Faraday Future Intelligent Electric Inc. FFAI
Wolfpack is short FFAI: Jia Yueting pumped the stock with fake preorders, a rebadged Chinese minivan, and shell-company financing while hiding Lucid shares from bankruptcy — SEC and DOJ are circling.
Thesis
Wolfpack argues FFAI is a house of cards built on lies from founder and Co-CEO Jia Yueting (YT). The stock rallied after YT announced 10,000+ preorders for a new EV minivan, but the vehicle is a rebadged Wey Gaoshan from Great Wall Motors with logos swapped, and most orders are non-binding — 1,000 came from Nature's Miracle, a ~$2M penny-stock with under $10,000 in cash run by YT's business-school classmate. FFAI buried its SEC Wells Notice under an $82M mystery financing that echoes prior rounds traced to YT-controlled fronts like Metaverse Horizon (a vacant Beijing office) and V W Investments (a BVI shell owned by YT's California neighbor). Wolfpack also documents evidence that YT committed bankruptcy fraud by hiding 4.5M Lucid shares worth ~$460M in Blitz and LeSoar — with DOJ and SEC now probing.
SCQA
FFAI is a U.S.-listed EV automaker founded by Jia Yueting, whose stock rallied in mid-2025 after he returned as Co-CEO and announced 10,000+ preorders for the new FX Super One minivan.
The preorders are non-binding and largely fabricated, the 'new' vehicle is a rebadged Great Wall Motors Wey Gaoshan, and fresh financing traces to YT-linked front companies — all while the SEC issued a Wells Notice.
Wolfpack is short FFAI and urges investors to disbelieve management; the Wells Notice is the opening salvo as DOJ probes and creditors may reopen YT's bankruptcy on fraud grounds.
With the pump built on lies and FFAI dependent on dilutive capital to survive, Wolfpack expects the stock to collapse as investigations close in and hidden Lucid-share fraud unravels.
The three reasons
- 1
10,000+ preorders are fake — 1,000 came from a $2M penny stock run by YT's classmate with under $10K in cash
- 2
The 'new' FX Super One minivan is a rebadged Great Wall Motors Wey Gaoshan with logos swapped
- 3
YT hid 4.5M Lucid shares (~$460M) through Blitz and LeSoar, committing bankruptcy fraud
Primary demands
- Disbelieve management — every disclosure from YT should be treated as suspect
- Short FFAI ahead of SEC enforcement and potential DOJ action
- Reject the Sept 19 vote to increase authorized shares (39% dilution)
- Reopen YT's bankruptcy case on credible allegations of bankruptcy fraud
KPIs cited
Pattern membership
Precedents cited
- LeEco / Letv bankruptcy and YT's 2017 flight from China (Shenzhen Stock Exchange lifetime ban, reported fraud fine)
- FFAI's prior 14,000-reservation misrepresentation that settled in a $7.5M lawsuit
- YT's reported $600M lifeline from classmates in 2016
Composition what's on the 35 slides
Slide gallery ·
Notes
Word-document style short-seller report with Times Roman body text, heavy footnoting, embedded screenshots/photos, and a Wolfpack logo/header on p.1. Rhetorical spine is fraud exposure: fake preorders (Nature's Miracle penny stock, influencer networks, real estate brokerage), rebadged vehicle (Wey Gaoshan/Gaoshan 9 from Great Wall Motors with logos swapped and photoshopped front screen), shell-company financing (Metaverse Horizon with a vacant Beijing office and a 76-year-old farmer as sole director; V W Investments BVI shell owned by YT's California neighbor), and bankruptcy fraud (LeSoar, Blitz, Golden Clouds, Innovation Era — with a mismatched-signature visual on p.17 and an entity org chart on p.19). CEO-quote contradiction centers on YT's bankruptcy-court representation that he had 'no direct or indirect ownership interest' in Blitz/LeSoar, which the deck systematically dismantles with nominee directors (Yi Hao, Liping Liu, Jiaojiao Wei) all traced to YT's home village in Shanxi. No valuation framework or peer-gap chart — pure fraud narrative. Stake field N/A (short position, not equity ownership).