Faraday Future lays off some employees without severance while it seeks new funding

Faraday Future has received a small lifeline after announcing drastic measures earlier this week to keep the company afloat during a fight with its main investor. The electric car startup was given permission by the Hong Kong International Arbitration Centre to seek up to $500 million in new funding from investors outside the existing $2 billion deal with China’s Evergrande Group. Evergrande gets first right of refusal for any potential investors who step up, according to a filing with the Hong Kong Stock Exchange.

Meanwhile, the 20 percent cut to salary and wages initiated earlier this week remains in place, and layoffs have already started, according to multiple people inside and close to the company. Some people have even been let go…

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Author: Sean O’Kane

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