Faraday Future Intelligent Electric Inc is slashing all employee salaries by 25% from next month in an effort to preserve cash as the startup seeks new capital needed to launch its debut electric vehicle.
The Los Angeles, California-based company announced the across-the-board salary cuts, which are expected to last from Nov. 1 through year-end, in an email to workers sent last week. They come after Faraday laid off a few dozen employees earlier in the month, according to two people familiar with the matter.
