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The future of Faraday Future is becoming dimmer. The Verge reported yesterday that the automaker has decided to shut down some operations this week at their headquarters in Gardena, California, and at its factory in Hanford, California. Workers who started after May 1st of this year “must take a furlough,” according to an email sent by FF CEO Jia Yueting. Those working before "will have the option to remain on board with a reduced salary of $50,000 per year," employees told The Verge. Yueting said the furlough will last at least through December, and is dependent on finding new funding. “We are grateful to all of the hundreds of employees who are willing to stay with the minimum wage [sic] and continue to work on the FF91 core project. This was an extremely tough decision to make, and we recognize the emotional stress and financial strain this puts on people’s personal lives.” In addition, Nick Sampson, one of Faraday Future’s three co-founders resigned yesterday. This follows the departure of Peter Savagian, former chief engineer of GM's EV1 and Faraday Future's senior vice president of technology and product development. “The company is effectively insolvent in both its financial and personnel assets, it will at best will [sic] limp along for the foreseeable future. I feel that my role in Faraday Future is no long [sic] a path that I can follow, so I will leave the company, effective immediately. I cannot continue knowing the devestating [sic] impact we are having on the lives of our employees, their families and loved ones as we as the [sic] ripple effect this will have on lives throughout our suppliers and the industry as a whole,” Sampson wrote in an email obtained by The Verge. “I have tried as best as I know how to find solutions to the problems but have met insurmountable barriers that I have not been able to resolve. I am sorry and sad that this day has been reached but I must do what my heart tells me.” Sampson added in his email that “if circumstances should materially change, I certainly would consider returning to the company.” A Faraday Future spokesman confirmed the departures of Sampson and Savagian in an email. Last week, Faraday Future announced that it would staff salaries by 20 percent and layoff a number of workers in an effort to save some money. Good news would come later in the week as an independent arbitrator allowed Faraday Future to look for funding without getting approval from its main investor Evergrande Health. Source: The Verge Pic Credit: Faraday Future View full article -
The future of Faraday Future is becoming dimmer. The Verge reported yesterday that the automaker has decided to shut down some operations this week at their headquarters in Gardena, California, and at its factory in Hanford, California. Workers who started after May 1st of this year “must take a furlough,” according to an email sent by FF CEO Jia Yueting. Those working before "will have the option to remain on board with a reduced salary of $50,000 per year," employees told The Verge. Yueting said the furlough will last at least through December, and is dependent on finding new funding. “We are grateful to all of the hundreds of employees who are willing to stay with the minimum wage [sic] and continue to work on the FF91 core project. This was an extremely tough decision to make, and we recognize the emotional stress and financial strain this puts on people’s personal lives.” In addition, Nick Sampson, one of Faraday Future’s three co-founders resigned yesterday. This follows the departure of Peter Savagian, former chief engineer of GM's EV1 and Faraday Future's senior vice president of technology and product development. “The company is effectively insolvent in both its financial and personnel assets, it will at best will [sic] limp along for the foreseeable future. I feel that my role in Faraday Future is no long [sic] a path that I can follow, so I will leave the company, effective immediately. I cannot continue knowing the devestating [sic] impact we are having on the lives of our employees, their families and loved ones as we as the [sic] ripple effect this will have on lives throughout our suppliers and the industry as a whole,” Sampson wrote in an email obtained by The Verge. “I have tried as best as I know how to find solutions to the problems but have met insurmountable barriers that I have not been able to resolve. I am sorry and sad that this day has been reached but I must do what my heart tells me.” Sampson added in his email that “if circumstances should materially change, I certainly would consider returning to the company.” A Faraday Future spokesman confirmed the departures of Sampson and Savagian in an email. Last week, Faraday Future announced that it would staff salaries by 20 percent and layoff a number of workers in an effort to save some money. Good news would come later in the week as an independent arbitrator allowed Faraday Future to look for funding without getting approval from its main investor Evergrande Health. Source: The Verge Pic Credit: Faraday Future -
