Foreign media outlet Jalopnik recently published an in-depth article detailing Jia Yueting’s involvement with Faraday Future. The piece features interviews with numerous current and former employees of the company, offering a glimpse into public perceptions of Jia Yueting and the struggling electric car startup. Here's the full story:
Nestled in a prestigious neighborhood of Los Angeles, a 720-square-meter luxury mansion sits on a scenic seaside location, offering panoramic views of the Pacific Ocean. This two-story home boasts six bedrooms, seven bathrooms, and a three-car garage. Most notably, it provides its owner with complete privacy—Google Maps doesn’t even show street views of the area.
While such luxurious homes are common in the region, this particular property stands out because it is owned by a company called Ocean View Drive Inc., not an individual. According to previously undisclosed state government filings, the company is registered under Deng Chaoying, who serves as the vice president of Faraday Future. In 2016, some reports suggested that Jia Yueting was the sole controlling shareholder of the company.
On one hand, Faraday Future has become a focal point for criticism following its financial crisis last year. On the other hand, Ocean View Drive, part of Jia’s so-called “Technology Empire,†continues to own opulent properties, raising questions about his priorities. This mansion, known within the company as “Club Clubhouse,†has served multiple purposes: it acts as a temporary guesthouse for new hires, a meeting space, and a high-end clubhouse where exclusive events take place. One source mentioned that a $2,000 bottle of whiskey was standard at these gatherings.
This level of extravagance contrasts sharply with Faraday’s ongoing struggles. Recently, more executives have left the company, leaving Jia Yueting isolated as he attempts to salvage his entrepreneurial reputation.
“It seems like he got lucky and made money too easily,†said an anonymous former employee.
In 2015, Faraday Future was making bold promises about the future of automobiles, envisioning fully electric, stylish cars that could adapt to drivers’ preferences, much like smartphones. It claimed to be building the best car in the world and would replace all existing vehicles.
Nick Sampson, then senior vice president of Faraday Future, stated in 2015, “Cars should understand the driver’s needs, preferences, and destination.†However, beyond a few prototypes and a series of technical issues, the company has failed to deliver on any of its promises.
Faraday’s current situation mirrors its struggles from last year, when financial problems became apparent. To launch the FF 91 at CES, the company had to halt construction of its Nevada plant due to cash flow issues. Though it managed to make an appearance at the event, the company now seems to be heading down the same path again.
Today, Faraday Future faces numerous challenges: frequent executive departures, cash flow shortages, and new legal claims ranging from catering expenses to warehouse rental fees.
When asked for a comment, Faraday Future issued a brief statement: “As a private company, we will not comment on any financial, legal, or business plans related to Faraday Future or its investors.â€
Despite the mounting pressure, 44-year-old Jia Yueting remains at the center of the company’s vision. His other venture, LeTV, is also facing similar difficulties. Sources suggest that Jia made critical mistakes and refuses to relinquish control, even as potential investors pull out of negotiations.
Seven individuals, including current and former employees, were interviewed. All believed that the only way for Faraday Future to survive is if Jia Yueting steps down.
“Jia Yueting has proven himself to be an outstanding entrepreneur—very successful and respected,†said Michael Dunne, president of Dunne Automotive, a Hong Kong-based consulting firm. “But now things are beyond his control.â€
Jia Yueting once aimed to revolutionize the tech industry with a bold and fast-paced approach. He first amassed billions by creating a Chinese version of Netflix. Later, using his charisma, enthusiasm, and financial power, he entered the automotive industry, pushing for the electrification and future of autonomous driving.
Since early 2016, when AECOM, the factory contractor, demanded $21 million in unpaid engineering fees, Faraday Future’s debt continued to grow. As key executives left, Jia found himself increasingly isolated. In October 2016, AECOM warned that no further payments would be made, halting construction of the Nevada plant. Eventually, Jia abandoned his $1 billion plant project, telling AECOM that the money was “on the way.â€
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