California EV startup Faraday Future is arguing there’s hope of moving forward without its main financial backer, Chinese real estate conglomerate Evergrande, according to a new court filing in California.
The clock is ticking, though, because Faraday Future is in fact on the brink of insolvency, just as co-founder Nick Sampson recently said in his resignation letter. The company laid off hundreds of employees, and furloughed hundreds more; multiple executives have resigned. The Verge has learned that the startup has enough funds to pay the remaining 600 or so employees a reduced salary through November 30th, which one of the company’s remaining executives told employees at recent all-hands meeting.
If new funding doesn’t come in, the…
Source: New feed