In a recent interview, Jia Yueting revealed the inside story of the breakdown of talks between FF and Evergrande. He said that Evergrande had a lot of trust in FF in the early stages. After a weekend meeting on investment, Evergrande directly injected $30 million into FF on Monday. Jia Yueting said that Evergrande sent the world's best due diligence system to investigate for more than a month and concluded that FF indeed possessed advanced products and technologies, leading to the signing of a formal $2 billion agreement.

However, just before FF was about to deliver its first vehicles, Evergrande changed its mind and began competing for control of FF. Jia Yueting recalled that Evergrande offered him over RMB 20 billion in exchange for control of FF, but he refused. Jia Yueting believes that Evergrande and FF are fundamentally different companies, and if he had agreed, there would be no FF today.

This also led to another life-or-death crisis for FF. Jia Yueting admitted that the breakdown of the cooperation not only affected vehicle delivery but also had a negative impact on FF's brand image and subsequent financing. Although this decision led to significant difficulties for FF, Jia Yueting said he had no regrets.

Additionally, Jia Yueting criticized Evergrande's decision to manufacture cars on its own as a completely wrong path. "I'm also reflecting on the matter. Perhaps the way we handled it and the results were far from optimal. It may be that our wisdom was insufficient, and we could have found a better path to satisfy the core demands of both parties. Then perhaps today, FF would be a company worth tens of billions of dollars, and Evergrande's difficulties might have been resolved," Jia Yueting said.

Since launching its vehicle manufacturing plan in 2014, FF has only introduced the FF91 model. To date, only 13 FF91s have been delivered, with 10 in 2023 and just 3 in 2024. In September, FF unveiled its second brand, Faraday X (FX).

According to plans, the FF 91 2.0 series targets the premium AI luxury market, while the second brand FX caters to the mass market. The first two FX models, FX 5 and FX 6, will offer both extended-range and pure electric powertrains, with expected prices ranging from $20,000 to $30,000 and $30,000 to $50,000, respectively. FF stated that if it obtains the necessary funding, it plans to launch its first FX model by the end of next year. Currently, FF has signed agreements with four leading Chinese automakers.

FF stated that this new brand strategy aims to integrate global automotive components and supply chains into the US, promoting the development of pure electric AIEV (B-AIEV) and extended-range AIEV (RE-AIEV) in the country, and addressing pain points such as high vehicle costs, range anxiety, limited smart cabin experiences, and limited autonomous driving solutions for users.

Jia Yueting also revealed that FF is currently facing challenges in funding, supply chains, and sales. FF has developed a detailed financing plan, aiming to raise an additional $30 million to $50 million within 2-3 months. By December, it hopes to initiate a second round of major strategic or industrial investment financing, and by the end of next year, it plans to complete a third round of financing to secure funding for the following year. These three rounds of financing are expected to total up to $500 million.

Furthermore, Jia Yueting reiterated his desire to return to China. "I must succeed with FF and establish a comprehensive mobility ecosystem. Once the first phase is successful, I can return to China because I will have basically repaid my debts," he said. Jia Yueting estimates that, under optimistic circumstances, he could repay his debts and return to China within two years. He revealed that he currently owes approximately $2 billion (RMB 14.2 billion) in domestic debts.