FF responds to Jia Yueting's resignation as CEO: more than US$3 billion of domestic debt has been repaid

In the morning of August 29th, Beijing time, in response to media reports that Jia Yueting will step down as FF CEO, FF issued a statement saying that FF has been working hard to promote changes in the company's top-level governance structure since the end of last year, and has officially entered the implementation stage, and relevant details will be announced in the near future.

The statement did not explicitly mention whether Jia Yueting would resign, but FF insiders revealed to Sina Technology that Jia Yueting would indeed step down as CEO in this top-level governance structure change.

"At a strategic level, the Internet ecosystem model created by FF founder and CEO Jia Yueting ten years ago is still crucial to FF's long-term development," FF said.

In addition, regarding Jia Yueting's debt problem, FF also stated in the statement that Jia Yueting has repaid more than US$3 billion in domestic debts through various means over the past two years, and the establishment of the debt repayment trust fund is to solve the debt problem as soon as possible and thoroughly.

Earlier, media reported that FF founder and CEO Jia Yueting will launch a partnership system and hand over the company's top governance rights to the "Partnership Committee." At the same time, Jia Yueting will also set up a personal debt repayment trust fund as a domestic debt repayment fund.

In order to ensure the implementation of the partnership mechanism, Jia Yueting is rumored to resign from the positions of global chairman and CEO, but no one has responded to this incident. But at the same time, there are reports that someone in the automotive industry will join FF and may become the CEO.

The following is the full statement from FF:

Statement on reports regarding FF’s efforts to change its top-level governance structure

In recent days, Chinese and foreign media have published a series of reports on FF's governance structure adjustment and Mr. Jia Yueting's resignation as CEO. We hereby respond as follows:

FF has been working to promote changes in the company's top-level governance structure since the end of last year and has officially entered the implementation stage. Relevant details will be announced in the near future.

Through this governance structure change, more outstanding talents will join us. FF's previous organizational optimization has promoted the company's organizational structure change and global integration collaboration, promoted more capable and young middle-level managers to leadership positions, and greatly improved the overall organizational innovation and combat effectiveness.

FF defined and created the disruptive product FF 91 several years ago. Many of its technologies and achievements have always been at the forefront of the industry. In addition to promoting various tests before the delivery of FF 91, it is also continuously promoting product upgrades and iterations in the IAI (Internet, Autonomous Driving and AI) field that determines the core competitiveness of future automobiles.

At the strategic level, the Internet ecosystem model created by FF founder and CEO Mr. Jia Yueting ten years ago is still crucial to FF's long-term development. Mr. Jia Yueting's vision and strategic foresight have endowed FF with the genes for change; his layout in business model innovation has also laid the foundation for FF's differentiated competitive capabilities; at the same time, he will continue to promote FF to achieve long-term strategic goals in the fields of product technology innovation and user ecosystem innovation.

In addition, Mr. Jia Yueting has repaid more than 3 billion US dollars of domestic debts through various means over the past two years. The establishment of the debt repayment trust fund is to solve the debt problem as soon as possible and thoroughly.

FF will release significant positive information on September 3, and welcomes media attention and inquiries at that time.

Faraday Future

08/28/2019