Faraday Future dismisses short-selling report as nonsense

FF公司遭做空，J Capital Research抛出28页报告质疑造车能力；贾跃亭回应：冷饭热炒 无稽之谈

After being targeted by short-seller J Capital Research on Oct. 7th, 2021, Faraday Future has refuted it.

Faraday Future founder Jia Yueting said in its WeChat update on Oct. 8th that J Capital Research's allegations are "Same nonsense, nothing more than a hash of old news," according to local media outlet Aicaijing.

"Watch out, J Capital Research. It's not the first time you have made a fool of yourself," Jia wrote in both Chinese and English.

"See you in July 2022 in Hanford, California. See you on the New Species birthday," he added.

On October 7th , 2021, J Capital Research released a short-selling report on Faraday Future, stating "Move Over Lordstown: There's a New EV Scam in Town."

The first paragraph of the report reads:

So far, it's nothing but a bucket to collect money from U.S. investors and pour it into So far, it's nothing but a bucket to collect money from U.S. investors and pour it into the black hole of debt created by its founder, China's best-known securities fraudster, Jia Yueting.

Faraday Future went public on the NASDAQ on July 22 through a merger with Property Solutions Acquisition Corp (PSAC), a special purpose acquisition company (SPAC), at an offering price of $13.78.

In their 28-page short-selling report, J Capital Research expressed doubts about FF's production capacity, capital performance, R&D investment status, and the penalties Jia received in China.

"After eight years in business, FFIE has failed to deliver a car and is yet again saying ‘next year.’ The company has reneged on promises to build factories in five localities in the U.S. and China and repeatedly delayed the sixth. FFIE is being sued by dozens of unpaid suppliers and has failed to disclose that assets in China have been frozen by courts. And Jia appears to be running the company behind the scenes," the report said

Separately, cls.cn quoted Faraday Future sources as saying that J Capital Research's short-selling report was full of misleading information that lacked logic and was not based on facts.

Faraday Future expressed disappointment and condemned the agency's irresponsible behavior and will reserve the right to pursue legal action against such false allegations, the source said.

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