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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 -
Just when you thought Fisker was out of the hot water, they're back in it. Bloomberg reports that founder Henrik Fisker and the board of directors have been hit with a lawsuit over losses incurred by the company's financial problems. Atlas Capital Management LP, an investor in Fisker, filed a federal suit in Wilmington, Delaware, on December 27 claiming the automaker withheld information regarding its financial health. The suit also alleges that Fisker kept quiet about a recall involving 239 Karmas until the day after it closed a round of financing. Had Atlas known the truth, it “would not have purchased or otherwise acquired its Fisker securities, or, if it had purchased such securities, it would not have done so at the artificially inflated prices which it paid,” lawyers representing Atlas wrote in the filling. Anita-Marie Laurie, a spokeswoman for Fisker with Sitrick & Co., declined to comment when asked. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
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Just when you thought Fisker was out of the hot water, they're back in it. Bloomberg reports that founder Henrik Fisker and the board of directors have been hit with a lawsuit over losses incurred by the company's financial problems. Atlas Capital Management LP, an investor in Fisker, filed a federal suit in Wilmington, Delaware, on December 27 claiming the automaker withheld information regarding its financial health. The suit also alleges that Fisker kept quiet about a recall involving 239 Karmas until the day after it closed a round of financing. Had Atlas known the truth, it “would not have purchased or otherwise acquired its Fisker securities, or, if it had purchased such securities, it would not have done so at the artificially inflated prices which it paid,” lawyers representing Atlas wrote in the filling. Anita-Marie Laurie, a spokeswoman for Fisker with Sitrick & Co., declined to comment when asked. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com March 13, 2013 Henrik Fisker, founder and executive chairman of Fisker Automotive has resigned today. In a statement sent today, Fisker Automotive said “the main reasons for his resignation are several major disagreements that Henrik Fisker has with the Fisker Automotive executive management on the business strategy.” “Given the confidential nature of this matter, at this point in our process we can only confirm that the company has received detailed proposals from multiple parties in different continents which are now being evaluated by the company and its advisors. The company is pleased with the level of interest from potential partners, which underscores the attractiveness and relevance of Fisker's proven EV powertrain technology, design and strategy,” Fisker Automotive went on to say. We'll be updating this story as soon as we have more information. Source: Fisker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. -
By William Maley Staff Writer - CheersandGears.com March 13, 2013 Henrik Fisker, founder and executive chairman of Fisker Automotive has resigned today. In a statement sent today, Fisker Automotive said “the main reasons for his resignation are several major disagreements that Henrik Fisker has with the Fisker Automotive executive management on the business strategy.” “Given the confidential nature of this matter, at this point in our process we can only confirm that the company has received detailed proposals from multiple parties in different continents which are now being evaluated by the company and its advisors. The company is pleased with the level of interest from potential partners, which underscores the attractiveness and relevance of Fisker's proven EV powertrain technology, design and strategy,” Fisker Automotive went on to say. We'll be updating this story as soon as we have more information. Source: Fisker William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
