Faraday Future, the embattled electric vehicle startup, has appointed its founder Jia Yueting as co-CEO, three years after he was sidelined following an internal probe into allegations of fraud. The move comes as the company continues to navigate an ongoing investigation by the Securities and Exchange Commission (SEC). Jia will serve alongside current CEO Matthias Aydt, overseeing Faraday's finance, legal, and supply chain teams.

The appointment marks a significant development in Faraday Future's tumultuous history, which has been marred by controversy and financial struggles. In 2019, Jia was forced to step down as CEO following an internal investigation into allegations of fraud, which ultimately led to the SEC probe. The investigation remains ongoing, casting a shadow over the company's future.

Jia's return to the helm is all the more surprising given the company's recent leadership changes. Just last month, Faraday Future named Jia's nephew, Jerry Wang, as president of the EV startup. Wang had previously resigned in 2022 as a result of the internal probe, citing a "failure to cooperate with the investigation" according to SEC filings.

Faraday Future was founded by Jia in 2014, following the collapse of his electronics and media streaming empire in China. The company has spent over $3 billion developing its ultra-luxury EV, the FF91, but has only sold around a dozen units to date. The company has faced numerous lawsuits alleging misrepresentation of sales figures, further complicating its financial struggles.

The appointment of Jia as co-CEO raises questions about the company's ability to move forward from its troubled past. Aydt, who will continue to serve as CEO alongside Jia, has his own controversies, having been placed on probation after offering to pay a Faraday Future board member up to $700,000 to resign during a power struggle in 2020.

Despite these challenges, Faraday Future remains committed to bringing its luxury EV to market. The company has touted the FF91 as a game-changer in the electric vehicle space, boasting advanced technology and sleek design. However, with the ongoing SEC investigation and leadership controversies, it remains to be seen whether the company can overcome its struggles and achieve success in the competitive EV market.

The appointment of Jia as co-CEO will likely be closely watched by investors and industry observers, who will be keen to see how the company navigates its complex web of challenges. As the electric vehicle market continues to evolve, Faraday Future's ability to overcome its troubles and deliver on its promises will be crucial to its survival.