Faraday Future Announces that Company Founder YT Jia is Appointed Co-CEO of FF, Targeting Tens of Thousands of FX Units to Be Sold Within Two Years of Production.
- YT’s Additional Equity Incentives Tied to Market Cap and/or Stock Price.
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FF Enters Founder + Professional Manager Era with 10 Key Transformations for Company Success at Company’s ‘FF Stockholder Community and FX Co-Creation Day’ Held Today in
Los Angeles . - Business Targets: First FX Vehicle Off the Line by 2025 Year-End;
- Financial Targets: Achieve Positive Gross Margin and Operating Cash Flow and Move Toward Overall Profitability.
- Capital Targets: Put Stakeholders First, Restore Market Confidence, and Launch a Global AI and AIEV Tech M&A Strategy to Build a Global AI Vehicle Ecosystem.
- The Global Bridge Strategy Supports Restructuring of the US Auto Industry.
- Company to Fully Transform FF to Maximize Stakeholder Value Without Compromise; Stand Firm Against Illegal Short Selling.
Faraday Future Announces that Company Founder YT Jia is Appointed Co-CEO of FF, Targeting Tens of Thousands of FX Units to Be Sold Within Two Years of Production.
Other speakers at today’s event included Lev Peker, FF Board Member, Chair of the Audit Committee & Independent Director at FF, Matthias Aydt, Jerry Wang, Global President of FF, Koti Meka, CFO of FF, Xiao (Max) Ma, CEO of the FX brand (via video), Lou Martinez, Mayor of
A replay of today’s event with speeches can be found here: https://www.ff.com/us/FX-CoCreation/
Today’s event, the ‘FF Stockholder Community and FX Co-Creation Day’ was meant to further increase transparency and real-time communication with FF’s stockholders in an effort to close the information gap, eliminate misunderstandings, and highlight the Company’s fundamental progress. This event was a unique opportunity for all stakeholders to experience FF’s vision, value, and strategy firsthand. The event was held in conjunction with the Company’s employee all-hands meeting and was open to registered guests, including stockholders, followers and fans of FF.
“I’d like to extend my warmest congratulations to our founder, YT Jia, on his return to a crucial leadership role as Global Co-CEO of Faraday Future. This is not only a meaningful personal moment for YT, but also a defining one for the future of our Company,” said Matthias Aydt. “It was wonderful to have our valued stockholders, Developer Co-Creation Officer candidates, members of the global FF community, media, fans, and most importantly, our employees and their families joining us today at this event and along with YT’s appointment as Co-CEO, signals the beginning of a brand-new chapter.”
“FF is undoubtedly a pioneer in the global new energy industry, making significant contributions in technological innovation, talent acquisition, and the construction of a technological ecosystem,” said Anthony Rendon, former speaker of the House for the
In addition to the FF and FX product experience and Co-Creation, FF was actively recruiting FX Developer Co-Creation Officers during the event, inviting visionary partners to collaborate with the Company in shaping the development of FX product and technology.
The fully translated transcript of YT Jia’s Speech from the 4.24.25 FF Stockholder Community and FX Co-Creation Day follows below (the italicized text is added for highlights):
Introduction
Thank you to Lev and the Board for appointing me. Dear FF colleagues and friends watching online, welcome.
Today, I finally have the chance to reintroduce myself — this time, as the Co-CEO of Faraday Future. I feel a mix of emotions: it's both a complicated and exciting moment for me.
Over the past four years, I’ve carried heavy burdens, and the company has gone through tremendous challenges and trials. Now, both our operating fundamentals and corporate compliance have improved. But once again, several days ago, our stock price has fallen below the
In a moment, I will announce a series of major transformations for both FF and FX. Together with Matthias, under our new Founder + Professional Manager model, and alongside every FF team member, we will fight to turn the tide. We will rebuild trust and confidence, firmly uphold the principle of putting large stockholders and individual stockholders first, and drive FF and FX toward success, creating maximum value for all stockholders.
