Faraday To Layoff 20% Of Workforce And Slash Wages After Funding Dispute

Faraday To Layoff 20% Of Workforce And Slash Wages After Funding Dispute
Faraday Future said it will lay off some employees and cut staff salaries by 20 percent because of "financial difficulty" following a dispute with its property-tycoon backer.

The measures are temporary and compensation will be restored once the company secures new funding, the electric-vehicle startup said in a statement on Tuesday. As for its founder, Jia Yueting, the erstwhile billionaire will now take an annual salary of $1 starting Oct. 16.


Read Article

TheSteveTheSteve - 10/24/2018 5:45:01 AM
+2 Boost
Faraday and its CEO has a history of dodgy financial practices, money-losing ventures, taking investor money and squandering it. You just need to pull back the covers and take a look to realize this is a company built on hype, without a real future.


TomMTomM - 10/24/2018 7:49:48 PM
+1 Boost
Gee - that could apply to ALL manufacturers that only produce Evs.

None of their cars use a readily available easily obtained liquid fuel and none can be refueled in literally a couple of minutes at Tens of THousands of Location across the country. Their range is limited to how fast you can charge the heavy huge Batteries - and with Lithium prices rising - the batteries will cost more to replace when needed.




TomMTomM - 10/24/2018 7:49:48 PM
+1 Boost
Gee - that could apply to ALL manufacturers that only produce Evs.

None of their cars use a readily available easily obtained liquid fuel and none can be refueled in literally a couple of minutes at Tens of THousands of Location across the country. Their range is limited to how fast you can charge the heavy huge Batteries - and with Lithium prices rising - the batteries will cost more to replace when needed.




Copyright 2026 AutoSpies.com, LLC