generation of electric vehicles, smart cars and traditional fuel vehicles are completely different, and the consumption acceptance of the public is very different. Tesla is a typical case.

Tesla is a good product for electric vehicles, but its biggest problem in China is in the travel process: private licenses are scarce and charging piles are not compatible. The consensus in the industry is: In the future, the electric vehicle market will be driven by time-sharing, and the driverless vehicles (the development direction of smart cars) will be driven by shared travel, both of which point to commercial rather than private purchases.

LeEco initially put charging pile companies, leasing companies, and shared travel companies into the ecosystem. This is actually the future sales layout for LeTV, and many industry insiders agree.

LeEco has also worked hard on the charging pile, which is an infrastructure that is slow to invest. LeTV Investment's Beijing Dianzhuang Technology Co., Ltd. and Shanghai Yida Technology Development Co., Ltd. are mainly engaged in public and private charging piles. They have deep contact with LeTV and participate in many charging strategies. Their smart charging piles and sharing modes will be followed. It will be used by LeTV.

"If Jia wants to tell the story and spend money, he will not invest in these enterprises. These investments prove LeTV's practical layout and low-key behavior." A senior executive of a related company told the Caijing reporter.

However, the FF US headquarters, which is responsible for the research and development of new vehicles, has not been able to launch highly acclaimed R&D results. The latest news is that at the CES show in early January 2017, FF America will show its first production car.

"Financial" reporters contacted the staff of FF US headquarters several times. They were very ignorant of the progress. They only responded that "it is working overtime, and executives have come to the United States. I hope to use the January product to fight back and question."

The Caijing reporter learned that FF provides very competitive compensation to US employees, which enables them to build high-end teams. At present, the main heads of FF US headquarters are Nick Sampson, Marco MatTIacci, Dag Reckhorn, etc. Sampson is the senior vice president of R&D and product development. He has more than 30 years of chassis and module system experience in Lotus, Jaguar and Tesla; MatTIacci Leading brand and business officer with 15 years of brand and market management experience in Ferrari and Maserati; Reckhorn is vice president of global manufacturing and has extensive management experience at Karmann and Tesla.

There are also frequent staff turnovers. The British "Guardian" believes that the departure of the company's chief architect and battery system patent holder Porter Harris means that FF lost the most important person on its team.

A newly-departed FF executive told the Caijing reporter that financing is very important in the highly competitive automotive sector, and FF is expected to raise funds later next year. "The first prototype of FF should be a battery-mounted minivan, but I think it will be delayed because it failed to raise funds in time. Investors have to transfer money from China to the US. It may be at the end of the first quarter or the beginning of the second quarter. The FF tube is called eight rounds of financing."

Out of consideration for career persistence, the executive offered to resign. “FF is constantly making promises to suppliers. They claim to be raising money from China, but the financing time is much faster than expected. They keep talking about money. Come, but the money is not in place."

FF's corporate governance structure and operational management are also not well understood by the outside world.

Jia Yueting and FF CEO Ding Lei have met in China and the US team many times, and often go to the United States, but the FF US headquarters has not announced a full-time CEO, CFO and COO. Generally speaking, Sampson is a public speaker on behalf of the CEO. Ding Lei is in the United States. Has served the role of CEO. But FF currently has no COO, and the people who make decisions on a daily basis are Sampson and Mattiacci. "They also have a purchasing committee. Any investment above a certain amount must go through this committee, but even the 5,000 yuan VP (Vice President) is afraid to approve." FF employees told the Caijing reporter.

In the eyes of some FF US employees, Jia Yueting is a great and far-sighted person with good ideas, but underestimates the amount of money needed to build a car and tries to do too many things at the same time. Moreover, if measured by the standards of start-ups, FF's money is not spent on the blade, and Nevada's factory is the blade.

Factory progress is slow

The suspension of the Nevada factory caused local officials to tear each other, and the Moganshan factory in China has just started.

In mid-October, news of the FF Nevada plant shutdown was reported, and FF immediately denied it.