Before getting started, I want to make clear that what I am going to say represents my personal views only and are not necessarily those of the Company as a whole or the Board.
Adding Finance, Legal, and Supply Chain to My Direct Reporting Lines, Marking Fundamental Changes in Top Management Structure and Decision-Making
From Founder and CPUO to Co-CEO, I am now entrusted with co-leadership and co-decision-making authority over three of the most critical functions in the company: Finance, Legal, and Supply Chain, now jointly managed with Matthias. My existing responsibilities will remain unchanged. With this adjustment, we have seen a fundamental shift in FF’s top-level organizational structure and decision-making dynamics. On the foundation of full legal and regulatory compliance, I will lead the creation of a more rigorous financial management system — including strict cost control and cash flow discipline — and build an efficient, cost-effective supply chain to accelerate the achievement of our strategic goals, reaching positive operating cash flow and profitability as soon as possible.
Additional Equity Incentive Plan Fully Tied to Stock Price and Market Cap;
Today is our second Investor Community Day. I want to sincerely thank the stockholders who are here in person, and all those who continue to support us from afar. Without you, there would be no FF and FX today.
As Co-CEO, my additional new equity incentives are strictly tied to the company’s KPI on stock price market cap, and stockholder interest. It reflects the company’s unwavering belief in putting stockholders first.
Upon taking on the Co-CEO role, I am committing to use
To that end, the Board has adopted a transformative “Stockholders First” equity incentive for me as Co-CEO, which is divided into two phases.
Phase One:
For every
Phase Two:
After reaching a
These increases will exclude the impact of stock splits and stock dividends and, in the case of market capitalization, merger and acquisition activity.
To put it simply, in order to earn the full
I will do everything I can to accelerate improvements in our operating fundamentals and lead the company toward our most critical strategic milestones. I’m confident that, together with the entire FF team, we will deliver on these milestones and create maximum value for our stockholders.
When this equity incentive is achieved, I will dedicate half of my earnings to repay my debts and fulfill my responsibilities under Chinese law. Returning home after clearing my debts is a mission I must accomplish. While legally I have no debt obligations under
Why Appointed Co-CEO Only Now? Four Years of Hardship and Instability Since IPO Point to the Return of the Founder Model as a Path Forward to Safeguard the Company and Deliver Value to Stockholders.
You may wonder: why did it take four years after the IPO for me to become Co-CEO?
To answer that, I need to go back to where it all started, when I first came to
In 2014, I was 41 years old, I came to
But since I voluntarily stepped down as CEO over four years ago, FF has gone through wave after wave of trials and turmoil. Several days ago, Our stock has once again fallen below the
Some say that FF's top-level management has long seen complexity, and that management has been chaotic. Some say that FF "got up early but arrived late".
Some mock us for having built “only a dozen cars in ten years”, saying we’re all talk and never truly committed.
Some question whether the Global Automotive Industry Bridge can still hold under the storm of rising tariffs.
Some worry that the company will have to issue too many shares in order to raise funds.
Some are concerned about how long can FF’s cash last.
Some say that my personal debt is a burden to FF, and that I’ll never be able to repay it or return home.
Truth is, some of these concerns are valid, but many are also misunderstandings and distortions of facts.
So how did the company get to where they ended up today? We need to go back to when I stepped down as CEO and executive Chairman, right before FF went public.
“Stepping Down as CEO Is My Deepest Regret”
FF was preparing to go public in 2021, and there were all these voices constantly ringing in my ears, voices from the SPAC company, from financial advisors, and even from some of our own executives, all urging me to step back. They warned that if I were to remain CEO, my personal debt would impede our fundraising, our IPO, and the company’s future development.
At that critical moment, I gave in. For the sake of the bigger picture, I compromised. I resigned as CEO. I even idealistically believed that bringing in a new CEO, someone who loved the company and would fight for it as hard as I did, would create a powerful alliance, and perhaps that’s the best thing for FF.
