Actually, it’s worse than that… According the company’s spokesperson, John Schilling, Nick Sampson, one of Faraday Future’s three co-founders and Peter Savagian, senior vice president of technology and product development, have both left the company.
Faraday Future is essentially insolvent in both its financial and personnel assets and following a heated discussion with its main financial backer, Chinese real estate giant Evergrande Group, has found itself without enough cash to keep things going.
What saddens us is that there have been many layoffs and salary cuts put into effect. All employees who started working after May 1st of this year will be forced to take an unpaid leave of absence – we know a terrific guy that may be in this position… Others will take severe pay cuts but the bottom line is that Faraday Future as a whole comes to a screeching halt now, and until at least December. Faraday Future is actively seeking out new investors.
Their star product showed incredible promise. The FF91 is Faraday’s 100% electric luxury flagship SUV capable of almost anything. It features three electric motors, 1,050-horsepower, supercar-beating performance and more than 300 miles (480 km) of range.