On November 10th, Caijing reporters visited the FF factory in Apex Industrial Park in North Las Vegas, Nevada, and found that the factory is still operating, but it is a operation that minimizes costs. At the end of November, AECOM, the contractor of the FF factory, told the media: “The preliminary work has been completed, but FF temporarily adjusted the construction progress and plans to resume construction in early 2017.”

In December 2015, FF announced that it would spend $1 billion to build a factory in the industrial park, while Nevada will provide a total of $215 million in plant assistance, including $175 million in government bonds and various tax breaks.

Governor Brian Sandoval is a fan of the project, but state finance minister Dan Schwartz poured cold water at the beginning of the project. Schwartz has founded several companies and served as the publisher of the Hong Kong "Asian Venture Capital Journal" for 15 years. His wife is from Changzhou, Jiangsu Province. He has spent a lot of time in China, which makes him think he is better than himself. I understand this project better.

He told the Caijing reporter that the entire FF narrative is untenable: a company without a history of automobile manufacturing hopes to build a giant automobile factory in the desert, and the financial supporter behind it is a mysterious Chinese billionaire. There are many good entrepreneurs in China, and some entrepreneurs have a plausible understanding of the nature of business. Jia Yueting “has the idea to be respected, but there is no connection between the idea and the ability to finance these ideas”.

In an open letter in May, Schwartz accused Jia Yueting of being suspected of capital operation because he used 70% of his company's shares as collateral to obtain loans. Schwartz told the Caijing reporter, "I expressed my concern in front of them. This made the other party very unhappy. After a few times, I didn't want to irritate them. I shut up and said nothing."

After the state finance department needs FF to pay a performance bond of $75 million, it will issue bonds to build the infrastructure. After FF completes at least 15 hectares of factory infrastructure and puts into production, $75 million will be returned to FF, FF There is also a need to pay a $13 million escrow deposit in advance. Schwartz believes that if even the $75 million guarantee has difficulty paying, then what about the $1 billion project advancement?

On October 10th, FF defaulted on the AECOM project payment, which aggravated Schwartz's concerns. At the end of October, the North Las Vegas Government, the Nevada Finance Minister, the Nevada Governor's Office of Economic Development, and the FF Quartet's conference call for updating the situation every two weeks were terminated. In early November, Schwartz used the words "Ponzi scheme" in an interview.

This angered Sandoval, the governor who had been silent. He responded through a local television station in North Las Vegas. He recently visited FF's headquarters in Southern California and saw the concept design materials and prototypes of the new car. The FF can be used for North Las Vegas and Nevada. The economic contribution brought is full of confidence.

In the early morning of December 2, local time, Governor and North Las Vegas Mayor John Lee chose to speak in the early morning to support LeTV's supercar partner Faraday's electric car project in Nevada and publicly condemn the finance minister. The singer’s dedication: The governor said, “I don’t know if the finance minister has read the legal provisions, whether he understands the agreement signed between the Nevada government and FF, even if FF can’t complete the $1 billion investment project, the Nevada government and taxpayers will Fully protected.” The mayor accused the state finance minister of being a political speculator and was intended to run for the post of governor.

Schwartz publicly responded in the morning on the same day, "There is no point in wishful thinking and handshake support. At this stage, my only advice to both sides is - don't pretend. Make sure they give you a seat on the lifeboat."

Schwartz told Caijing that I am only one of the five members of the Board of Finance responsible for the bond, but in the end, only the state finance minister can submit the bond issuance agenda to the Finance Committee, and then the Finance Committee votes. This advice can only be made by the state finance minister.

On the Chinese factory side, the land has just been obtained.

On December 9, LeTV took 900,000 square meters of land located on the north side of Chuangye Avenue in the northern part of Deqing Economic Development Zone with 279 million yuan. The first phase of Leshi Auto Moganshan Plant will be here on December 27. The foundation stone was laid. The total investment promised by LeTV is as high as 20 billion yuan.

