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Jia Yueting, founder and CEO of FaradayFuture, is transforming FF's existing top governance structure by introducing a partnership system and handing over top governance to a "partner committee", according to people close to Faraday's future. At the same time, Jia Yueting will also set up a personal debt repayment trust fund as a domestic debt repayment fund.

In June 2018, Evergrande formally reached a cooperation with Evergrande, and Evergrande became the largest shareholder of FF. The two sides then parted ways at the end of 2018 because of equity issues. Since the division of FF and Evergrande on January 1 this year, FF has admitted that it has encountered a lot of financial problems. However, according to relevant sources, the promotion of FF in product research and development and mass production listing is still continuing.

In fact, when FF held a strategy meeting called "FaradayFuture Evolutionary" in the United States, Jia Yueting announced that FF would implement the partnership system, and he would spend 64% of his personal equity on employee incentives. The source said that Jia Yueting has organized five or six meetings of senior executives of the company and external professional consulting and management bodies.

According to insiders, FF's partners are mainly from inside and outside the company. The internal is mainly to select excellent employees from all levels or to have high potential reserve talents who are continuously trained. The external is to attract top talents to join, change the identity of professional managers, so that they really become the masters of the company. It is rumored that in addition to FF's advanced product technology, the partnership system is likely to be one of the reasons for FF's new CEO to join.

It is reported that in addition to awarding partners and all employees, Jia Yueting also plans to set up a personal debt repayment trust fund for the rest of FF, which will be used as a domestic debt repayment fund to actively promote the progress of debt repayment.

Since Letv's financial crisis broke out in November 2016, Jia Yueting is still saddled with a lot of debt, but he has promised to "do his duty" to the debt. At present, Jia Yueting has repaid 21.8 billion yuan in debt through asset disposal and other means.

As for the reasons for setting up the personal debt repayment trust fund, Jia Yueting said that as the founder of FF, he believes that sharing is a core element of FF culture, so he has long made the decision to grant equity to FF global partners and all employees, while retaining part of the equity to set up a personal debt repayment trust fund to deal with domestic debts. If FF is successfully listed, the debt repayment trust fund is sufficient to repay domestic debts. Only a small portion of the remaining equity belongs to him, otherwise he will no longer own any stake in FF. Jia Yueting will really share his personal equity with his employees and realize the sharing of interests. The situation of these meetings can basically be considered that Jia Yueting has been trying to promote the partnership system for some time.

The establishment of the personal debt repayment trust fund also means that Jia Yueting will repay the remaining debt through the equity income of his personal holding after the listing of FF.

Since the release of FF91 in 2017, mass delivery has not been achieved for more than two years. During this period, FF has also been exposed many times to stop production, default, layoffs and other rumors, and Jia Yueting has been running around for the financing problem of FF.

Since the loss of the financier of Evergrande, FF continues to suffer from a shortage of funds, what should be reduced, what should be sold, and how far the so-called "upcoming mass production of FF 91" by Jia Yueting is still a mystery. What is certain, however, is that Jia Yueting, known as the "Lao Lai", has suffered a steady decline in credibility.

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