Faraday Defeats Tesla. Why Did Jia Yueting Even Fool Elon Musk?
Recently, Jia Yueting posted on social media that FF's signing of an agreement and reaching its first cooperation with Tesla has attracted attention.
According to the cooperation agreement, future FF and FX pure - electric models equipped with NACS charging interfaces will be able to directly use Tesla's Supercharger network in North America, Japan, and South Korea, accessing over 28,000 Tesla Supercharger stations. Jia Yueting said that FF and FX's access to Tesla's Supercharger network will greatly assist the subsequent large - scale delivery of Super One, significantly improve the convenience, reliability, and charging efficiency for users, and complement the existing fast - charging network, achieving charging freedom. In addition, Jia Yueting also stated that FF's first cooperation with Tesla lays the foundation for possible in - depth cooperation in the future.
In addition, Jia Yueting also posted on Weibo, saying that Faraday Future is willing to conduct comprehensive cooperation with Tesla in FSD (Full Self - Driving) technology. He said that FF and FX models have achieved compatibility with Tesla's Supercharger network and called on both sides to build an ecosystem together. Jia Yueting emphasized that FF and Tesla share the concept of "first - principles thinking and technology - driven", and believe that FSD should become the common language in the industry. He specifically @Musk and proposed that the two sides have a dialogue on the future development of FSD + FF/FX.
However, Musk didn't show much interest. On the same day, Musk said on the X platform that many car companies had contacted Tesla to discuss FSD cooperation, but the proposed plans were small - scale, with unreasonable conditions and a lack of sincerity.
Not long ago, Jia Yueting, who has always promised to "return to China next week", said again that he would return to China as soon as possible. Since July 2017, when he went to the United States on the pretext of promoting the financing and mass production of Faraday Future (FF), he has not returned. During this period, the Beijing Securities Regulatory Bureau repeatedly asked him to return to China to fulfill his responsibilities in 2017 and even issued a notice ordering him to return by December 31 of that year, but he never returned. It has been more than eight years since then.
Can this cooperation and the listing of Jia Yueting's second company in the US stock market help him make a successful comeback?
How much are the two listed companies in his hands worth?
In 2021, Faraday Future (FF) was listed on the NASDAQ in the US stock market. This global shared intelligent electric mobility ecosystem company founded by Jia Yueting has recently been very active in aspects such as vehicle mass production, technology R & D, and capital operation.
As of the first quarter of 2025, Faraday Future had cumulatively delivered 16 FF 91 models, including 10 in 2023, 4 in 2024, and 2 in 2025. Plus the one Jia Yueting bought for himself, the cumulative sales volume was only 17. The dismal sales also led to a mediocre performance of FF in the capital market. In 2024, Faraday Future's total assets were $425.4 million, total liabilities were $310.43 million, and the net profit loss was $355.85 million. In the third quarter of 2025, the performance was still poor, with a single - quarter operating loss of $206.8 million, mainly due to investments in engineering R & D and talent expansion.
Although FF is currently one of only four new - force EV companies in the US, as of December 1, 2025, its total market value was only $194.7 million, and the price - earnings ratio was - 0.4070, indicating a loss - making valuation level. The overall market value has shrunk significantly compared to the initial listing. Even though FF announced in November 2025 that FF and FX models would be fully connected to Tesla's Supercharger network, and Jia Yueting stated that he was willing to conduct comprehensive cooperation with Tesla in the Full Self - Driving System (FSD), it did not significantly boost FF's market value.
Jia Yueting's second US - listed company is AIXC (AIxCrypto Holdings Inc.), which was officially listed on the NASDAQ in November 2025. Public information shows that this company is not a traditional industrial enterprise but a capital platform focusing on blockchain, AI, and asset tokenization, regarded as a "reverse - blood - transfusion" tool for FF.
(Image source: Jia Yueting's Weibo)
Jia Yueting posted on Weibo, saying, "I'm very glad to be back at the NASDAQ again to witness the official renaming of our holding company to AIxCrypto (AIXC) and the announcement of a new strategy. With the completion of the 'dual - flywheel, dual - bridge, dual - listing' system of FF + AIXC, we have entered a new stage of two - way empowerment of EAI + Crypto, bringing the transformative value of Web3 to Web2 and injecting off - field increments from Web2 into Web3. I'm full of expectations for this new chapter jointly opened by FF and AIXC."
