EV startup Faraday Future paid $7.5M to a company connected to founder Jia Yueting

Faraday Future paid about $7.5 million to the company run by founder Jia Yueting in 2025, according to the new law. reservation.

The long-running electric car startup paid off in a year when it delivered just four cars and lost nearly $400 million. The company started selling cheap vans and robots from China.

The payment was made while Faraday Future was still under investigation by the Securities and Exchange Commission (SEC), which was investigating what are known as “related party transactions” between the company and entities related to or controlled by Jia, which Faraday’s own document has shown. The SEC is also investigating whether Faraday Future misrepresented Jia’s ownership of the company when it went public in 2021, and whether it lied about the initial sales of its EVs in 2023.

The SEC dropped its four-year investigation in March, as TechCrunch first reportedalthough they sent notices to Faraday Future, Jia, and other officials last year saying that researchers were agreeing to take action. The closing of the survey comes between a a decline in the public’s crime profile during Trump’s second term.

The developments were revealed in Faraday Future’s annual filing published on Thursday. It shows Faraday Future paid a mixed fee of $100,000 “request” per month, a “bonus fee” of $2 million, and $1.7 million to repay a loan to the company, which is called FF Global Partners LLC. The company did not disclose the remaining $2.6 million in the filing.

Faraday Future did not respond to a request for comment.

Faraday Future describes FF Global as Jia’s “partner” in project filings, and in previous filings it has said it has “significant influence” on the LLC. FF Global has five “voting managers”, one of whom is Jia, while others include business partners and a relative – his nephew Jerry Wang.

Wang, who is president at Faraday Future, receives a six-figure salary from FF Global, according to the filing. So is his wife, who heads FF Global’s legal department. FF Global also has an “affiliate agreement” similar to a crypto company run by Wang (and recommended by Jia) called AIXC. (Wang’s wife’s law firm also advises AIXC.)

FF Global also owns a majority stake in Faraday Future and – with Jia – controls almost every aspect of the EV company, to the extent that Faraday lists this as a risk in its latest annual report.

“Jia and FF Global, in which Mr. Jia exercises significant power, has control over our management, sales and operations, and may use this control in ways that are not consistent with our business or financial goals or strategies or that are not consistent with our interests,” the company wrote earlier this year.

FF Global also helped to bring Jia back to power after the company went public in 2021. Shortly after Faraday Future was merged with a private equity firm, the new board of directors of the public company opened an investigation into Jia’s financial management inside and outside the company, and what was revealed during the merger.

In early 2022, the board sidelined Jia, who was appointed by China for financial fraud, after finding that Faraday Future had misrepresented how he controlled the company. He then sent his findings to the SEC, which opened its investigation soon after.

FF Global, meanwhile, spent 2022 lobbying to change some board members to be friendly to Jia. The campaign escalated to such an extent that several members received death threats. Those board members resigned maybe because he was afraid of being killed. Jia was also established as Co-CEO last yearand is now the sole CEO of Faraday Future.

FF Global is not the only company related to Jia that Faraday Future has paid, or plans to pay, money. The company said in its official filing that it paid $700,000 to a leasing company it partnered with last year. It also owes $8.5 million to Leshi Information Technology Co. Ltd., one of the companies associated with its Chinese technology group LeEco, “for marketing services.”