Facing Turmoil, Faraday Future Appoints Founder Jia Yueting as Co-CEO
Struggling electric vehicle startup Faraday Future has made a bold move by appointing founder Jia Yueting as the company’s co-CEO, marking a significant development three years after he was sidelined due to allegations of fraud that triggered an internal probe and an ongoing investigation by the Securities and Exchange Commission.
In a press conference held on Thursday, Faraday Future announced that Jia will work alongside current CEO Matthias Aydt, overseeing the company’s finance, legal, and supply chain departments. Aydt, a seasoned Faraday Future employee, had previously faced scrutiny for offering a board member a substantial sum to resign during a power struggle within the company.
The decision to bring Jia back into a leadership role comes shortly after the appointment of his nephew, Jerry Wang, as president of the EV startup. However, Wang’s tenure was short-lived as he resigned amidst the internal probe for failing to cooperate with the investigation, as disclosed in filings with the Securities and Exchange Commission.
Founded by Jia in 2014, Faraday Future emerged as an ambitious venture following the collapse of his electronics and media streaming empire in China. With a vision to revolutionize the automotive industry, the company invested over $3 billion in developing the ultra-luxury EV known as the FF91. Despite significant investment, Faraday Future has faced challenges in achieving substantial sales, with lawsuits alleging misrepresentation of sales figures.
