Faraday Future Appoints Jia Yueting as Co-CEO After Fraud Allegations

Faraday Future, the California-based electric vehicle company, has reinstated its founder Jia Yueting as co-CEO, three years after he was removed due to an internal investigation involving fraud allegations that also led to an ongoing SEC probe. Jia will share leadership with current CEO Matthias Aydt, who previously faced company probation for his involvement in a boardroom power struggle. The management shakeup follows the recent appointment of Jia’s nephew, Jerry Wang, as president—a move that is notable given Wang’s earlier resignation amid investigation concerns. Despite Jia’s return and new strategic initiatives, Faraday Future continues to face significant financial instability, negative cash flow, and has delivered only about a dozen units of its luxury FF91 vehicle after investing over $3 billion. The company has also confronted lawsuits alleging misrepresentation of sales figures. While leadership changes aim to drive transformation and improve transparency, substantial risks and challenges remain for Faraday Future’s path to profitability.