After the land is sold, it usually takes only one year to build a new automobile factory, and Deqing has given a three-year completion period. The two projects with a total of 6 billion yuan will be extended for up to four years, with infrastructure construction of 2 billion yuan, and completed by 2026 at the latest. All investment. This gives a tight buffer period for the financially tight LeTV.

The 20 billion yuan fund of the Moganshan project is not entirely borne by a LeTV company. Le Hong, vice chairman of LeTV, revealed that LeTV will work with partners to set up an industrial fund, and the government, other institutional investors or strategic investors will also participate.

Before taking the land, the layout of LeTV in Zhejiang has started. "Financial" reporters query industrial and commercial information found that in September and November this year, LeTV established LeTV Eco-Auto (Zhejiang) Co., Ltd. and Leshi Eco-Auto Investment Management (Deqing) Co., Ltd. in Deqing. The former has a registered capital of 2 billion yuan and will carry out research and development of new energy vehicles.

On October 18th, Leshi Eco-Auto Equity Investment Fund (Deqing) Co., Ltd. was established. This newly established fund is temporarily unable to determine whether it is the industrial fund of Vice Chairman Liu Hongkou. From the current shareholder information, only LeTV has invested in place, and other investors and the government have not yet entered.

Investment direction dispute

A core person in the LeTV business bluntly told the Caijing reporter: "LeTV spent too much money on Lucid and Easy."

FF is working overtime for the first production car at CES, and Lucy Motors (hereinafter referred to as Lucid), another American electric car company invested by Jia Yueting, is preparing for the production prototype launch on December 14.

Formerly known as ATIeva, Lucid is headquartered in Menlo Park, Calif., and is a start-up company for the electric car of Tesla. Jia Yueting personally invested in the company, with an amount of more than 100 million US dollars and a stake of less than 40%.

“We are an independent company and LeTV is only one of the shareholders.” Li Hongguang, vice president of business development of Lucid, said in an interview with Caijing that Lucid officially launched the research and development of electric vehicles in 2014 and released the prototype in December 2016, 2018. The year will enter the mass production phase.

Lucid's former CEO and founder, Bernard Tse, is an overseas Chinese and one of Tesla's founding shareholders and directors. In 2007, he founded Atieva Corporation in the United States, meaning "Advanced Technology In Electronic Vehicle Application" (advanced technology in electric vehicle applications), engaged in the manufacture of battery systems and electric powertrains.

In 2014, Atieva conducted C-round financing. BAIC Group invested US$100 million, accounting for 25% of the shares. LeTV also invested tens of millions of US dollars. Both parties entered the company as the first and second largest shareholders. Later, rumors of working with Chinese investors to produce electric vehicles have drawn attention from the Chinese market. Xu Heyi, chairman of BAIC, revealed at the Boao Forum for Asia in April that he is working with technology companies in Silicon Valley in the US and will launch products beyond Tesla Model S at the end of the following year. The market generally speculates that the partner is Atieva, but the cooperation has not been followed, and China has almost no news of Atieva. In October this year, the company quietly changed its name to Lucid Motors.

As LeTV funds were fermented, Lucid was once again pushed to the stage as one of LeTV's investment companies.

Up to now, Lucid has carried out 3 rounds of financing. In addition to BAIC and LeTV, it also includes investors such as Venrock (Rockefeller Fund), Mitsui Group, China Environment Fund, and JAFCO. According to foreign media reports such as the "Guardian", in the first half of this year, BAIC has transferred its shares and withdrew its investment in Lucid. The relevant person of Beiqi confirmed the report to the reporter of Caijing: "Then Beiqi retreated and was picked up by LeTV."

Based on the premise of fully accepting BAIC's equity, and adding 20% ​​of the shares previously acquired, foreign media estimates that LeTV's current shareholding ratio is around 45%, and even speculated that it has already controlled Lucid. Caijing reporter was informed that currently Lucid has raised more than 200 million US dollars. After the completion of the C round, there has not been a new round of financing. LeTV has all the capital investment in the company, including the acquired BAIC equity, mainly from non-listed companies. Partly, and all are injected at the time of financing or transfer, there is no subsequent capital increase.