According to Jia Yueting, AIxC gives the FF system a brand - new and independent growth engine. AIxC is expected to provide five - fold reverse empowerment to FF, building a new - generation integrated ecosystem of "EAI mobility + Web3 + blockchain + crypto - asset application". It constructs the three - pronged strategy and business of BesTrade DeAI Agent & Web3 AI Terminal, RWA&EAI Ecosystem Development, and Crypto - asset AI Management. BesTrade DeAI Agent & Web3 AI Terminal is the first entry point for Web3 transactions, and RWA&EAI Ecosystem Development is the first entry point for Web3 EAI (Embodied AI).
Jia Yueting has a good plan. Stock tokenization will help FF obtain a strategic financing path with lower cost, higher efficiency, and sustainability than Web2 financing, and FF will no longer need to issue new debt - to - equity swaps for AIxC. The potential returns from investing in AIxC will bring continuous cash flow to FF and increase its assets. At the same time, by leveraging Web3 to open up the global crypto - traffic entry point, FF's user ecosystem will be greatly expanded. Finally, through the Web3 narrative, the market perception will be reshaped, releasing the valuation premium space brought by the cross - dimensional transformation of AI + Crypto.
Unfortunately, AIxC broke below its issue price on the first day of listing. The issue price was $3.27, and as of December 1, the stock price dropped to $2.31, a decline of nearly 30%. Its market value was only $12.13 million. Jia Yueting previously guaranteed about $12 billion in debts for LeEco and claimed to have repaid over $10 billion. The remaining debts to be repaid under Chinese legal determination are about $2 billion, equivalent to about 14.2 billion yuan. Currently, the total market value of FF and AIXC is only about $200 million, which is far from covering the debts.
Did Jia Yueting successfully persuade Musk?
Since 2025, Jia Yueting has repeatedly mentioned in public that he wants to "repay debts and return to China", saying that he misses his family in Beijing and that the time to return is not far off.
Different from his perfunctory "return to China next week" statements in the past, it seems that Jia Yueting really wants to return this time. One sign is that Jia Yueting has set a schedule for himself to pay off all the debts of over 14 billion yuan by the end of 2026. He emphasized that "repaying debts and returning to China are one of the two most important things in my life." His confidence comes from the fact that the sales of the new FX Super One model of Faraday Future in North America have been rising for several consecutive months, and AIxCrypto Holdings Inc., in which FF has a controlling stake, has officially completed its renaming and listing, and simultaneously launched a new stock code "AIXC". This is Jia Yueting's second US - listed company after FF's listing four years ago. Having two US - listed companies and cooperating with Musk have given him more confidence in his so - called debt repayment.
Musk is a very shrewd businessman. Even Indian Prime Minister Modi failed to persuade Musk to build a factory in India. At that time, seeing that Tesla's Shanghai Gigafactory had driven the entire industrial chain, India hoped that Musk would also build a factory there, but Musk refused. The focus of the conflict between the two sides was that India wanted Tesla to build a factory first and then discuss the conditions, while Musk insisted on finalizing the conditions before building the factory. After India failed to get Tesla to build a factory, it immediately imposed a 100% high import tariff on Tesla. Tesla's sales in the Indian market were dismal, with only over 1,000 vehicles sold in two months. The price of the Model Y in India was as high as 6 million rupees (about 500,000 yuan), while the same model was only 240,000 yuan in the Chinese market.
Surprisingly, one is the godfather of new - energy vehicles, and the other is the "PPT godfather" of car - building, yet the two actually joined hands for cooperation. Jia Yueting announced that Faraday Future (FF) and Tesla, led by Musk, officially reached their first cooperation on November 13, 2025, which means that Jia Yueting and Musk have finally cooperated for the first time.
Looking at their specific cooperation, it mainly involves the connection between the models and the charging network. Starting from 2026, new models in the FF and FX series will be fully equipped with NACS (North American Charging Standard) interfaces. Among them, the next - generation FF 91, the upcoming all - electric version of the FX Super One, and other models can access over 28,000 Tesla Supercharger stations across the United States, Canada, Japan, and South Korea. Coupled with other cooperating DC fast - charging networks such as ChargePoint and EVgo, FF and FX users can access a total of over 45,000 fast - charging stations.
