Faraday Future Paid $7.5M to Firm Tied to Founder Jia Yueting
Struggling EV maker Faraday Future paid $7.5 million to FF Global Partners LLC, a company tied to its founder Jia Yueting, in 2025. This occurred during a year when the company delivered only four vehicles and lost nearly $400 million, while under SEC investigation for related-party transactions and Jia's control.
Struggling electric vehicle (EV) startup Faraday Future paid approximately $7.5 million in 2025 to FF Global Partners LLC, a company significantly influenced by its founder, Jia Yueting, according to a recent regulatory filing. This considerable sum was disbursed during a year when Faraday Future delivered only four vehicles and reported a substantial loss of nearly $400 million.
The payments came to light as the company revealed them in its annual proxy filing on Thursday. They occurred concurrently with an ongoing Securities and Exchange Commission (SEC) investigation into Faraday Future. The SEC had been probing what are known as “related party transactions” between the company and entities associated with or controlled by Jia, as well as scrutinizing the accuracy of Faraday Future’s representation of Jia’s control when it went public in 2021. The SEC also investigated claims that the company misrepresented early EV sales in 2023.
Payments and Financial Context
The $7.5 million payout to FF Global Partners LLC included a mix of financial arrangements. Faraday Future made monthly “consulting” fees of $100,000, issued a $2 million “bonus payment,” and repaid $1.7 million in loans from the LLC. The filing did not provide an explanation for the remaining $2.6 million of the total sum.
These payments stand in stark contrast to Faraday Future's operational performance, which saw only four vehicles delivered in the same period. The company has recently shifted its strategy, focusing on selling less expensive vans and robots imported from China, a move indicative of its broader financial challenges.
SEC Investigation and Its Closure
Notably, the SEC’s four-year investigation into Faraday Future was dropped in March, a development first reported by TechCrunch. This closure came despite the SEC having sent notices to Faraday Future, Jia, and other executives last year, recommending enforcement action. The discontinuation of the probe also aligns with a reported historic drop in white-collar crime enforcement during the second Trump administration.
Jia Yueting's Enduring Influence
Faraday Future explicitly describes FF Global Partners LLC as an “affiliate” of Jia Yueting in its proxy filing, and previous filings have stated that Jia exerts “significant influence” over the LLC. FF Global has five “voting managers,” with Jia himself being one, alongside business associates and his nephew, Jerry Wang. Wang, who also serves as a president at Faraday Future, receives a six-figure salary from FF Global, as does his wife, who leads FF Global’s legal department.
FF Global Partners LLC is a major shareholder in Faraday Future and, in conjunction with Jia, maintains control over nearly every facet of the EV company’s operations. This level of control is so pronounced that Faraday Future lists it as a risk factor in its most recent annual filing. The company warned earlier this year that “Jia and FF Global, over which Mr. Jia exercises significant influence, have control over our management, business and operations, and may use this control in ways that are not aligned with our business or financial objectives or strategies or that are otherwise inconsistent with our interests.”
The Path to Reinstatement
FF Global played a pivotal role in reinstating Jia Yueting to power following Faraday Future's public listing in 2021. Shortly after the company merged with a special purpose acquisition company (SPAC), the new public company’s board initiated an investigation into Jia’s financial movements within and out of the company, and the disclosures made during the merger. In early 2022, the board sidelined Jia, who has been blacklisted in China for financial fraud, after finding that Faraday Future had misrepresented the extent of his control. The board then referred their findings to the SEC, prompting the investigation that recently concluded.
Throughout 2022, FF Global actively campaigned to replace board members who were not aligned with Jia’s interests. This campaign intensified to the point where multiple board members reportedly received death threats. These board members ultimately resigned, partly due to fears for their safety. Jia was subsequently re-installed as co-CEO last year and now holds the position of sole CEO for Faraday Future.
Other Related Party Transactions
FF Global Partners LLC is not the only entity tied to Jia Yueting that Faraday Future has compensated or plans to compensate. The proxy filing also disclosed that the company paid $700,000 to a loan company associated with Jia last year. Additionally, Faraday Future owes $8.5 million to Leshi Information Technology Co. Ltd., one of the companies linked to Jia’s failed Chinese tech conglomerate LeEco, for “advertising services.”
FAQ
Q: What is FF Global Partners LLC?
A: FF Global Partners LLC is described by Faraday Future as an “affiliate” of founder Jia Yueting, over which he exerts “significant influence” and control. It is also a major shareholder of Faraday Future.
Q: What was the SEC investigating regarding Faraday Future?
A: The SEC investigated “related party transactions” between Faraday Future and entities tied to Jia Yueting, whether the company properly represented Jia’s level of control when it went public, and if it lied about early EV sales in 2023.
Q: What is Jia Yueting’s current role at Faraday Future?
A: Jia Yueting is currently Faraday Future’s sole CEO. He was re-installed as co-CEO last year after a period where the board had sidelined him.
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