On April 9th, it was reported that FF Automotive, founded by Jia Yueting in the United States, defaulted on nearly a million dollars in lease payments and faced eviction from its headquarters building. FF Automotive responded by stating that a settlement had been reached, but the specific terms were not disclosed.
According to earlier reports, Jia Yueting's automotive company, Faraday Future, owed the landlord nearly a million dollars. However, an agreement was reached where FF Automotive could remain in the building as long as certain conditions were met.
If FF Automotive breaches any terms, the landlord has the right to demand payment within 48 hours and can evict them if payment is not made.
In February of this year, the landlord filed the first lawsuit against FF Automotive, claiming that it owed nearly $1 million in total lease payments.
However, according to FF Automotive's third-quarter report, as of the end of September 2023, the company had only about $8.5 million in cash, with $1.85 million of that being restricted cash.
It's worth noting that after nine years in the industry, only 11 FF 91 vehicles have been delivered since August of last year, one of which belongs to Jia Yueting himself.
