Faraday Future settles with landlord over rent issues and retains rights to use headquarters building

According to reports, there are recent rumors that Faraday Future, the automobile manufacturing company founded by Jia Yueting in the United States, is facing legal action for defaulting on nearly one million US dollars in lease payments. However, the company has reached an agreement with the landlord to continue operating in its headquarters building as long as certain conditions are met. Faraday Future indirectly confirmed the news today.

Rexford Industries filed a lawsuit against Faraday Future for failing to pay January and February rent as well as related maintenance fees and taxes. After negotiation, the two parties reached a new lease agreement. According to the agreement, Faraday Future must pay off the arrears of US$312,524.46 before April 30, and pay the rent of US$305,617.08 for that month on or before April 15. In addition, Faraday Future should also prepay next month's rent of US$312,419.63 on or before May 6. If Faraday Future fails to fulfill any payment, Rexford Industries has the right to require it to pay the arrears within 48 hours, otherwise it will face the risk of eviction. As long as Faraday Future can meet its payment obligations as scheduled, its lease will be maintained until September 2025.

Faraday Future’s headquarters building in Los Angeles was originally owned by the company. The building was purchased by Jia Yueting in 2014 for US$3.2 million. However, according to the editor's understanding, due to Faraday Future's subsequent financial constraints, Jia Yueting sold the building to Atlas Capital, a New York real estate company, and leased the building back from the latter.

In addition, the company’s San Jose office room “BXP Realty” also filed a lawsuit against it, accusing Faraday Future of not paying rent in December last year, with the amount owed as high as $127,311.16.

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