Jia Yueting
Jia Yueting | |
|---|---|
| Born | December 15, 1973 Xiangfen, Shanxi, China |
| Occupation | Business magnate |
| Known for | Founder of Leshi Holding Group; former CEO of Faraday Future; founder of LeEco and Le.com; chairman of Coolpad Group and Sinotel Technologies |
Jia Yueting (; born 15 December 1973, also known as YT Jia) is a Chinese business magnate, recognized as the founder of Leshi Holding Group and the former chief executive officer of Faraday Future. He established LeEco along with its affiliate LeSports, held the positions of chairman and CEO at Le.com, and served as chairman for both Coolpad Group and Sinotel Technologies.
Jia's career has been marred by notable financial disputes involving his enterprises. On 14 October 2019, he filed for personal bankruptcy, declaring liabilities surpassing US$3.6 billion.
In April 2025, Jia was named co-CEO of Faraday Future.
Early life
Born in December 1973 in Xiangfen, Shanxi, China, Jia Yueting completed his undergraduate education at Shanxi Provincial Finance and Taxation Vocational College with a concentration in finance. He further enhanced his expertise by attending executive programs at the private institution Cheung Kong Graduate School of Business.
Career
Jia’s professional journey commenced as a technical support staff member in a tax office located in Shanxi.
Sinotel Technologies / Xbell Communication
Jia held a 26% stake in Sinotel Technologies, a company formerly listed in Singapore, before it was taken private. Sinotel acted as the parent entity for Xbell Union Communication and its subsidiaries, including Shanxi Xbell Communication. One of Sinotel’s subsidiaries, Xbell Investment, was transferred to LeEco (Leshi Holdings Beijing), another enterprise under Jia’s control.
Leshi, LeEco & Le.com
Jia was the founder of Le.com and subsequently established LeEco (Leshi Holding Beijing). In 2015, through Lele Holding and LeEco Global, he acquired control of Coolpad Group from Guo Deying.
In July 2017, Jia stepped down from his roles as chairman and CEO of Le.com. His successor was Sun Hongbin, chairman of the principal shareholder Sunac China. The board also included general manager Liang Jun and CEO Zhang Zhao of Le Vision Pictures.
On 25 December 2017, the Beijing office of the China Securities Regulatory Commission mandated Jia to return to China to fulfill his duties as controlling shareholder of Le.com. Jia declined to comply personally, instead dispatching his wife to handle financial matters, which attracted criticism from both regulatory bodies and the public. He had previously sold a portion of his shares in Le.com and loaned the proceeds back to the publicly traded company under a formal agreement; however, the failure to renew this loan aggravated the firm’s financial challenges.
Lucid Motors
Jia Yueting’s association with Lucid Motors began in 2014 when LeEco alongside other investors injected $100 million into Atieva, Lucid’s former name. In April 2016, Jia leveraged borrowed capital from China to secure over a 20% ownership stake in Lucid, a direct rival to Faraday Future. Industry analysts regarded this move as a "disruptive tactic," implying that Jia did not intend for Lucid’s success. As of February 2019, he retained a substantial shareholding in Lucid.
Faraday Future
Co-founding Faraday Future, Jia assumed the CEO position at the close of 2017 and relocated to California to oversee operations. He sold majority ownership to Evergrande Health, an affiliate of Evergrande Group, while maintaining his leadership role as CEO. Following disputes over withheld payments, Jia reached a settlement with Evergrande, which restructured its $2 billion investment for a 32% equity stake.
Jia moved to Los Angeles on 5 July 2017 citing involvement with Faraday Future’s financial matters. The company unveiled its initial pre-production FF 91 vehicle at its Hanford, California facility on 28 August 2018; Jia described it as a "new species" within the electric vehicle sector.
On 20 July 2021, Faraday Future merged with Property Solutions Acquisition Corp. (PSAC) and became publicly traded on Nasdaq under ticker symbols “FFIE” and “FFIEW.” The $1 billion capital raise is intended to fund production for the FF 91 and FF 81 electric models.
By November 2021, Faraday Future secured the Certificate of Occupancy for its Hanford manufacturing site and commenced full production area construction by December.
On 9 February 2022, Faraday Future entered into an agreement with South Korea’s Myoung Shin Co., Ltd. for manufacturing the FF 81—a luxury mass-market electric vehicle equipped with advanced connectivity features—targeting production commencement in 2024. The Gunsan plant offers scalable capacity and port access aligned with projected demand.
On 24 April, Jia was named Co-CEO of Faraday Future, signaling a significant shift in leadership dynamics. He introduced an equity incentive scheme directly tied to market capitalization and stock performance aimed at enhancing company outcomes.
Financial challenges
In 2017, a court in Shanghai imposed a freeze on Jia Yueting's assets within China, amounting to 1.2 billion renminbi. Following his departure from China, Jia invested at least US$21 million in real estate across California. While English-language media initially referred to him as "China's Steve Jobs," this comparison increasingly underscored the excessive expansion of his enterprises. Meanwhile, Chinese media often labeled him a "PowerPoint CEO," alluding to his habit of unveiling products that never materialized.
By December 2017, Jia was placed on China's debt blacklist due to noncompliance with a court directive, having failed to repay over 470 million RMB owed to the Ping An Group. Towards the end of 2018, courts in both the British Virgin Islands and California froze his assets, which included his holdings in Faraday Future and various properties in California.
In January 2019, an auction for Jia's prominent Beijing shopping center located in Sanlitun did not result in a sale. Subsequently, by October 2019, he initiated Chapter 11 bankruptcy proceedings in Delaware, with liabilities totaling billions owed to more than 100 creditors based in China. In December 2019, the U.S. Department of Justice accused Jia of engaging in fraudulent conduct during the bankruptcy process and requested the appointment of a new trustee due to concerns regarding his reliability.
On May 21, 2020, the U.S. Bankruptcy Court for the Central District of California approved Jia's Chapter 11 restructuring plan.
Personal life
Jia married Gan Wei in 2008. Gan Wei submitted divorce proceedings against Jia Yueting towards the end of 2019.