The fairy tale of a promising start is over

The fairy tale of a promising start is over

Faraday Future, an American start-up technology startup focused on the development of intelligent electric vehicles, has lost business financing after the fight against the investor. Currently, the company is taking more drastic measures to keep the company from collapsing and is hoping to find a new investor.

The measures taken so far to reduce wages and lay-offs have not yielded the expected results, so management has decided to close some operations at the company’s headquarters in Gardena, California and at its factory in Hanford, California. Employees will be placed on unpaid leave or on compulsory leave until new funding is provided.

Source: www.theverge.com/platform/amp/2018/10/30/18040936/faraday-future-founder-resigns-employee-furlough-shutdown

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