Generally speaking, in the subsequent financing of the company, early investors have certain requirements for the dilution of their original equity, and the startup team option will also dilute the equity. A person familiar with the in-depth participation in the round of financing told the Caijing reporter: "The US equity is changing and the calculation method is different. In the investor stocks, the proportion of BAIC is 25%, but the company's common stock, entrepreneurship The equity of the team will dilute the shares of the investors, so its equity was not so high at the time.” By analogy, the share ratio of LeTV’s tens of millions of dollars is much lower than 20%, which can be roughly derived from LeTV’s current The share of equity should be below 40%.

Peter Rawlinson, Lucid's current CTO, has publicly stated that LeTV is a valuable investor, but only one of the shareholders, without the control of the company. Li Hongguang told the Caijing reporter: "All shareholders of the company are minority shareholders."

After the release of the prototype, Lucid's factory in Arizona will begin mass production in 2018 at the earliest. It takes time for the car brand to be accepted by consumers. At that time, it is also the stage of the launch of the production car of the emerging electric vehicle enterprise. It’s not easy to stand out from the crowd. If LeTV is regarded as a financial investor of Lucid, it will not be able to obtain a return on investment from Lucid to improve its cash flow in the short term. As far as the current situation is concerned, the relationship between the two is not very close.

On November 29th, Lucid's global production director, Brian Barron, announced that it will invest $700 million in a plant in Casa Grande, Arizona, where the production car will be manufactured in 2018. The prototype, which will be released on the 14th, is manufactured by Lucid in a pilot workshop in Fremont, California.

Li Hongguang emphasized to the Caijing reporter: "We and FF are two completely independent companies. All the company's technology is owned by us, and there is no sharing technology between FF and no other products."

Although LeTV is an important shareholder of Lucid, if LeTV or FF wants to get the relevant technology, it also needs to negotiate. Li Hongguang also revealed that at the time of contact with LeTV, the two sides discussed cooperation in car networking or in-car entertainment facilities, and did not involve technical cooperation and transfer of three-electric systems, vehicle manufacturing, and platforms. "But there has been no real progress yet."

It is not yet clear whether Jia Yueting has the idea of ​​acquiring technology by investing in Lucid, but the C-round financing of the two Chinese companies has provided financial support for Lucid to turn to build a car. Lucid began research and development of electric vehicles in 2014. They have contacted a number of Chinese investors to raise funds for car making. An investor who had contacted Lucid told the Caijing reporter that many people were not optimistic about Lucid's car-making prospects. In the end, "Beiqi voted, and Jia Yueting followed suit." Later, BAIC felt that "things are not reliable." The shares were transferred to LeTV, and LeTV’s focus was on FF, and Lucid started to build the car after completing the financing and will become a competitor of LeTV.

Today China is already the world's largest auto market. As an American company, Lucid's electric vehicles will first be sold in the United States, but the company is also developing a battery and powertrain layout in China. In 2010, it set up Jieyuan Green Energy Technology (Shanghai) Co., Ltd. in Shanghai. How Lucid's entire car enters China is still in the layout, but it will also be independent of LeTV.

Compared with Lucid, LeTV Investment is easy to use (ie Beijing Dongfang Cheyun Information Technology Co., Ltd.). In October 2015, FF China acquired a 70% stake in the company for US$700 million and laid out the downstream application market for LeTV.

With the tightening of the network car market policy, the industry's leading pattern has been set, and it is easy to continue to grow. Informed sources told the Caijing reporter that the founder and CEO Zhou Hang may be in the process of fading out, but this trend has not yet been officially confirmed by Easy or LeTV.

Netcom is a market that needs constant investment in burning money. Uber founder Travis Kalanick said at the beginning of this year that Didi will spend between $70 million and $80 million a week and spend $4 billion a year to subsidize drivers. Uber revealed that it lost $1 billion in China in 2015. This directly led to the merger of the two this summer.