But what happened next, many of you have seen with your own eyes. While the company did successfully go public, what followed was a nightmare. The group of bankruptcy directors from Wall Street joined forces with certain former executives and started the Day-One Plan. They inappropriately seized control of FF under the pretense of conducting an “independent investigation.” I, along with several core members of the Chinese founding team, were stripped of decision-making authority, some of us were even pushed out of the company. I was almost entirely excluded from final decisions. As a result, nearly
Ironically, it was once said that my debt would hinder fundraising, but quite the contrary, nearly 80–
Yet I had almost no say in how those funds were used. I thought that by compromise and sacrifice, I was doing what was best for the company. I was wrong. What FF experienced instead was an endless series of crises and near-death moments. We found ourselves repeatedly on the edge of bankruptcy. A string of unthinkable disasters, like something out of a cruel novel that I would never be able to predict. But in the end, the FF Global Partner company, then serving as a major shareholder, fought through overwhelming challenges and helped bring FF back from the brink, restored order and defeated the so-called group of Bankruptcy Directors and brought FF back from the brink of bankruptcy. After those bankruptcy directors left, we saw some improvement in our fundamental operations and successfully delivered SOD2. However, due to a variety of lingering issues, the company still operates under a professional manager model, and top-level organizational complexities remain till this day.
After a lifetime of entrepreneurship, stepping down as CEO is my deepest regret. It turns out that I didn’t drag FF down. Truth is, after I resigned CEO, FF lost its greatest driver forward. It directly contributed to FF’s multiple downfalls and, most painfully, caused many who once believed in us to lose their trust. That breaks my heart.
FF is like my child. It carries my lifelong belief, my resources, my passion, my only remaining spark, after years of sacrifice, battles, and hard choices. I’ve invested nearly
But I don't harbor resentment and have embraced these experiences, injustices, and even persecution. I believe this is the price I'm paying for past mistakes.
Over the past four years, the company lost the soul it should have had as a startup. During this time, I repeatedly expressed my interest in taking on more responsibilities, these efforts were not successful.
Today, I am grateful that the board for making this significant decision during such a critical time. I believe this signals they recognize the founder's model and spirit can be major fundamental driving forces of a startup. II believe it also suggests an acknowledgement of my past successes and failures as valuable assets, which are the only path to save FF and bring value to shareholders and investors. I thank the Board for making this significant decision during such a critical time. This isn't for me; it's for FF and to regain the lost trust.
FF still in crisis — not the old kind; post-rescue, time to break through
Fortunately, this crisis is unlike those in the past. This time, the challenges stem mainly from broader market downturns and other external, uncontrollable factors — rather than internal issues. I believe these conditions have contributed to FFAI’s stock price dropping below the
In contrast, I believe that the company’s operational performance and capital structure are currently at their strongest in recent years.
This progress is largely the result of the six key initiatives we launched in May last year under the “Battle to Safeguard FF Dreams” strategy, which led to significant improvements in FF’s business and financial fundamentals. At one point, our stock price surged over 100-fold, with single-day trading volume hitting
Last year was about survival and self-rescue. This year, we’re standing at the threshold of a true breakthrough. While some may see the current stock price pressure as a crisis, we believe it could be the ideal moment to unlock FF’s “second growth curve.”
Root cause: long-term complexities in top leadership
Looking back at the true root cause of FF’s stagnation over the past four years, the surface-level issue may appear to be financial challenges. However, I believe the underlying issue has never been money. Instead, I believe it lies in the complexities within the company’s management structure.
For the past four years, I only held advisory rights, not decision-making power for three of the most critical decision-making functions at FF — Legal, Finance, and Supply Chain. Legal is essential for corporate compliance, but it was often used as a political tool. Finance, the foundation for resource allocation and the company’s value. And the Supply Chain, the most crucial area for cost control, represents a significant portion of the company’s expenses.
Over the years, many have blamed me for FF’s problems. However, no matter what position I held or what transpired, as the founder, I’ve always been the biggest "scapegoat," repeatedly stepping up to take responsibility.
