Faraday Future’s founder Jia Yueting has returned to the electric vehicle startup, taking on the role of co-CEO three years after being sidelined due to an internal investigation into fraud allegations that sparked an ongoing Securities and Exchange Commission inquiry.
The company’s board announced Jia’s reappointment in a Thursday press conference, revealing that he will share executive duties with existing CEO Matthias Aydt. Jia’s responsibilities will encompass oversight of Faraday Future’s finances, legal affairs, and supply chain operations. Aydt, a long-standing Faraday Future executive, had previously been placed on probation following his involvement in a controversial incident where he offered payment of up to $700,000 to a board member to resign amid a prolonged leadership conflict.
Jia’s reinstatement follows closely on the heels of another significant leadership change: last month, Faraday Future appointed Jia’s nephew Jerry Wang as the company’s president. Wang himself had earlier stepped down in 2022 during the internal probe, refusing to cooperate with company investigators, according to official filings.
Founded by Jia in 2014, Faraday Future initially aimed to leverage his prominent success in China’s entertainment streaming and electronics industries. However, the collapse of Jia’s Chinese empire forced him to relocate to the United States, where he concentrated on developing the luxury vehicle, the FF91. Despite investing more than $3 billion in a decade-long effort, the company has struggled to attract significant buyers, selling only around a dozen FF91 vehicles. Additionally, Faraday Future has faced lawsuits alleging it misrepresented some of these sales as the company continues navigating a series of financial and regulatory challenges.
