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Home / Innovative / Faraday Future states that hundreds of displaced employees will not return to work on March 1st

Faraday Future states that hundreds of displaced employees will not return to work on March 1st



EV startup Faraday Future has told employees on vacation or unpaid leave that they can not bring them to work as planned on March 1, an internal email said on The Verge had received . The company says it extends the holiday, but has not said how long. These employees have been on vacation since December, with benefits.

Faraday Future has been looking for new funding since last October, when it got into an ugly public fight with its largest external investor, the Chinese real estate giant Evergrande. Evergrande spent $ 2 billion on the California-based EV startup at the end of 201

7, but Faraday Future spent the first $ 800 million in mid-2018. When Faraday Future Evergrande demanded to push half of the remaining $ 1.2 billion, Evergrande finally declined and locked them into a power struggle that nearly ended the start-up with money.

As a result, Faraday Future salaries were cut, layoffs were made and, in December, hundreds of unpaid leave workers were taken. The number of employees of Faraday Future dropped from around 1,000 to 600 at the beginning of November. Only around 250 employees were able to avoid layoffs and leave from December onwards.

Faraday Future's fight with Evergrande and subsequent layoffs and vacations drove a number of senior executives out last fall. The last remaining member of the original leadership team, a longtime GM veteran and EV pioneer Peter Savagian, and co-founder of the company, Nick Sampson, all stepped down within three days.

"The company is virtually insolvent," Sampson wrote to his staff in an email that day. "I can not continue to understand the devastating effects [sic] we have on the lives of our employees, their relatives and relatives, as we have the implications [sic] for the lives of our suppliers and the industry as a whole. "

Faraday Future and Evergrande reached a kind of ceasefire at the end of 2018. Evergrande agreed to terminate the deal and find a way forward for Faraday Future using other people's money (though the Chinese conglomerate still has a large, non-controlling stake in the EV startup).

The problem now is that Faraday Future could not attract new investors. In Tuesday's e-mail, Faraday Future said he had "engaged in serious discussions with potential investors to raise both asset-based debt and equity financing," adding, however, that this funding effort would have taken longer than the company originally assumed. "

Faraday Future was founded in 2014 and for years has developed a luxury electric SUV called FF91, which is said to be faster than most Tesla's and is sold for almost $ 200,000. The startup, however, was shaken by the financial turmoil of the past two years, which delayed its first car. Following the investment of Evergrande at the end of 2017, Faraday Future's goal was to put the FF91 into operation by the end of 2018. Now, more than ever, the company and its car are at risk.


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