Faraday Future says its main investor is ‘deliberately starving’ it into bankruptcy
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…