Faraday Future founder resigns, employees being furloughed amid cash crunch

Faraday Future is nearly out of money following a fight with its main investor, a founder has resigned, and the company is taking even more drastic measures to keep the company from collapsing until new investment comes in, The Verge has learned. Last week’s layoffs and salary cuts have not trimmed enough of the some $10 million monthly payroll. So management has decided to shut down some operations this week at the company’s headquarters in Gardena, California, and at its factory in Hanford, California. Workers will be placed on unpaid leave, or a “furlough,” until new funding is secured, according to an email from CEO Jia Yueting obtained by The Verge.

In addition, Nick Sampson, one of Faraday Future’s founders, resigned on Tuesday,…

Continue reading…

Go to Source
Author: Sean O’Kane

Powered by WPeMatico