After LeEco took over, iResearch data showed that the number of monthly active users in July increased to 5,278,300. Compared with last December, the number of active users increased to 290%, which is also the blood transfusion of LeTV. In exchange for the activity.

The industry's doubt is that when LeTV's funds are tight, the $700 million is not spent on the development of the car as the main body of the business and the urgent need for the factory, but the application of the network car service that is far from the thirst. A core person in the LeTV auto business bluntly told the Caijing reporter: "LeTV spent too much money on Lucid and Easy."

Foreign aid has different minds

No matter whether Aston Martin or BAIC, it is impossible to give LeTV a strong support.

Under pressure from inside and outside, LeTV tried to find foreign aid.

In early 2016, LeTV and the luxury car brand Aston Martin concluded a cooperation and signed a memorandum of understanding. Ding Lei, co-founder and vice chairman of FF, said that the two sides jointly invested in joint development and carried out substantial capital cooperation. The future will jointly develop the RapideE project. Martin will be responsible for providing the complete vehicle technology for the development of Rapide E, which is considered to be the development of Martin's model to provide powertrain and vehicle networking technology.

The cooperation between the two is mainly in two aspects. One is the Internet on Vehicle (IOV). The Rapide S equipped with the LeTV car networking system, which was unveiled at the CES in 2016, is the first round of cooperation. The model introduces the LeTV entertainment system. Redesigned Martin's car, dashboard and rear entertainment system. Second, the Rapide E electric car model, Aston Martin and LeEco also set up a research project, focusing on emerging technologies such as the Internet of Vehicles, and preparing to develop and mass-produce the Rapide E model equipped with the LeTV system.

The collaboration stems from the personal relationship between Jia Yueting and Aston Martin. Before the 2015 Shanghai Auto Show, Aston Martin CEO Andy Palmer made a special trip to Beijing to discuss specific cooperation with Jia Yueting. Aston Martin does not have the technology of electric vehicles, and LeTV appears as a new electric vehicle company, with car networking and TV, and this piece is exactly what Aston Martin is missing. Aston Martin valued the Chinese market and wanted to find a Chinese partner, so the two sides hit it off.

Aston Martin Vice President Simon Sproule told the Caijing reporter that the cooperation with LeTV is still going on. The content of the cooperation focuses on two parts, one is the research content of the direction of the car network; the second is the LeTV car network, which will be carried on the new model of Aston Martin in 2018.

In February 2016, when LeTV and Aston Martin signed a cooperation agreement, Nick Sampson, senior vice president of FF R&D and engineering, who participated in the investment, said, “We will make full use of the advantages of both parties. Exclude Aston Martin from working with LeTV to produce electric vehicles."

Ten months later, Simon Sproule made it clear to the Caijing reporter that the cooperation with LeTV is mainly around the Internet of Vehicles, and LeEco is the provider of its new technology. There is no previous rumored foundry. Similarly, the previous rumored Aston Martin and LeTV set up a joint venture, Simon Sproule also denied that LeTV is only the main project partner of Aston Martin, Aston Martin has other than LeTV Partner.

LeTV found a big-name cooperation like Aston Martin in foreign countries, and also found Beiqi endorsement in China. In March 2015, Beijing Automotive (1958.HK) and LeTV signed a strategic cooperation agreement in Hong Kong. Similarly, Le is regarded as a car network system provided by BAIC. At the subsequent Shanghai Auto Show, the two companies jointly demonstrated the future concept cockpit.

A BAIC technical executive told the Caijing reporter that the Internet was in full swing and BAIC wanted to catch up with the craze. So he chose to cooperate with LeTV to catch up with this wave of sports.

The cooperation between LeTV and BAIC has been around for a long time. According to informed sources, in addition to the Internet of Vehicles, BAIC and LeTV jointly invested in Atevia in 2014 (renamed Lucid in October this year), because the OEM has no independent research and development of the three systems, and wants to build through the acquisition of Atevia. The ability to manufacture batteries. Later, Beiqi discovered that Atevia only wanted to enter Beiqi's supporting system by selling it, selling its own battery, and then chose to quit.

A car researcher from a consulting company told the Caijing reporter that there are more light-weight car systems on the market that are not technically high. Everyone is exploring the Internet of Vehicles, and there has not been a leader in the market.

For the LeTV, the Internet of Vehicles is an opportunity to enter the automobile industry chain. LeTV's ecological content, such as TV programs and sports events, can enter the car through large screens in the car. The existing LeEco Ecolink is compatible with the mobile phone and car system on the market, and projects the screen of the mobile phone on the big screen of the car. The core technology has not broken much.

Most of the industry insiders interviewed by Caijing reporters are not optimistic about LeTV alone, because the Internet of Vehicles is not a terminal product, there is no car as a carrier, there is no possibility of landing on the Internet.

LeTV usually invests in cooperation. The above-mentioned BAIC executives told the Caijing reporter that BAIC and LeTV had a verbal agreement. If BAIC New Energy was listed on the spin-off, LeTV would invest in the new energy company, but later because Beiqi New Energy did not When it goes public, the matter will be gone.

Beiqi has not made progress in the founding of LeTV. In 2015, Xu Heyi, the chairman of BAIC Group, verbally promised to work for LeTV.

Can you reproduce the miracle of Tesla?

There are similarities between Jia Yueting and Musk’s story. The biggest difference is that Tesla has core technology.

Tesla is currently the world leader in electric vehicles. Tesla has faced a crisis of capital chain breakage and bankruptcy of the company. Is it possible for LeTV to reproduce the big reversal of Tesla?

In 2008, Tesla's super-running Roadster was delayed and delivered at a cost of $4 million per month. It coincided with the financial crisis. The car company GM was bankrupt protected for a hundred years, and the car company could not be fully funded on Wall Street. Tesla was in bankruptcy, and the embarrassed Elon Musk had to ask for money from existing investors and friends, and to save money from the company's funds. Tesla paid a prepayment to Roadster's customers, and by selling shares of SolarCity and Everdream, Mask personally contributed $12 million, and the rest was provided by investors.

At the end of 2008, another Musk company, SpaceX, received an order from NASA and received $1.6 billion in payments. This timely rain-like sum allowed Musk to survive the crisis.

Since then, Daimler has acquired a 10% stake in Tesla for $50 million, and has also made Tesla a battery supplier for Daimler. In 2010, the Department of Energy loaned Tesla to $465 million. In 2010, Tesla acquired Toyota's factory for $42 million and completed its own production. Toyota acquired a 2.5% stake in Tesla for $50 million. In the summer of 2010, Tesla IPO raised $226 million. Since then, Tesla has been on the right track and is getting better.

“This is where Iron is different from ordinary people,” said Heidi, a former Zip2 executive and X.com co-founder. “His willingness to take personal risks is almost crazy, when you choose to do so, Either great success or nothing at the end."

Musk split the east wall to make up the Western Wall. In the case of loss of each company, it still expanded greatly and built a magnificent territory.

A founder of a domestic auto startup told the Caijing reporter that the problem with Jia Yueting's car ecology is that the layout is too scattered and there is no overall consideration in strategy. In the United States, Jia began to prepare Faraday Future, and invested in Atevia. Later, it was unrealistic to find the imported cars made in the United States. Later, they found Ding Lei and Zhang Hailiang, and operated the LeSee and Faraday Future brands. The layout was too messy and costly. Too scattered.

In contrast, Musk, when he wanted to build a rocket, spent several months studying the aerospace industry, the cost of building, assembling and launching a rocket. This shows that although Musk likes to take the initiative, he has plans for what he does. Tesla is more and more frustrated, relying on each company's core technology and core competitiveness. Even if it is bankrupt, Tesla is not difficult to find a receiver with its existing battery management technology.

And Jia Yueting's LeTV department (FF and LeSee dual brand, easy to get, zero-send music), Moganshan and Nevada are building factories, every story of the LeTV car ecosystem needs to go to big money, both Faced with fierce market competition, and did not develop core technologies or unique business models.