FF models will retain a dual - compatible charging system for NACS and CCS, allowing users to enjoy the convenience of Tesla's Supercharger network and seamlessly connect to other existing public charging facilities. For example, the current FF 91 can achieve a DC fast - charging power of 180kW, paired with a 142kWh liquid - cooled battery pack, and its energy - replenishment efficiency and range can be well - adapted to Tesla's Supercharger network. This is extremely attractive to the over 11,000 order - holders of the FX Super One.
For FF, leveraging Tesla's mature Supercharger network can dispel consumers' concerns about after - sales service, assist in the subsequent mass production and delivery of models such as the FX Super One, and save the high cost of building a large - scale charging network. Of course, for Musk and Tesla, FF's adoption of the NACS standard is an industry endorsement for this charging standard, which is conducive to its further promotion as the mainstream standard. At the same time, opening up the charging network can also bring continuous service - fee income. Musk, who has repeatedly emphasized that Tesla's charging network is not a "private garden", may be more concerned about the ecosystem of his charging network.
Can Jia Yueting really make a comeback?
Jia Yueting has repeatedly called Musk his comrade - in - arms. The difference between the two is that Musk has succeeded and become the world's richest man, while Jia Yueting has been listed as a dishonest executor.
Both of them started their car - building dreams with PPTs. In the end, one became the godfather of new - energy vehicles, and the other became the "PPT godfather" of car - building. Investor Shi Baogang believes that the core difference between Jia Yueting and Musk is that "Musk succeeded because he could draw the ultimate blueprint of colonizing Mars while actually selling Tesla cars like hotcakes and sending SpaceX rockets into space, forming a closed - loop story. In contrast, Jia Yueting plays by a different set of rules of narrative relay. He only has PPTs and can only keep looking for people who believe in his plans to raise funds to fill the holes left by the previous stories."
Facing ordinary consumers, Jia Yueting talks about the dream of "subverting the century - old automobile industry". When dealing with the supply chain, he draws a roadmap for a "trillion - dollar ecological partnership". When communicating with capital, he promotes the new concept of "AI - driven luxury mobility". He even launched the grand slogan of "building a bridge for Sino - US automobile cooperation".
It's still too early to say that AIxC's successful listing can help Jia Yueting make a comeback. The only way for Jia Yueting to make a comeback is for FF to achieve successful mass production and profitability and for him to successfully pay off his domestic debts. Currently, he is facing multiple insurmountable difficulties such as debts, corporate operations, and market competition, and still faces huge challenges.
FF is Jia Yueting's only core bargaining chip for a comeback. After spending a lot of investors' money, the mass production and delivery of FF have always been delayed, with only a dozen vehicles sold. Although FF planned to roll out the first FX Super One in North America by the end of 2025 and claimed to have over 11,000 paid pre - orders, the authenticity and conversion quality of these orders lack third - party verification. Since the order amount for the vehicles is only $100, whether it can be mass - produced as scheduled and form a stable production capacity remains unknown.
On the other hand, FF's financial situation continues to deteriorate. According to the financial report, the company's net profit loss was $355.85 million in 2024, and the operating loss in the third quarter of 2025 reached $206.8 million. The stock price has long hovered in the "penny - stock" range of around $1, and the total market value is less than $200 million. Such dismal performance makes it difficult to attract investors and greatly reduces the value of its equity as debt - repayment assets. Moreover, the new - energy vehicle market is already a red - ocean market, with giants like Tesla and BYD dominating the mainstream market, and new forces like Xiaomi rising rapidly. FF faces huge challenges in terms of technology, production capacity, and distribution channels.
What's even more difficult is that Jia Yueting's personal credit is bankrupt, and it's very difficult to rebuild market trust in him. His long - standing promise of "returning to China next week" has never been fulfilled, which has had a huge impact on his personal credit. He has also become a domestic dishonest executor due to huge debts, and it's hard to reshape this negative label. After he resumed his position as the co - CEO of FF, although he has repeatedly called for "repaying debts and returning to China", it has also raised more doubts from the outside world.
Jia Yueting has over ten million fans on social media, but most of these fans are in China and cannot be converted into users for FF. Jia Yueting has a lot of popularity, but this popularity has not brought him obvious benefits so far. The low market value of his two listed companies is the best proof. Shi Baogang believes that Jia Yueting's fans have not brought substantial sales growth to FF.
Anyway, we all hope that Jia Yueting can "pay off his debts and return to China next