Faraday, an American electric car maker Jia Yueting invested in, is going to resign in the future.
Peter Savagian, senior vice president of global R&D at Faraday Future, has left the company, the US technology media The Verge reported on October 29.
Savagian joined Faradays future in the summer of 2016, after 18 years at General Motors as General Manager of Electric Drive Systems and New Product Development.
Savagians last public appearance at the FF event was Faradays future Futurist Day on September 19. When people ask me whats going on with Faraday, I like to say,There are a thousand battles to be fought,according to Peter Savagian, who tweeted on the FF Wechat public number. But today we can see that we have won!
According to TheVerges report, the departure of Savagian is a week after Faraday announced a layoff and a pay cut in the future.
On Oct. 21 (Beijing time 22), FF said by e-mail that it was facing financial difficulties because Evergrande Health failed to meet its commitments and pay the amount it agreed to pay. The company is therefore forced to reduce its salary by 20%. Among them, the companys founder and CEO Jia Yueting will receive only one dollar a year salary, and has begun negotiations with the new financing.
Emails received by Peng Mei journalists from FF employees showed that the annual salary of all employees had been reduced by 20% since that week. At the same time, the hourly wage will also be reduced by 20% in accordance with the law. According to FF, the pay cut covers all of FFs top executives and employees in the United States, and the company promises to resume the original pay when the funds are in place.
At the same time, FF will also have to take layoffs. Previous Evergrande Health announcements showed that FF employs nearly 1,400 people worldwide by June 2018, including about 1,000 technical professionals. In addition, FF has disclosed information in the past that it had planned to employ 1,300 workers at its Hanford plant.
Peter Savagian, who chose to leave at this time, is one of Faradays future core executives. According to The Verge, a future Faraday former employee says Peter Savagian is the companys backbone.
It is worth mentioning that FF used to list its executives in the official website, and PeterSavagian is also listed. But with the departure of executives and founding teams in 2017, only Nick Sampson, senior vice president of R&D and engineering, Dag Reckhorn, senior vice president of global manufacturing, and Peter Savagian, vice president of power systems, were on FFs official online executive list. Since then, FFs official website seems to have hidden the list.
FF had a good start in 2018, announced in June Hengda shares, eased the financial tension. In July, the chairman of Evergrande Group came to Faraday Future (FF) headquarters in Los Angeles, USA, accompanied by Mr. Jia Yueting, Peter Savagian, senior vice president of global research and development, Dag Rechhorn, senior vice president of global manufacturing, and Nick Sampson, senior vice president of global products. FF announced that Xu Jiayin had highly affirmed the product and technology of FF.
However, in October, Jia Yueting and Evergrande opened their eyes to the question of the terms of the new fund, the supplementary agreement and FFs financing autonomy. In the recent FF application for emergency relief arbitration results, FF was allowed to carry out stringent conditional financing, in which the value of new equity financing should not be lower than the post-investment valuation of Evergrande, Evergrande has the preemptive right to buy new shares.
Recently, Jia Yueting, who is in trouble, has at least one thing to gratified him. On Oct. 24, the King County High Court of Washington issued a permanent injunction to media operator Gu Yingqiong, banning him from publishing any false statements against Jia Yueting and his family, and banning his contacts, including but not limited to employees and creditors of companies related to Jia Yueting such as LeEco and FF.
Since July last year, American media operator Gu Yingqiong has used her own media platform Dr. Gu Yingqiong says the world to publish articles against Jia Yueting, saying that Jia Yueting is applying for a US green card and setting up a trust fund for his daughter, and later said that Jia Yueting is facing the investigation of the US government and so on, causing Xuan. But the big wave.
Jia Yueting micro-blog source of this article: surging news editor: Wang Fengzhi _NT2541