Today, I can say with confidence that things have changed. The Day One Plan and their aftermath have finally come to an end.
We have an advanced AIEV technology foundation, and, even more importantly, we are proud to have a dedicated and skilled workforce. However, it is important to acknowledge that our employees have also been impacted by the challenges and distortions within our management structure. Many of them have been with FF and FX for five or even ten years, making them the company’s most valuable asset. It’s now my responsibility to ensure their hard work translates into real value for the company — and that everyone recognizes their contribution.
Determined to lead FF, revive the glory of LeEco.
Some may ask, "What makes you believe you can lead FF to success?” Others have questioned whether the failure of LeEco tarnishes my record.
To that, I want to say quite the contrary, my experience with LeEco was the most expensive lesson of my life — but it is also one of FF’s greatest assets today.
Over a decade ago, LeEco built the world’s one and only comprehensive ecosystem spanning eight major sectors: cloud computing, content, television, smartphones, cars, sports, finance, and the internet. LeTV.com became the world’s first video streaming platform to IPO. LeTV Super TV became an industry leader within just three years, and LeTV’s smartphones sold 17 million units in their first year, nearly tripled the 6 million units sold by the iPhone in its debut year. LeTV Mall was once among China’s top three e-commerce platforms. At its peak, LeEco employed over 20,000 people worldwide.
We were at the forefront of the industry — twice:
First, with LeEco, the world’s most successful internet ecosystem companies.
Again, in 2017, at CES, when we launched the FF91. At the time, its influence in the industry was nothing short of Tesla. Following Tesla’s electrification revolution, FF propelled the entire new energy vehicle industry from electrification to intelligence.
But not long after, I became the one who fell from the highest peak to the deepest valley, and paid the heaviest price.
I want to take this opportunity to express my deepest apology to everyone who once worked at LeEco, and to all those who supported it.
I am committed to turning all of my past entrepreneurship and life experiences into the driving force that will lead FF to success. With FF and FX’s success, I will regain the trust I once earned.
FF Enters Founder + Professional Manager Era; Commits to Individual Stockholder First Strategy and New Business, Financial, and Capital Goals; Targets Tens of Thousands FX Units Sold Within Two Years of Mass Production
So the question is: how will we lead this company to true success?
Today I am standing here, also marking the era of "Founder + Professional Manager" is beginning at FF. We are announcing three major targets for FF in 2025 and 2026.
Business targets: First FX Vehicle Off the Line by 2025 Year-End; Tens of Thousands FX Units to Be Manufactured and Sold Within Two Years of Production
The first one is Business target. In 2025, the company will leverage the momentum of the Ultimate AI TechLuxury FF 91 to empower FX, swiftly launch development of three FX vehicle programs to seize blue ocean market opportunities, and secure that our first FX vehicle could get off the line by year-end, build FX Super One as the top choice of AI MPVs in
On the sales and user ecosystem front, we kicked off the refundable paid pre-order collection campaign, supported by our user acquisition and operation system, with Ecosystem Co-creation Online Direct Sales and AI platform at its core. The total refundable pre-order volumes could cover the entire 2026 and 2027 production capacity. This would build a strong foundation for rapid ramp-up, striving to make every FX model a hit product, or even a super hit product.
In terms of product technology, we are going all in on AI, accelerating development at full speed across our super AI Hybrid Extended Range (AIHER) system and its technology, AI cabin, and aiDriving platform. Our goal is to equip FF and FX products with super AI capabilities, disruptive product power and technology power.
As for the
Financial Targets: Strive to Achieve Positive Gross Margin and Operating Cash Flow As Soon As Possible, and Move Toward Overall Profitability
On our second major target, the financial target, through the gradual realization of our business objectives, we will strive to achieve a positive gross margin in the short term, reach positive operating cash flow as soon as possible, and further push toward overall profitability.
At the same time, we will continue to strictly control expenses and costs, focusing on core operational areas to provide solid support for strategic execution.
