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Industry News: Faraday Future Makes Cuts To Staff, Salaries To Keep Moving Forward

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The bad news keeps hitting Faraday Future. Earlier this month, we reported on the fight between the automaker and its latest backer, Evergrande Health Industry Group. Faraday claims that Evergrande failed to provide additional funds as part of an investment deal. Evergrande has denied this claim and has brought in lawyers to fight this charge. But this row has caused the electric car start-up to make some difficult decisions.

The Verge obtained an email sent to Faraday Future staff on Sunday night, announcing that staff salaries would be cut by 20 percent, and laying off some workers. The email also states that FF CEO Jia Yueting has decreased his annual salary to $1.00. The austerity measures will begin next week.

“The company is committed to monitoring its finances and will reevaluate this decision with the goal of restoring salaries once funding is available,” the email states.

It's unclear how many people will be laid off. A representative for FF did not respond to The Verge when asked for a comment.

Source: Bloomberg, The Verge

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54 minutes ago, riviera74 said:

Any bets on when Faraday Future files for Chapter 11?

My gut says 2019 will see this company die and be sold off to the Chinese company that was supposed to finance it. They will get it for 10 cents on the dollar.

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5 minutes ago, dfelt said:

My gut says 2019 will see this company die and be sold off to the Chinese company that was supposed to finance it. They will get it for 10 cents on the dollar.

The Chinese already own plants here in Ohio. They might as well own everything else.

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