Electric vehicle startup Faraday Future has reinstated its founder Jia Yueting as co-chief executive officer, marking his return to a top leadership role three years after being sidelined during an internal investigation into allegations of misconduct.
The company announced Thursday that Jia will share the CEO role with current chief executive Matthias Aydt. In his new position, Jia will oversee Faraday Future’s finance, legal, and supply chain divisions. Aydt, a longtime executive at the company, previously faced internal disciplinary action during a prolonged internal conflict over control of the board.
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Jia’s reinstatement follows a broader reshuffling at Faraday Future, which last month appointed his nephew, Jerry Wang, as president. Wang had previously resigned from the company in 2022 following the same internal probe, which concluded that he failed to cooperate with the investigation. That probe led to an ongoing review by the U.S. Securities and Exchange Commission.
Jia founded Faraday Future in 2014 as part of a push to extend his China-based tech ventures into the electric vehicle market. His earlier business empire collapsed under financial strain, prompting him to relocate to the United States, where he focused on developing the FF91 – a high-end electric vehicle positioned for the luxury market.
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Despite raising over $3 billion in funding over the past decade, Faraday Future has struggled to transition from development to commercial production. The company has sold only a limited number of FF91 vehicles and has faced legal challenges over the accuracy of reported sales figures.
The SEC has not publicly commented on the status of its investigation. Faraday Future did not respond to further requests for clarification on the internal changes.