Faraday Future Appoints Founder Jia Yueting as Co-CEO
Electric vehicle startup Faraday Future has appointed founder Jia Yueting as co-CEO. This decision comes three years after Jia was sidelined following an internal probe into allegations of fraud. The SEC investigation stemming from that probe remains ongoing.
Jia will share the CEO role with current CEO Matthias Aydt. He will oversee Faraday Future's finance, legal, and supply chain teams. Aydt, a long-time Faraday Future employee, was previously placed on probation after offering a board member payment to resign during a power struggle.
This appointment follows Jerry Wang, Jia's nephew, being named president of Faraday Future just last month. Wang had previously resigned in 2022 due to a "failure to cooperate" with the internal investigation, according to SEC filings.
Jia's Return and Faraday Future's Challenges
Jia founded Faraday Future in 2014, aiming to build upon his then-successful electronics and media streaming empire in China. However, that empire collapsed, leading Jia to focus on Faraday Future in the U.S.
The company has invested over $3 billion and a decade developing the ultra-luxury electric vehicle, the FF91. Despite this, only a small number of vehicles have been sold, and the company faces lawsuits alleging misrepresentation of some of those sales.
With Jia back in a leadership position, Faraday Future faces the challenge of navigating ongoing investigations and financial difficulties while attempting to ramp up production and sales of the FF91.
