dearJulius.com
Business and Lifestyle Directory

Faraday Future lays off part of its workforce, cuts wages of the rest

EV automakers' contractors are looking to be paid

© Faraday Future

From Autoblog

The future of Faraday Future is starting to look bleak. The electric car startup has laid off part of its workforce and is slashing the wages of its employees by 20 percent, as first reported by The Vergeand confirmed in a statement from a company spokesperson. The move comes as the company is in the middle of a standoff with its primary investor.

Staffers learned of the cuts via a Sunday email from CEO Jia Yueting. The chief executive will be decreasing his salary to $1, and some members of management are taking salary cuts beyond the 20 percent threshold, though that likely won't provide much comfort to the folks in the factory seeing their pay reduced starting next week.

The cuts were announced just weeks after Faraday Future was accused of trying to back out of a deal with Chinese real estate company Evergrande Health Industry Group. The firm's backing was initially viewed as a potential saving grace for Faraday, which has suffered major setbacks by way of abandoned factories, an executive exodus and CEO troubles. Faraday's Yueting accused Evergrande of failing to fulfill its financial promises to the company, and Evergrande returned the skepticism by saying it got manipulated into giving the electric car company $700 million to save it from going under.

© Faraday Future

While Faraday Future takes a hatchet to its workforce, the company is also dealing with a number of contractors knocking on its door and demanding pay for back work. It's starting to look like the lights might go out on the electric car maker.

The company's full statement is below:

Effective immediately, all FF salaried employees will receive an immediate 20% cut to their annual base salary, and effective next week, all hourly employees will receive a 20% cut to their hourly wages. The Company is committed to monitoring its finances and will reevaluate this decision with the goal of restoring salaries once funding is available.

As an additional measure, we are reducing our headcount. We recognize that those who are now leaving have contributed tremendously to FF, and we appreciate their contributions. During this transitional phase, FF Founder and CEO YT Jia has decided to take a $1 annual salary. In addition, members of the leadership team have volunteered to take a further reduced salary beyond the 20% reduction. We take pride in our close-knit community, and we are mindful of the impact these changes will have on our employees and their families.

These steps are unfortunate given the great progress we have made as a company in recent months. The Company is taking concrete steps, including pursuing funding opportunities with those who share our vision. We are committed to making progress towards our goals, and continuing the necessary investments in our people, our products, technology, and business to develop an industry-leading connected mobility ecosystem.

No further information related to the financial state of FF including additional business operations will be communicated at this time.

© Faraday Future

COMMENTS



Note: If you think this story need more information or correction, feel free to comment below your opinion and reaction.
Name

Autos,846,Motorcycles,177,News,1170,
ltr
item
Autos News: Faraday Future lays off part of its workforce, cuts wages of the rest
Faraday Future lays off part of its workforce, cuts wages of the rest
EV automakers' contractors are looking to be paid
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgALFIfZsYzrIh3WwApca95FXvE8jvgCJjfZgd48pYC7-TTPBYvk1clh4ose094tTh7r03R1gdJAesqt7PV_-qoSH6N5GGoF7yUu7Bp_fKTuyHlXaOTyOFsQc3fA5PM87EChBKL3-PKGtv8/s1600/1.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgALFIfZsYzrIh3WwApca95FXvE8jvgCJjfZgd48pYC7-TTPBYvk1clh4ose094tTh7r03R1gdJAesqt7PV_-qoSH6N5GGoF7yUu7Bp_fKTuyHlXaOTyOFsQc3fA5PM87EChBKL3-PKGtv8/s72-c/1.jpg
Autos News
https://autos.dailynewsview.com/2018/10/faraday-future-lays-off-part-of-its.html
https://autos.dailynewsview.com/
https://autos.dailynewsview.com/
https://autos.dailynewsview.com/2018/10/faraday-future-lays-off-part-of-its.html
true
940072619809238334
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy