AutoBeta(AutoBeta.net)06/26 Report--

It is no secret that faraday future, the us electric carmaker in which mr jia invests, is facing financial difficulties. According to media reports, Faraday has fired dozens of employees who have been on unpaid leave in recent months, including manufacturing workers at the company's Hanford, California plant. It is alleged that these workers began to take unpaid leave at the end of 2018, during which they extended the duration of one unpaid leave and were able to receive benefits for their corresponding positions. According to the dismissal documents provided by a former employee, the benefits of these newly dismissed employees will expire at the end of this month.

Jeff Risher, Faraday's vice president of future product, technology and intellectual property strategy, left the company earlier this year. Jeff Rischer, who worked at Apple for almost a decade and was Tesla's chief intellectual property counsel and deputy general counsel for two years before moving to Faraday Future, did not respond to requests for comment on the latest layoffs. John Schilling, Faraday Future's spokesman, confirmed the layoffs and Jeff Rischer's departure in an email, saying that most of the hundreds of furloughed employees had left on their own, that a new round of layoffs had taken place in the past few days, and that a number of employees were on furloughs. John Schilling, however, did not disclose the exact number. 'I can't disclose the exact number of layoffs or their current positions, but the company still has more than 350 active employees in the United States,' he wrote in an email. In the middle of last year, Faraday Future employed about 1000 people in the United States.

Faraday Future recently announced an investment in a bridge financing from Birch Lake Associates, a Chicago firm. Although the deal is capped at $225 million, Faraday Future's current funding is only a fraction of it. It is reported that the first funding received was only $15 million. In fact, Faraday Future announced two challenging plans earlier this year, one was in March this year, signed a joint venture agreement with the ninth city, so that Faraday will produce electric cars in China in the future, the ninth city announced that it will provide up to 600 million US dollars for this project. It is worth mentioning that when the cooperation was announced, the market value of the ninth city was only $100 million. According to the agreement between the two parties, the ninth city did not have to pay the initial installment of $200 million in the first few months. The second was in April, when Faraday Future signed a partnership agreement with an investor willing to invest up to $225 million in Faraday Future's U.S. operations. Although it is not known how much money Faraday will receive in the future, it is not difficult to guess that part of the funds obtained will most likely be to repay the company's debts. According to Los Angeles Superior Court records, Faraday Future had 11 lawsuits filed against him by suppliers and contractors between 18 and February 19, four of which were settled, three were being withdrawn, and one had been submitted to arbitration.

Faraday's recent financial difficulties have been teased by many netizens:

Faraday's future debt has ballooned in recent months, and company executives have said it would take at least $500 million to get the FF91, the first car, into production. In fact, the production of new energy vehicles requires huge investment, which is regarded as a "burning money" project. The break of the capital chain makes Faraday's future debt heavy. Whether Jia Yueting can realize the dream of "the return of the king" by virtue of Faraday's future is probably difficult to realize in a period of time.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat