Tuesday, December 4, 2018

Faraday Future Furloughs Hundreds More Workers

Los Angeles-based electric car startup Faraday Future has furloughed more than 250 workers, as the company continues its downward spiral. The company said its financial crisis was caused by failure of its biggest investor, Evergrande Health, which has refused to make what Faraday Future says were "scheduled payments". Faraday Future said the furlough move was an "extremely tough decision to make" but that it is seeing interests from investors in investing in the company. Faraday Future has been rapidly running out of cash, and reportedly only has enough cash to run until next week, before completely shutting its doors. The company's battle with Evergrande Health reportedly has locked up its intellectual property and assets in litigation with Evergrande, making it extremely, extremely difficult for a new investor to bail the company out of its troubles.