Oct 23, 2018 - 03:32 pm

Faraday Future cuts cost trying to stay alive

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The crisis at Faraday Future continues after their fight with investor Evergrande Health remains unresolved. With funds running low, FF now had to lay off workers and cut the salaries of those who remain by 20 percent. This includes executives.

Also Faraday Future chairman Jia Yueting agreed to decrease his wage to a symbolic dollar. How many employees will lose their job is unclear to date but the measures will come into effect next week, reports the Verge.

The latest cuts are an effect of the electric carmaker’s ongoing row with their biggest investor. Evergrande Health had poured 800 million dollars into Faraday when they came on board this June but have since refused to pay the outstanding amount of 1.2 billion dollars, saying they had been “manipulated”. Faraday burnt through the money in just a few months.

Faraday Future denies any manipulation and believes Evergrande wants to take control over the company and their IPs.

theverge.com

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Found on electrive.com
https://www.electrive.com/2018/10/23/faraday-future-cuts-cost-trying-to-stay-alive/
23.10.2018 15:28