Faraday Future Jia Yueting has long been the face of Faraday Future. This step follows three years after he was pushed out by an internal investigation looking into claims of fraud. This announcement, made during a press conference, marks his return to a leadership role at a company he initially founded, which has faced significant challenges in the luxury electric vehicle market.
Yueting self-exiled to the United States after the implosion of his prior business empire. Now, he’s determined to lead a quasi-comeback for Faraday Future. The company has already put more than $3 billion into making its ultra-luxury electric debut, the FF91. In spite of this almost $1 billion investment, Faraday Future has managed to actually sell only about a dozen units so far. It has been called out in lawsuits for allegedly inflating some of these sales numbers. This improvement only deepens the existential crisis it is experiencing financially.
As co-CEO, Jia Yueting will be responsible for key areas such as finance, legal, and supply chain operations. His return couldn’t come at a more turbulent time for the company, as it is under extreme fire from the Securities and Exchange Commission (SEC). At this moment, the SEC is investigating all these allegations against Yueting and Faraday Future. This inquiry is the internal investigation that resulted in his removal as CEO three years ago.
Longtime FF employee Matthias Aydt, who had previously been subjected to probationary measures, will be co-CEO with Yueting. Aydt sparked a brutal, months-long battle for power within the company. During this time, he apparently tried to buy off a board member with as much as $700,000 to leave. Yet even as this internal struggle unfolded, Jia Yueting was very much still in control of the company.
In a noteworthy development, Jerry Wang, Yueting’s nephew, was appointed president of Faraday Future just one month prior to Yueting’s return as co-CEO. This potential shift in leadership dynamics may influence the company’s strategy moving forward as it attempts to recover from past controversies and financial difficulties.
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