At the CES three weeks later, LeTV's promised FF's first production car will be unveiled, which will be an important node for LeTV. The car is a mature industry that has gone through a hundred years. LeTV has now been placed under the spotlight. It is foreseeable that this car will be subject to torture. Even with the doubts, this staged outcome can only temporarily boost confidence in the capital market. LeTV needs to constantly produce new results until it passes the market test.

Whether to tell the story to blow NB, after three weeks, CES will see

In an open letter sent to LeTV employees on November 6 and an exclusive interview with Tencent Technology on the night, Jia Yueting reflected on LeTV’s “eye-scarred” expansion model in the past few years, but he believes that LeTV’s strategy is no problem, and the problem lies in the implementation strategy. At the time of the rhythm, the most urgent task is that "we must find the capital masters at all costs and build the financing organization."

The partner has another thought. LeTV (35.800, 0.00, 0.00%), the second largest shareholder of Xingen Capital, Zeng Qiang, said in an interview with the Beijing News on November 24: "I feel that Jia is missing a COO that can be balanced with him. And CFO. Without COO, the company has no KPI, no CFO, so that funds can be mobilized at will. This is a very taboo thing, in the short term, it may cause a crisis, in the long run, it may destroy the company."

Zeng Qiang told the Beijing News that LeTV’s seven business segments (film, mobile, sports, internet finance, cloud, television, and car) can be said but not done, and some can be said. Some are arguable and can be said, some are just saying no, LeTV is something that can be said but can't be done. “If the other sectors develop well in the next three to five years, LeTV can do it.” But now LeTV needs to make a choice and focus on the core business such as TV. “Lee TV’s capital chain is broken, but it’s broken, but To keep the listed company."

This round of music crisis has erupted for more than a month, calling on Jia Yueting to re-examine the car business. However, some senior business people do not think that Jia Yueting’s massive entry into the auto business is a mistake. An entrepreneur who once led the Lexus car factory to Deqing said that Jia Yueting's layout of intelligent electric vehicles is "very accurate and forward-looking", but good understanding, judgment and forward-looking need to be focused and trade-offs. Better arrangements for investment and financing, and core management optimization team. "If you make these adjustments, LeTV will have a great chance to do it."

Recently, the LeTV layoffs and business adjustment actions have been disclosed from time to time, but the car business has not been widely adjusted. In an exclusive interview on November 6, Jia Yueting once said: Even if the annihilation is over, LeTV must carry the car dream to the end.

At the LeTV conference on April 20, 2016, Jia Yueting looked at the sample car on the stage and was in tears. He was surrounded by LeTV, the co-founder of the Lexus car.

LeTV Auto Business Details

First, Faraday Future Global

Hereinafter referred to as “FF Global”, the Jia Yueting family is a controlling shareholder and is registered in the Cayman Islands.

1.Faraday Future US

The market generally believes that FF Global 100% holding

2.Aston Martin JV

FF Global is a key partner for its electric vehicle project

Second, Lucid Motors

Formerly known as Atieva, a US electric car company that targets Tesla, Jia Yueting personal investment, the equity is below 40%

Third, Beijing Baile Culture Media Co., Ltd.

It is called "Beijing Baile", Jia Yueting and Jia Yuefang Holdings, legal representative: Jia Yueting

1.Fafa Internet Intelligent Electric Vehicle Co., Ltd.

