Faraday Future



Faraday Future

Faraday Future

Faraday Future has hit another rough patch (and no, they still haven't built any production cars): The luxury EV startup that previewed a 1,050-hp EV last year is cutting employee salaries by 20 percent, in addition to laying off other employees. News of layoffs and salary cuts comes days after main company backer Jia Yueting, who heads a telecom giant in China, entered into arbitration with another financial backer, China's Evergrande Health, which had pledged a $2 billion investment over three years in the struggling EV maker in exchange for a 45 percent stake in the company. Faraday Future claims, among other things, that Evergrande has been withholding funds from the company. The EV startup burned through $800 million by the middle of 2018 and was seeking an installment of $700 million from Evergrande as operating cash for the remainder of the year, which was expected to see the start of production for the FF 91. Evergrande allegedly refused to provide the $700 million, which triggered the arbitration that is being conducted in Hong Kong. "After its initial $800m investment, Evergrande agreed in July 2018 to make further payments earlier than originally agreed, including $500m of the $1.2 billion, in 2018," the automaker said in a statement earlier this month. "Contrary to what Evergrande has told the press and its shareholders, neither FF’s CEO YT Jia nor anyone else 'manipulated' the board of Evergrande in reaching these agreements. In agreeing to bring a portion of its payments forward to 2018, Evergrande had a full understanding of why the funds were needed, and when they were needed, in order to achieve production and delivery of FF 91 in 2019.......

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Rental fleets' cancellations drag down otherwise promising U.S. vehicle sales

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The collapse of air travel has pushed big car rental companies to cancel orders for new vehicles, punching a hole in sales for nearly a dozen U.S. automakers' including the Big Three in Detroit. Hyundai Motor Co's U.S. sales arm said Tuesday that its sales to fleets, including rental companies, fell by 79% in May, while retail sales grew by 5%. Automakers could lose up to 12% of their annual U.S. vehicle sales in 2020 as car rental companies slammed by the coronavirus pandemic slash fleets and

Continue reading Rental fleets' cancellations drag down otherwise promising U.S. vehicle sales

Rental fleets' cancellations drag down otherwise promising U.S. vehicle sales originally appeared on Autoblog on Tue, 2 Jun 2020 20:12:00 EDT. Please see our terms for use of feeds.

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2021 Toyota Corolla Hatch Special Edition: Boring Name, Hot Paint

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The current Toyota Corolla hasn’t been with us for very long. The aggressive-looking five-door hatchback model first made its debut in the middle of 2018, and has since been joined by a similarly wide-mouthed four-door sedan variant. Despite its relative youth and visual edge, Toyota has decided to make the new Corolla a little spicier […]

The post 2021 Toyota Corolla Hatch Special Edition: Boring Name, Hot Paint appeared first on MotorTrend.

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