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Faraday Future’s Jia Yueting sued by State Grid branch

Gabriella From Gasgoo| October 13 , 2021 18:30 BJT

Beijing (Gasgoo)- Jia Yueting, the founder of Faraday Future Intelligent Electric Inc., is facing another financial lawsuit filed by Yingda Capital Management Co., Ltd., according to the Chinese corporate database Qichacha.

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Jia Yueting; photo credit: Faraday Future

The record showed Faraday Future, and Jia Yueting are two of the three defendants in the loan contract dispute, with the plaintiff being a subsidiary of state-owned State Grid Corporation of China; the court date was set on November 10, 2021.

Jia Yueting is currently subject to enforcement in 11 ongoing cases, with RMB9.48 billion ($1.47 billion) involved. There used to be 59 other cases against Jia involving RMB22.05 billion ($3.42 billion) in the past. Being a Dishonest Person by law, Jia Yueting was subjected to a basic spending limit under the law by 27 times independently, and twice through his affiliated companies.

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The FF 91; photo credit: Faraday Future

Founded in 2014, Faraday Future was sold to the public as the "next Tesla". However, after eight years and being listed, the automaker has yet to build one vehicle.

Recently, J Capital Research institution released a report calling Faraday Future “nothing but a bucket to collect money” from its investors and “pour it into the black hole of debt created by its founder”, and calling Jia “China’s best-known securities fraudster”. Documents released by the automaker indicated a need for an extra $1.4 billion for the company to achieve its financial goals in 2024.

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