Faraday Future Admits Giving Misleading Operational Data to Investors

The review, conducted by a special committee of directors, concluded that the statement made to investors that claimed Faraday Future had received over 14,000 orders on FF91 could be misleading as only a couple hundred of the orders were paid.

Image: Visual China

BEIJING, February 3 (TMTPOST)— Controversial electric vehicle maker Faraday Future (FFIE.US) announced on Tuesday that its review had found inaccurate statements made by its employees to investors, Reuters reported.

The review, conducted by a special committee of directors, concluded that the statement made to investors that claimed Faraday Future had received over 14,000 orders on FF91 could be misleading as only a couple hundred of the orders were paid.

Faraday Future’s FF91 will enter mass production in the summer of 2022, according to the company’s announcement on Weibo.

The company also announced changes in its leadership structure. Susan Swenson, an independent director of its board, has been appointed as the executive chairperson of Faraday Future. The company’s CEO Carsten Breitfield and founder Jia Yueting will answer directly to Swenson and have a 25% cut in their annual salary.

Faraday Future postponed the filing of its quarterly report in November 2021 and formed a special committee to investigate allegations of inaccurate disclosures. Short-seller J Capital, for instance, released an investigative report that claims Faraday Future is “a new EV scam in town” and that the company will never be able to sell an actual car. Faraday Future’s proclaimed mass production capacity was questioned in J Capital’s report.

So far Faraday Future has not released its quarterly report for Q3 2021.

The special committee established to investigate the accusations announced on Tuesday that it did not find any evidence that can validate the accusations made by J Capital in its short-selling report. The committee, however, did point out there are inaccurate statements and problems in the company structure and corporate culture.

The special committee said that statements made by some of the company’s employees to certain investors that describe Jia’s role in the company were inaccurate and that his involvement in the SPAC listing in July last year “was more significant than what had been represented.”

Faraday Future’s share price fell by 7.46% and closed at US$4.22 per share on Wednesday, setting its market valuation at US$1.369 billion. In less than one year, Faraday Future’s share price has slumped by nearly 70% from US$13.78 in July 2021.

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