The establishment of a second creditor trust to accelerate the repayment of domestic guaranteed debts has once again drawn attention to Jia Yueting, co-CEO of Faraday Future (hereinafter referred to as FF, stock code FFAI), who is said to be returning to China next week.
"Repaying my debts and returning to China are among the two most important things in my life." Recently, Jia Yueting announced the establishment of a second creditor trust through his personal social media platform, aiming to "accelerate the repayment of domestic guaranteed debts, fulfill my responsibilities to the end, and return to China as soon as possible."
In response, a senior figure in the capital markets, who declined to be named, believes that Jia Yueting's move is more about attracting attention and chasing traffic. "To this day, we haven't seen him repaying (domestic debts)," the senior figure told the Daily Economic News.
So, what is the current progress of Jia Yueting's repayment of debts to domestic creditors? Reporters contacted FF for comment, but had not received a response by press time.
One of the two things in my life: paying off debts and returning home.
"The second trust is a further substantive action I have taken voluntarily to fulfill my responsibilities," Jia Yueting said.
On November 19, Jia Yueting announced that after several months of consultation and demonstration on the new trust plan, his second irrevocable trust has been officially established and can be implemented.
It is understood that the trust assets mainly come from two parts: one is the "Shareholder First" equity incentive granted by FF to Jia Yueting. The first is 50% of the shares acquired by Jia Yueting; the second is Nasdaq, which Jia Yueting invested in. This represents approximately 50% of the 7% stake in the listed company AIXC (i.e., QLGN). "The principal for this investment (AIXC) came from a loan from FFGP Partnership, and these assets will soon be injected into the second trust," Jia Yueting explained.
On November 12, FF officially became the controlling shareholder of AIxCrypto. On November 21, AIxCrypto Holdings Inc., controlled by FF, officially completed its name change and listing, simultaneously adopting the new stock code "AIXC". This is the second publicly listed company owned by Jia Yueting in the United States, following FFAI's listing four years ago.
AIXC announced three new business lines, among which the most noteworthy is its stock tokenization RWA business. FF explained that the first project in this business is the tokenization of FFAI stock, which will be implemented through an independent third party, with an initial plan to purchase $5 million worth of FFAI stock to "inject capital" into FF. "AIXC will provide the FF ecosystem with a brand new, independent growth engine, and bring five major reverse empowerments in areas such as capital, technology, and users, including lower-cost financing and expanding the user ecosystem," said Jia Yueting.
Regarding why only 50% of the assets were placed in the trust, Jia Yueting explained: "I will continue to invest the other 50% into FF to support the EAI flywheel business, thereby accelerating the value release of FF and speeding up debt repayment."
In response to external doubts and evaluations, Jia Yueting stated that regardless of how others evaluate him, there are only two things in his life: "One is to build the EAI ecosystem and bring transformative driving force to society, and the other is to pay off domestic debts and return to the motherland as soon as possible."
Operating losses exceeded $200 million
While engaging in capital operations, FF is also attempting to break through in its core automotive business.
According to FF's latest Q3 2025 financial report, the company's financing revenue exceeded operating expenses for the sixth consecutive quarter, and its cash balance at the end of the period reached its highest level in nearly two years. The report shows that for the nine months ending September 30, 2025, FF's cash expenditure from operating activities was $79.2 million, mainly due to changes in working capital and the ramp-up of operations on the FX platform.
Regarding liquidity and financing, FF previously announced that it had secured approximately $136 million in financing commitments to support the company's growth strategy, preparations for the FX Super One's IPO, and the company's strategic layout. FF stated that as of the end of the third quarter of 2025, it had received approximately $82 million, with the remainder still subject to relevant closing conditions and timelines.
Financial reports show that for the three months ending September 30, 2025, FF suffered an operating loss of $206.8 million, mainly due to the company’s investments in engineering research and development, talent expansion, strategic initiatives, and valuation adjustments of manufacturing-related assets.
In mid-November, Jia Yueting shared updates on the FX Super One. According to him, the first batch of complete components was expected to arrive at the Port of Long Beach, Los Angeles by the end of November, where initial production would begin, incorporating components and technology developed in the United States. "After these components arrive at the Hanford factory, we will strive to achieve our goal of the first vehicle rolling off the production line by the end of the year," Jia Yueting stated.
Official data shows that the FF model FX Super One has received over 11,000 paid pre-orders.
What's even more noteworthy is the relationship between FF and Tesla. The collaboration. On November 13, FF announced that FF and its mass-market FX model would be fully integrated into Tesla's Supercharger network. Subsequently, on November 26, Jia Yueting stated on social media that FF was willing to cooperate fully with Tesla on the Full Self-Driving (FSD) system.
As of the market close on November 26 local time, FF's stock price closed at $1.18 per share, up 2.61%, with a total market capitalization of only $200 million.
(Source: Daily Economic News)
