Friday, November 30, 2018

Report: Faraday Future Rapidly Running Out Of Cash As Options Diminish

Los Angeles-based electric vehicle maker Faraday Future is rapidly running out of cash, and its options for investment are rapidly diminishing, according to a report from The Verge. According to the report, Faraday Future only has enough cash to meet today's payroll, and only enough money to keep the lights on until the second week of December. In addition, a judge in Hong Kong apparently has ruled against the company in a fight with its main investor, Evergrande, meaning its intellectual property and assets are locked in a lawsuit against the company--effectively crippling its ability to attract a new investor to bail out the company. Faraday Future already has laid off hundreds of employees and cut pay at the company for remaining employees.