Beijing Baile 100% Holdings, registered capital of 100 million yuan, legal representative: Wu Meng (Lee TV Network Chairman of the Board of Supervisors)

Business: sales of automobiles, auto parts, machinery and equipment, software and auxiliary equipment, car decoration, technology promotion services, import and export of goods, technology import and export, agent import and export

2. Leshi Auto (Beijing) Co., Ltd.

下称“乐视汽车（北京）”，北京百乐100%控股，原名“法乐第（北京）网络科技有限公司”，成立于2014年7月23日，今年11月21日更名。法定代表人：吴孟

2.1零派乐享网络科技（北京）有限公司

乐视汽车（北京）100%控股，法定代表人：吴孟

经营业务（电动车分时租赁）：租赁汽车、机动车公共停车场服务

2.2 乐卡汽车智能科技（北京）有限公司

乐视汽车（北京）100%控股，法定代表人：吴孟

经营业务（车联网软硬件）：车载无线终端设备、通讯电子设备，汽车电子产品的技术开发、咨询、服务，销售汽车配件、软件及辅助设备，软件开发，信息系统集成服务，货物进出口、技术进出口、代理进出口，从事互联网文化活动

2.3北京电庄科技有限公司

乐视汽车（北京）持股约20%，法定代表人：先越（公司创始人）

经营业务（公共充电基础设施及APP）：基础、应用软件服务、开发；销售自行开发后的产品、计算机、软件及辅助设备、通讯设备、机械设备、电子产品

2.4法乐第（上海）汽车科技有限公司

乐视汽车（北京）100%控股，法定代表人：丁磊（FF Global联合创始人、全球副董事长、中国及亚太区CEO）

经营业务（研发中心之一）：从事新能源汽车整车及零部件技术领域内的技术开发、技术服务、技术转让和技术咨询，从事货物及技术的进出口业务

2.5法法（北京）网络科技有限公司

乐视汽车（北京）100%控股，法定代表人：吴孟

经营业务（未知）：技术推广服务

2.6上海挚达科技发展有限公司

乐视汽车（北京）持股约10%，法定代表人：黄志明（公司创始人）

经营业务（私人充电桩及APP）：汽车租赁（不得从事金融租赁），电动车辆及零部件的开发、销售与租赁（不得从事金融租赁），新能源汽车充换电服务

2.7 北京电咖汽车科技有限公司

乐视汽车（北京）持股约35%，法定代表人：李春林，非乐视系成员

经营业务（车联网+新能源车研发）：汽车租赁，销售汽车、汽车摩托车零配件、软件及辅助设备，汽车装饰。与东南汽车合作生产电咖EV10

2.8 乐视生态汽车（浙江）有限公司

乐视汽车（北京）100%控股，法定代表人：吴孟

经营业务：新能源汽车及零部件的技术研发、汽车配件及销售（含网上销售）、汽车维修、货物进出口业务、投资管理、市场推广及售后服务

2.9 乐视生态汽车投资管理（德清）有限公司

乐视汽车（北京）100%控股，法定代表人：贾跃民（贾跃亭的兄弟，乐视控股副董事长）

经营业务：投资管理、资产管理

2.10 乐视生态汽车股权投资基金（德清）有限公司

乐视投资管理（北京）有限公司占70%股份，乐视汽车（北京）占30%股份，法定代表人：吴孟

经营业务：私募股权投资及咨询、项目投资、建设投资及咨询

2.11乐视汽车咨询（北京）有限公司

股东为乐视汽车（北京）和乐投投资管理（宁波）有限公司，前者为第一大股东，法定代表人：吴孟

经营业务：经济贸易、企业管理咨询

四、乐视控股（北京）有限公司

下称“乐视控股”，贾跃亭持股超过90%，法定代表人：贾跃亭

1.易到用车（北京东方车云信息技术有限公司）

乐视控股持股70%，法定代表人兼总裁：彭钢（原乐视控股CMO），董事长：何毅（乐视控股副总裁）

2.大圣科技股份有限公司

乐视控股持股40%，法定代表人：冯兴亚（第一大股东广汽集团常务副总经理）

经营业务（汽车电商、租赁和后市场）：软件开发，信息系统集成服务，信息技术咨询服务，数据处理和存储服务，汽车零配件零售，二手车销售，汽车零售、销售、租赁、货物进出口（专营专控商品除外）、汽车零配件批发、物联网服务

资料来源：全国企业信用信息公示系统、启信宝（企业信息查询软件）、《财经》记者据公开信息检索

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