20 percent cut in salaries and an unknown number of people will be laid off
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.
Recommended Comments
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.