Faraday Future Founder Jia Yueting Returns as Co-CEO

Faraday Future Appoints Founder Jia Yueting as Co-CEO

Electric vehicle startup Faraday Future has announced the appointment of its founder, Jia Yueting, as co-CEO. This decision comes three years after he was sidelined due to an internal investigation into allegations of fraud. The SEC investigation stemming from that probe remains ongoing.

Jia Yueting will share the CEO role with Matthias Aydt, a longtime Faraday Future employee. Yueting will oversee the company's finance, legal, and supply chain teams. Aydt's past includes a probationary period after offering a board member payment to resign during a power struggle.

A History of Controversy

This appointment follows Jerry Wang, Jia Yueting'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.

Founded in 2014 by Jia Yueting, Faraday Future aimed to build upon his then-successful electronics and media streaming empire in China. However, that empire collapsed, leading Jia to relocate to the U.S. to focus on the EV startup.

Challenges and Uncertain Future

Faraday Future has invested over $3 billion and a decade developing the ultra-luxury FF91 electric vehicle. Despite this, only about a dozen vehicles have been sold, and the company faces lawsuits alleging misrepresentation of some of those sales.

With Jia Yueting back in a leadership position, the future of Faraday Future remains uncertain. The company's history of internal conflicts and financial challenges raises questions about its ability to navigate the competitive EV market.