Financial compliance is the foundation. We will quickly establish a strong financial management system to eliminate risks such as delayed financial reports and protect the interests of our large stockholders and individual stockholders.
Capital Targets: Put Stockholders First, Restore Market Confidence, and Launch a Global AI and AIEV Tech M&A Strategy to Build a Global AI Vehicle Ecosystem
The third would be capital targets. We are building a Stockholder-First Philosophy on the basis of full legal and regulatory compliance to help restore market confidence and drive growth through both operational excellence and strong market performance.
We will launch an M&A Initiative to leverage our unique capital positioning to acquire high-value, cost-effective AIEV technologies and companies around the world, including those in the broader AI-driven mobility ecosystem. These efforts aim to accelerate the recovery of FF’s capital market value back to its true intrinsic value. All of this will be done under full legal and regulatory compliance, with one clear purpose: to maximize long-term value for our stockholders.
10-Punch Combo Fully Transforms FF to Maximize Shareholder Value
So, how do we achieve these three categories of strategic goals? I will lead the company to launch a comprehensive set of initiatives — what we call the “10-Punch Combo” — to completely vitalize both FF and FX.
This time, we’re not just fighting to survive. We are here to win in technology, win in AI, win in the market, win users, win capital, and most importantly, win back trust and respect.
1. Transformation of Mentality, Culture, and Values:
We are introducing Stockholders-First Philosophy, Disruptive Spirit, Performance-Is-King Mentality, and Lion-Wolf Culture.
We will let our products, performance, and stock price speak for themselves. We’re bringing the Lion-Wolf Culture to the
2. Transformation of Strategy
With our FF and FX dual brands strategy, we are combining the spire market with scalable mass market. Through our Light, Swift, and Empowering model. we aim to rapidly launch mass-market products with extreme price-experience ratio, making AIEVs accessible to every
FX is focused on capturing four major blue ocean opportunities in the U.S. market: extended-range vehicles, AI Cabin with “fridge, TV, and big sofa” comfort features, First Class AI-MPVs, and AIEVs priced under
3. Transformation of Product and Technology
We’re focused on creating blockbuster products. FX is designed to deliver extreme price-to-performance ratio, the ultimate AIEV for the blue ocean market. We’re going all in on AI, aiming to build the strongest AI mobility ecosystem in the industry.
We’re accelerating the development and implementation of our AIHER system, AI intelligent cabin and aiDriving to deliver an all-round AI solution for the EV ecosystem.
4. Transformation of Manufacturing and Delivery Systems
We aim to rapidly build an efficient, secure, and cost-effective global supply chain and manufacturing system, with the goal of reaching tens of thousands of FX units sold within two years of mass production, subject to securing the necessary rights and funding. At the same time, we will significantly strengthen our delivery operations, ensuring we hit every upcoming delivery milestone with precision and confidence.
Next, let’s hear a message from Mayor Lou Martinez of
5. Transformation of the User Ecosystem
We’re building a one-of-a-kind three-pillar model of user acquisition, user co-creation, and user operation, including the Co-Creation Ecosystem Online Direct Sales System, , designed to make every FX model a hit product— or even a super hit product. Our efforts aim to accelerate the accumulation of user equity and brand equity.
6. Transformation of Government Affairs and Strategic Partnerships:
Through our Bridge Strategy, we’re building strong connections with governments and strategic partners, positioning FF and FX as the golden gateway to unite and integrate the global automotive industry.
In addition to the over
As a company that has been deeply rooted in the
I will soon share more details with you on our perspective on
Now, let’s hear from Anthony Rendon, the longest-serving Speaker in California State Assembly history and now Speaker Emeritus. [Video followed]
7. Transformation of Corporate Management
We are treating the company itself as a product, driving a complete transformation of our operations, management, and systems toward productization, platformization, and AI integration to build a low-cost, high-efficiency original innovation system.
By leveraging AI tools, modular operations, and data-driven decision-making, we are creating a lightweight, AI management system, one that’s built for the future mobility.
