Friday, October 26, 2018

Faraday Future Employees Face Layoffs, Pay Cuts

Employees of Los Angeles-based Faraday Future have been laid off--without severance--and pay has been cut by 20 percent for those that remain, after renewed financial troubles over at the electric car maker. According to information leaked from employees within the company, the pay cut and layoffs started this week, as Faraday has run out of funding due to a legal spat with the Chinese company that bailed out the company last year. Chinese company Evergrande, which already invested hundreds of million in Faraday Future, is attempting to withdraw from a funding agreement with Faraday Future, due to Faraday's rapid burn rate.