Another 500 million yuan has been burned! But Jia Yueting may never return.

The most recent instance occurred on New Year’s Eve 2025. Jia Yueting personally covered Wang Feng’s song 'Beijing, Beijing'—his slightly hoarse voice paired with a visibly forlorn expression. At the emotional climax of the performance, a genuine tear even glistened in his eye. Such frequent and seemingly heartfelt declarations sometimes create an illusion: Could this finally be the moment when 'Accountant Jia' is truly about to come home? Yet no matter how loudly he proclaims ideals and vision, cold financial data and harsh reality never play along. If we examine Faraday Future’s (FF) actual performance over the past few years, one conclusion becomes unavoidable: Jia Yueting is highly unlikely ever to repay those astronomical debts—let alone afford a plane ticket back to China. First and foremost, FF’s ‘penny stock’ performance on the secondary market has left investors utterly disheartened. Since its 2021 SPAC merger and listing, FF’s share price has languished persistently at the brink of delisting—trading for mere cents or fractions of a cent. To retain its Nasdaq listing status and avoid forced delisting, Jia Yueting has staged one astonishing 'reverse stock split' after another in the capital markets. From an initial 80-to-1 split, to 240-to-1, then 40-to-1—and most recently, yet another extreme 150-to-1 split—the cumulative reverse split ratio over several years has reached over one million to one! Let’s do a simple calculation: If you invested $1 million in FF shares at its 2021 listing peak, after successive reverse splits and relentless price erosion, your account would now hold just 30 cents. FF’s uncanny trait is that—no matter when you buy—you’ll almost certainly lose 99% of your investment. The irony runs deeper: While domestic creditors and retail investors have lost everything—even their proverbial underwear—Jia Yueting himself lives extremely comfortably across the Pacific. Financial reports show that in 2025—while the company was mired in crisis—Jia did not take a pay cut to share hardship; instead, he received a salary of $2.08 million from FF, equivalent to over RMB 14 million. Compared to such financial sleight-of-hand, real-world product delivery resembles nothing so much as an absurdist comedy. Recently, an overseas blogger visited FF’s manufacturing facility in Hanford, California. That very plant—once hailed by Jia as a 'Tesla-disrupting, state-of-the-art mega-factory'—now lies eerily silent, littered with debris on the floor. In response to widespread online accusations of 'shutting down and fleeing', FF’s official reply remained characteristically calm: 'We haven’t fled—we’ve simply relocated our office.' So how many units of the FF91—the flagship model touted as the pinnacle of luxury and technology—have actually been delivered after 12 years of carmaking? Official figures reveal a pitiful total of only around 11 to 14 vehicles delivered to date. Even more ironically, one of those units went straight to Jia Yueting himself; the rest were largely delivered under PR pretexts—to Hollywood studios, social media influencers, or rental agencies—with virtually zero deliveries to ordinary consumers. As for Faraday X—the second brand Jia grandly unveiled last year, claiming instant pre-orders exceeding 10,000 units—over a year later, the actual delivery count remains stubbornly stuck at 'zero'.

Leveraging FF’s utter dilapidation, Jia Yueting once again showcased dazzling financial acumen…

According to its financial statements, FF’s total revenue for 2023 amounted to a mere $800,000—yet its net loss stood at $432 million. Can you imagine? A new-energy vehicle startup founded a decade ago, generating only $800,000 in annual revenue a full ten years later? Compare that to NIO, XPeng, and Li Auto—none of which necessarily launched earlier than FF—yet each now boasts revenues in the tens of billions of yuan, with XPeng even surpassing RMB 100 billion. Yet FF’s fundraising prowess remains undiminished: since inception, FF has raised capital 18 times, accumulating approximately RMB 50 billion through various financing channels. But how many cars has it actually sold? According to previously disclosed FF data, it had delivered a total of 11 vehicles—but all were subsequently recalled. More recent financial statements, however, indicate that as of December 31, 2023, FF had sold only four FF91 Futurist units—of which one was purchased by Jia Yueting himself—while six others were leased out. This effectively confirms earlier whistleblower allegations of fabricated sales figures. Viewed another way, FF’s per-vehicle production cost approaches RMB 500 million. Over ten years and RMB 50 billion in funding, handcrafting vehicles at this scale seems almost plausible—if only the cars weren’t all recalled and then vanished without trace. In videos posted by Jia Yueting on Chinese internet platforms—eating fried dough sticks and drinking soy milk while claiming company-wide salary cuts down to minimum wage—the question inevitably arises: Where did all that money go? Xiao Chai reviewed FF’s R&D expenditures listed in its financial reports—and what began as mild confusion quickly deepened into utter bewilderment. The report states FF’s total R&D investment for 2023 was merely RMB 13,200. Yes—you read that right: just over thirteen thousand yuan! Today, hiring even a single R&D engineer in China typically costs at least RMB 10,000 per month. Yet FF—the very company Jia Yueting repeatedly vows will 'transform the automotive industry'—spent less than RMB 14,000 on R&D for the entire year. Meanwhile, FF’s 2023 losses totaled $432 million. With virtually no vehicles produced and almost no R&D spending, where exactly did those billions go? And yet Jia still posts videos eating fried dough sticks and soy milk, lamenting staff salary cuts to bare minimums—even claiming they can’t afford rent—and praising everyone’s 'tremendous sacrifices'… So where did the money go? According to the financial statements: FF’s 2023 operating loss was $286 million; operating expenses totaled $244 million; and cost of sales amounted to $42.6 million. Seeing these numbers, Xiao Chai is baffled: What exactly is FF operating? With no sales network, barely any vehicles, and virtually no after-sales service, how does it spend hundreds of millions of dollars annually? Only Jia Yueting and his inner circle likely know the answer. Even more alarming, the financial statements reveal that as of December 31, 2023, FF held only $4 million in cash—including $2 million in restricted cash. As of May 23, 2024, its cash position stood at approximately $5 million, including $2 million in restricted cash. With hundreds of billions raised, only $5 million remains in cash—and annual losses consistently run into hundreds of millions of dollars. How, then, can FF possibly continue playing this game? FF itself acknowledges in its financial statements that it may continue suffering massive losses—and therefore may never achieve or sustain profitability.

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