We will fully transition our company management and systems toward productization, platformization, and AI integration. (We’re going to transform how we manage the company by treating our tools and services like scalable products, building a flexible tech platform that others can grow with, and deeply integrating AI into everything we do). Our goal is to build a low-cost, high-efficiency, original innovation system.
8. Transformation of Financial Systems
We will build stronger financial and compliance systems and use AI to transform financial systems.
9. Transformation of Organization and Incentives
Everyone—from top management to frontline staff—should be aligned in goals and willing to execute with full commitment and urgency. Get rid of outdated, egalitarian reward systems roll out incentive schemes that are tied to shareholder interests. Create a clear system of rewards and punishments: reward outstanding performance heavily, and penalize poor performance just as strongly.
Build an ecosystem organization that breaks down the traditional boundaries between AI, technology, industrial sectors, and mobility industries. Introduce and implement this ecosystem organization model into the automotive industry.
The key to organizational change is the reconstruction of incentive mechanisms. The company is exploring the possibilities of wider application of our “Stockholder First” Incentive, that closely ties employee rewards to company performance, to the management team and, eventually, to more key employees across the organization.
10. Transformation of Capital and Stockholder Value Generation
Stockholder First, maximize the interests of all stockholders, especially individual investors.
In addition to the above nine major changes, we will maximize stockholder value by working with co-creator shareholders to implement demands and suggestions.
We firmly oppose a reverse stock split and resolutely safeguard the company’s public listing status.
We have officially launched a campaign to combat illegal short selling and have already issued legal letters. We do not rule out possibilities to further pursue other measures like legal action.
I believe that the company will restore its true value in the near future, and we will spare no effort in strengthening its fundamentals.
Today, the return isn’t just about me—It’s the gradual return of FF’s founding spirit, of our partnership culture.
What I’m fulfilling is not only a founder’s promise to the company, but a commitment to every stockholder, and every supporter who has stood by us.
Through action, we’ll prove to the capital markets—and to every partner and user who has supported us. We will win back confidence and trust.
Today sees our stock price back above the
Whether it’s FF or FX, originality, transformation, and disruption are in our DNA.
We’re not just building products—we’re building a community of dreamers and doers who share one vision, a partner ecosystem.
Over the years, I’ve carried the weight of misunderstanding, blame, even punishment—deserved or not, I bear it all.
True entrepreneurship is never a smooth road. It means walking into the headwind. Taking risks—often alone. The heart of an entrepreneur isn’t fragile—it’s forged like diamond.
The more pressure it endures, the brighter it shines. The more it’s tested, the stronger it becomes.
This journey—from darkness to light—is the most authentic and powerful brand story of FF and FX. I was the outlier, swept aside by the tides of change.
And now—I am the one who lights a spark in the ruins, carrying the dream, fighting my way back against the headwind.
Today marks the breaking of shackles and the lifting of the weight that once held me back. With this newfound freedom, I now have the chance to lead the company to soar, unlocking its full potential and delivering maximum value to our shareholders and investors.
I’m back, Futurism is back, back to win.
ABOUT FARADAY FUTURE
Faraday Future is a
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding Faraday X, future management and operational changes, building stronger financial and compliance systems, production and sales goals, financial and capital goals, potential reverse stock splits, launching a global AI and AIEV technology M&A strategy, potential collaborations with participants in the global auto industry, the development and commercialization of AIHER and EREVs, and AI-related investment and developments, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company’s ability to design and develop EREV technology; the Company’s ability to design and develop AI-based solutions; competition in the AI and EREV areas, where actual or potential competitors have or are likely to have substantial advantages relative to the Company, including but not limited to experience, expertise, funding, infrastructure and personnel; the ability of the Company to execute across multiple concurrent strategies, including the
View source version on businesswire.com: https://www.businesswire.com/news/home/20250424591651/en/
Investors (English): ir@faradayfuture.com
Investors (Chinese): cn-ir@faradayfuture.com
Media: john.schilling@ff.com
Source: Faraday Future Intelligent Electric Inc.
