Thread by @JCap_Research

By popular request:
J Cap just published a new report on $FFIE, an EV scam founded by China’s most famous securities fraudster. Read it here: jcapitalresearch.com

1/Like other EV frauds, $FFIE seems to have invented most of its “reservations.” They disappeared from company docs after Hindenburg’s Lordstown report in March. And no wonder: 78% of the 14,000 bookings had been “disappeared” a year earlier and converted to a note payable—at 8%.

2/$FFIE has reneged on every promise it ever made to start a factory. Why should the current one be any different? And to be sure, we visited: For a company supposedly rushing to “mass” manufacturing in 7 months, the plant is awful quiet.

3/Formers say that $FFIE car isn’t near ready for manufacturing. And the company itself tell us it will need an ADDITIONAL $1.4 billion.

4/Dilution coming to $FFIE is jaw-dropping—options would add more than 50% more shares.

5/How come no one realizes that #Evergrande owns 20.5% of $FFIE and has more than 13 million more options? Fire sale anyone?

6/Since $FFIE just raised $1 billion, how come it’s issuing debt for piddly amounts at 14%?

7/$FFIE says it has an MOU with a “Tier 1” city in China. That’s Zhuhai—which is Tier 3. The Chinese press reported that Zhuhai’s government withdrew from the arrangement formally last July, but FFIE is still talking about it.

8/$FFIE loves to talk about its arrangement with Geely. Geely put $50 million into the FFIE PIPE—then FFIE paid Geely $50 million for use of its “platform.”

9/$FFIE is ready to spirit money out of the company into its directors’ hands. The books are loaded with notes payable—and a big chunk is owed to Jia Yueting.

10/Considering how many times $FFIE has defaulted, it’s amazing investors let management issue debt secured against ALL the company assets, tangible and intangible. If Faraday decided to default on the notes, investors would lose everything.