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Nick Sampson, the co-founder of Faraday Future, in difficulty, resigned from his position, saying the company was "effectively insolvent" and unable to pay its debts, as more and more employees would be fired and their activities reduced. .
After laying off staff and reducing salaries by more than 20% within the company last week, Faraday Future continues to struggle to pay off its debts while it is fighting for more funding. Edge reports.
The company's attempts to cut spending during this week were not enough, forcing Faraday to suspend some operations at his California headquarters and plant, as well as to institute a leave of absence. , or leave without pay, for all employees who started work after May 1, according to an email from CEO Jia Yueting obtained by Verge.
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In addition to this, one of three founders of the company, Nick Sampson, resigned today, according to another email. His title was Senior Vice President, Product Strategy, and here is an excerpt from his resignation letter, via Le Verge:
"The company is effectively insolvent in both financial resources and personnel, it will be at best [sic] drinks along for the foreseeable future. I think my role in Faraday Future is not long [sic] a path that I can follow, so I will leave society, from now on. "
The departure of Sampson follows the resignation of Peter Savagian, former senior executive of General Motors and vice president of product development of Faraday, Edge reports. We must not forget the waves of resignations that Faraday Future experienced in 2016 and 2017, when the company was about to prepare the FF 91 for its unveiling of CES.
Faraday Future is currently in a battle to secure additional funds with its largest investor, Evergrande Group, who denied any advance demand on the remaining $ 1.2 billion investment after Faraday spent the $ 800 million initially invested last July. The arbitration procedure ruled that Faraday could claim $ 500 million of additional outside funding if it was approved by Evergrande, the Verge reports.
The result of the case, the departure of Sampson and the extra cups place Faraday in its most serious position in its tumultuous history, despite the mass production project of its electric car FF 91 by the end of the year .
We contacted Faraday Future to comment on the Verge report and we will update it when we return.
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