Breaking news coming out of Germany today as Volkswagen Chairman and grandson of the company's founder, Ferdinand Piëch announced his resignation after losing a public battle to try an oust Volkswagen's chief executive, Martin Winterkorn. "The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists," said Volkswagen's Supervisory Board in a statement today. "For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group." The battle began earlier this month when Piëch told German publication Der Spiegel: “I am at a distance to Winterkorn.” In other words, your time is up. But Volkswagen's supervisory board weren't taking the bait. "The executive committee of the supervisory board of Volkswagen AG states that prof. Dr. Winterkorn is the best possible chairman of the board of management for Volkswagen,” the board said in a statement a few days after Piëch's comment. Piëch's comment came as a surprise to many, but some believe it has merit. Volkswagen has been having a number of problems ranging from a lack of vision for the future, to struggling in the American marketplace. Piëch pulled this same stunt back in 2006 when he attacked then-CEO Bernd Pischetsrieder. Although Pischetsrieder was awarded an extension on his contract and got a sudo-apology from Piëch, he was ousted six months after the attack. Piëch's resignation ends an era at Volkswagen where helped bring the company as a major player in the industry. For the time being, Berthold Huber will assume interim leadership of the board till a new chairman is found. Source: Wall Street Journal (Subscription Required), Car and Driver, Volkswagen Press Release is on Page 2 Wolfsburg, 2015-04-25 Statement of the Executive Committee of the Supervisory Board of Volkswagen AG The Executive Committee of the Supervisory Board of Volkswagen AG discussed again today in detail the situation of the Volkswagen Group. 1. The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists. 2. For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group. In addition, Ms. Ursula Piëch has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. 3. The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman Berthold Huber. Mr. Berthold Huber will chair both the Supervisory Board meeting on May 4 as well as the Annual General Meeting on May 5, 2015. 4. Under the chair of Mr. Berthold Huber the representatives of shareholders and employees will in close cooperation determine the candidate for the new Chairman of the Supervisory Board. The election of the future Chairman of the Volkswagen Supervisory Board will follow a proposal made by members of the Supervisory Board representing shareholders. -
Breaking news coming out of Germany today as Volkswagen Chairman and grandson of the company's founder, Ferdinand Piëch announced his resignation after losing a public battle to try an oust Volkswagen's chief executive, Martin Winterkorn. "The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists," said Volkswagen's Supervisory Board in a statement today. "For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group." The battle began earlier this month when Piëch told German publication Der Spiegel: “I am at a distance to Winterkorn.” In other words, your time is up. But Volkswagen's supervisory board weren't taking the bait. "The executive committee of the supervisory board of Volkswagen AG states that prof. Dr. Winterkorn is the best possible chairman of the board of management for Volkswagen,” the board said in a statement a few days after Piëch's comment. Piëch's comment came as a surprise to many, but some believe it has merit. Volkswagen has been having a number of problems ranging from a lack of vision for the future, to struggling in the American marketplace. Piëch pulled this same stunt back in 2006 when he attacked then-CEO Bernd Pischetsrieder. Although Pischetsrieder was awarded an extension on his contract and got a sudo-apology from Piëch, he was ousted six months after the attack. Piëch's resignation ends an era at Volkswagen where helped bring the company as a major player in the industry. For the time being, Berthold Huber will assume interim leadership of the board till a new chairman is found. Source: Wall Street Journal (Subscription Required), Car and Driver, Volkswagen Press Release is on Page 2 Wolfsburg, 2015-04-25 Statement of the Executive Committee of the Supervisory Board of Volkswagen AG The Executive Committee of the Supervisory Board of Volkswagen AG discussed again today in detail the situation of the Volkswagen Group. 1. The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists. 2. For this reason Professor Dr. Ferdinand K. Piëch has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group. In addition, Ms. Ursula Piëch has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. 3. The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman Berthold Huber. Mr. Berthold Huber will chair both the Supervisory Board meeting on May 4 as well as the Annual General Meeting on May 5, 2015. 4. Under the chair of Mr. Berthold Huber the representatives of shareholders and employees will in close cooperation determine the candidate for the new Chairman of the Supervisory Board. The election of the future Chairman of the Volkswagen Supervisory Board will follow a proposal made by members of the Supervisory Board representing shareholders. View full article
