On April 15, Faraday Future completed an internal investigation and made a series of sanctions, including the dismissal of founder and former CEO Jia Yueting from his executive position, jia Yueting will continue to serve as chief product officer and report to the executive chairman.
That is to say, Jia Yueting was only responsible for the research and development of products, travel ecology and artificial intelligence, and was no longer the manager of Faraday's future. Before realizing the dream of building a car, Jia Yueting was demoted one step ahead.
Not only Jia Yueting himself, Jia Yueting's close confidant Wang Jiawei (who was reported by media as Jia Yueting's nephew) left his post on April 10.
Wang Jiawei graduated from the Central University of Finance and Economics, served as a core executive of LeTV, and was mainly responsible for capital operation after joining Faraday Future, leading several rounds of financing and backdoor listing. It is worth mentioning that when Faraday announced the rectification report of the third-party independent internal investigation two months ago, Wang Jiawei was already suspended.
Previously, sources revealed to the media that the contradictions between Faraday's future board of directors and the team dominated by Jia Yueting have escalated, so the control of Jia Yueting and the "allies" has been weakened. Faraday Future is "going to Jia Yueting".
When it successfully landed on the NASDAQ in July last year, Jia Yueting and Faraday Future were still in the same scenery, and immediately announced the goal of starting to deliver FF 91 within a year, and Jia Yueting even released harsh words that would subvert traditional ultra-luxury brands such as Ferrari and Bentley, giving the world the illusion that "Jia Yueting is going to kill back".
Now that the one-year deadline is getting closer and closer, Faraday Future has only launched a "mass production prototype car", exposing more and more internal problems.
Just three months after Faraday Future went public, market analyst J Capital Research released a short report saying that Faraday Future could not sell a car and that the listing was only to obtain funds from U.S. investors to fill Jia Yueting's debt black hole.
In the report, J Capital analyzed the progress and financial situation of Faraday Future's factory construction, gave the conclusion that "production is difficult and delivery is more difficult", and bluntly said that although Faraday Future has officially announced that it has received more than 14,000 orders, after investigation, only a few hundred of these orders have actually been paid.
At that time, Jia Yueting's response was very direct, calling J Capital "cold rice hot fried and nonsense", and said that J Capital was not the first time it had been "punched in the face".
However, it was Jia Yueting who was "punched in the face" this time.
In order to cooperate with the investigation of the short report and prove its innocence, Faraday Future set up a special committee, hired a professional lawyer, and even postponed the release of the financial report. The results of an internal survey released in February showed that FF's 91,000-plus order data was indeed "misleading", and only a few hundred users paid an advance payment.
And the false information is not only the order numbers, the documents show that Jia Yueting's involvement in Faraday's future is much higher than the outside world believes. Although Jia Yueting resigned as CEO in 2019, after the investigation, it was found that Jia Yueting still had a strong right to speak.
Therefore, this result will not only punch Jia Yueting in the face, but more importantly, it will make Faraday future deep into a crisis of trust.
After that, Faraday Future began to "correct the chaos", updated internal accounting controls and financial reporting, appointed Susan Swenson as the new executive chairman, vice president of the capital department Wang Jiawei was suspended, CEO Bi Fukang and founder Jia Yueting were cut by 25%.
Now that Jia Yueting has been demoted again, it can also be seen as a key step in Faraday's internal optimization and adjustment in the future.
It is worth noting that Faraday Future has received a letter from NASDAQ on April 4 due to the failure to submit the 10-K annual report on time, and if the required documents are not submitted by May 6, the company will receive a delisting notice, and Jia Yueting will be far from realizing the car dream.
Produced by ZAKER News
Text / Bao Xingwa
Editor / Zeng Xiantian