{ "docId": "019dd923-622c-750b-8b9a-a9cb23e434c6", "docSlug": "85539af44f20", "documentTitle": "Faraday Future Intelligent Electric Inc. (FFAI)", "authorId": "60_Wolfpack_Research", "authorName": "Wolfpack Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-09-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 12, "pageCount": 37, "prevPage": 11, "nextPage": 13, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a skeptical, investigative tone to undermine the credibility of the company and its founder.", "elementsJson": [ "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-a9cb23e434c6/12", "deckHref": "/decks/019dd923-622c-750b-8b9a-a9cb23e434c6", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-a9cb23e434c6.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-a9cb23e434c6#slide-12", "components": [ { "bbox": null, "kind": "callout", "text": "Let us put it this way; we think this administration will ship YT back to China before it allows YT to ship Chinese EVs to the US without paying heavy tariffs.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f9-71ae-a673-f4fb3afb330a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.15 }, "kind": "paragraph", "text": "YT just announced that they are going to launch the FX in the Middle East in October with deliveries in November. That sounds great for those who are excited about FFAI cracking that big “2—0” in terms of total deliveries, but why would people in the Middle East want a Wey Gaoshan with the logo of a failed car company on it when they can just get the original? Great Wall Motors reportedly delivered its first batch of Wey Gaoshan’s to Dubai in April 2024.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2c5c9b54-b9c3-4033-a536-461c2ff00fd6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "FFAI is now planning on acting as a bridge between China and the US by importing knocked down kit cars and assembling them in the USA, thereby avoiding the massive tariffs that have been put on EVs made in China to protect the US auto industry. This is theoretically feasible, especially if the number of vehicles is relatively small. However, given this administration’s commitment to protecting the American auto-industry, we doubt that any regulator will be quick to sign off on a company largely owned and staffed by Chinese nationals importing Chinese made EVs into the US without paying the full tariff. Let us put it this way; we think this administration will ship YT back to China before it allows YT to ship Chinese EVs to the US without paying heavy tariffs.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3c7d4680-24ef-4994-a385-6304acd64d28", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.28, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "paragraph", "text": "YT appeared to be a highly successful businessman in China, whose company Leshi Internet Information and Technology (Beijing) Corp (“LeTV”), was considered the Netflix of China. In 2014, YT turned his interest to the automotive industry, founding FFAI, as well as taking a significant stake in one of his competitors, a private Chinese car company that would eventually be brought public via SPAC and renamed Lucid. Despite his apparent success, YT was dogged by creditors and regulators and fled China in July 2017 for the US and never returned. After fleeing China, YT was put on an official blacklist of debtors in China and also was facing accusations of bribery and fraud along with dozens of lawsuits and numerous freezing orders of his assets. In addition to his inability to pay creditors, investigations by regulators revealed a host of troubling business practices. Excessive debt and audit issues at YT’s Coolpad Group Limited led to regulators halting trading and an investigation ultimately determined his “retention of office", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "73cb88ea-a0e3-40cf-86de-18ec21cbc008", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.07, "x": 0.82, "y": 0.95 }, "kind": "source-note", "text": "Page 12 of 37", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c178d717-7029-42ae-b762-6cd7245c1e51", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "title", "text": "Why Is FFAI Going to Launch Its FX In the Middle East When Great Wall Motors Already Sells the Same Car There?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "10cbbe7a-a0b0-46f9-a1da-366d44b043e4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.58 }, "kind": "title", "text": "YT Fled China In 2017 with Accounts Frozen, Accused of Committing Bribery and Fraud. He Apparently Entered the US With a Non-Chinese Passport", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "954a8e19-489e-4c01-bea3-c0f5c66e4f23", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.29 }, "kind": "title", "text": "FFAI’s Strategy of Avoiding Tariffs in the USA by Importing Kit Cars Probably Will Not Fly", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b50c42c7-1f0d-4064-a875-9733eef5e385", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 15, "from": 6, "beatId": "74767402-6da6-4a1a-864e-0500a59d7c93", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The document presents evidence of FFAI's alleged deception and YT Jia's involvement.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [ { "to": 19, "from": 10, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "8e901bca-407b-4147-8e46-fb4c05a75817", "evidence": "The document implies that investors and others may be harmed if they do not take action.", "position": 1, "objective": "Highlight the consequences of not acting against FFAI's alleged wrongdoings", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }