Faraday Future (FF), a California-based electric vehicle startup, officially confirmed the bankruptcy reorganization procedures of its founder and CPUO (Chief Product and User Ecosystem Officer), YT Jia, have been completed.
The Reorganization Plan has officially become effective, and his Creditor Trust has also been officially established and begun operations.
Approval of YT Jia’s Restructuring Plan removes the biggest hurdle in FF’s equity financing efforts and the implementation of the US-China dual home market strategy, allowing FF to work vigorously towards its equity financing targets including an IPO.
“FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third internet living space,” complementing users’ home and smartphone internet experience,” said FF in a statement.
According to FF’s new production launch plan, FF 91 will kick off deliveries approximately 9 months following the closing of successful equity funding. FF is currently integrating all internal and external resources to facilitate its equity financing efforts.
A full statement from YT Jia regarding his Chapter 11 Bankruptcy can be viewed in *pdf here.