EV maker Faraday Future announces interim CFO, funding progress

Asian Tech Press (Oct 27) -- California-based EV maker Faraday Future (NASDAQ:FFIE) appointed interim chief financial officer and disclosed its funding progress after a series of turmoil.

Faraday Future announced Wednesday that it has appointed Yun Han as chief accounting officer and interim chief financial officer (CFO), effective Oct. 25, 2022.

Han succeeded Becky Roof, who served as interim CFO until October 12, 2022 and will assist the company in ensuring an orderly transition.

The company also said it has received $55 million in financing from an affiliate of U.S. institutional investor ATW Partners LLC, and expected to receive the first $10 million under a previously announced $60 million financing agreement this week.

The electric car startup, founded by Chinese entrepreneur Yueting Jia in 2014, was once on the verge of bankruptcy due to management turmoil, sluggish stock prices and a shortage of funds.

But last month, Jia led Faraday Future's global partners to successfully reorganize the board of directors, with former executive chairperson Susan Swenson and former chairman Brian Krolicki both resigning.

After restructuring its board of directors and securing financing, Faraday Future is resorting to layoffs and pay cuts to save cash and ensure mass production and delivery of its flagship FF 91 electric sedan.

Faraday Future has laid off dozens of employees earlier this month, people familiar with the matter said.

The EV startup unveiled an across-the-board pay cut in an email sent to employees last week, slashing wages for all employees by 25% from November through the end of this year.

Faraday Future recently reported that it held $39 million in cash as of Sept. 21, down from about $47 million at the end of August.

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