Faraday Future is cutting its employees’ salaries by 20 percent, and laying off some others, in an attempt to keep the electric car startup alive as it fights with its main investor, The Verge has learned.
The austerity measures were announced in an email to staff sent Sunday night and will go into effect next week. Faraday Future will also cut its hourly employees’ wages by 20 percent, according to the email, which was obtained by The Verge.
Faraday Future CEO Jia Yueting will decrease his salary to $1, according to the email, and some members of the management team have elected to take larger than 20 percent cuts. The number of positions being laid off was not disclosed. A representative for the company did not respond to a request...
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