The company reportedly plans to shed CEO Jia Yueting.
If you’ve heard of Faraday Future, then you’ve likely seen its futuristic looking, yet unreleased FF 91 concept. The company has struggled to bring its electric SUV to market, though the future may look less bleak as a restructuring plan takes shape. Faraday Future released a statement Wednesday regarding earlier reports that its CEO, Mr. Jia Yueting, plans to resign as part of a larger management shuffle. “FF began restructuring its organization in late 2018 and we have not only implemented many top management changes, but we continue to adapt to the marketplace to ensure our competitiveness remains in place,” the statement said.
This is the latest round of news surrounding Faraday Future, which has hit major financial speed bumps in the recent past. Last year, it laid off employees and announced pay cuts. It also found itself in a dispute with Hong Kong-based Evergrande Health, who announced a $2 billion round of funding into Faraday Future, but still hadn’t produced that funding months later. In March 2019, the company sold its Los Angeles headquarters to try and stay afloat. It planned a $1 billion factory in Las Vegas, but since had to scale back those plans to building at a smaller facility in Hanford, California.
‘Major announcement’ coming
Faraday Future PR manager John Schilling declined to comment when Green Car Reports reached out, and he did not explicitly say Jia Yueting is definitely going to resign. Instead, the statement read, “Mr. Jia’s forward-looking vision and strategy have given FF its transformational genes…[he] continues to attend to his remaining debts and has made it a priority to repay them as quickly as he can.”
Faraday Future plans to make a major announcement on September 3. From there, we should have a better idea on the state of the company, and where it’s heading.