Faraday Future receives inquiry from U.S. Department of Justice

Electric vehicle startup Faraday Future said it has received an inquiry from the U.S. Department of Justice (DOJ) to disclose “preliminary information,” according to foreign media reports.A few months ago, the U.S. Securities and Exchange Commission (SEC) also launched an investigation into Faraday Future.

A regulatory filing on June 9 showed that Faraday Future received a request this month from the U.S. Department of Justice to disclose information on matters already under investigation by the SEC.Faraday Future said the company is "responding to this request and will cooperate fully."

Shares of Faraday Future fell 1.8% after the news came out after regular trading in New York.

Image credit: Faraday Future

Faraday Future has previously investigated false representations made by its executives to investors before and after its 2021 merger with a special-purpose acquisition company.In response to the findings, the company announced pay cuts for its CEO and founder Jia Yueting, which also led to the departure of some employees.

Faraday Future also limited Jia Yueting’s responsibilities in April and said in May that some of the company’s leaders had failed to deliver on their “commitments to uphold integrity and ethical values.”

This series of corrective actions by Faraday Future aims to strengthen the company's control and compliance culture and build a better, stronger company.However, the company emphasized at the time that these rectification actions will not affect the delivery time of FF 91, and Faraday Future will maintain its third-quarter delivery plan unchanged.