China Tesla Rival Plans Layoffs After Evergrande Funding Fight
- Jia Yueting’s EV maker says facing "financial difficulty"
- Faraday Future vowed to deliver FF91s by first half 2019
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Faraday Future, a Chinese electric vehicle maker with ambitions to leapfrog Tesla Inc., said it will lay off some employees and cut staff salaries by 20 percent due to "financial difficulty" following a row with its property-tycoon backer.
The measures are temporary and compensation will be restored once the company secures new funding, the electric-vehicle startup said in a statement on Tuesday. As for its founder Jia Yueting, the erstwhile billionaire will now take an annual salary of $1 starting Oct. 16.