FF announces 500 core employees are expected to resume normal operation in 2 months.

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 FF announces 500 core employees are expected to resume normal operation in 2 months.


FF apologized to all employees in the email and thanked the selected employees and the supplier team that still supported FF. It was a very difficult decision, and we apologize for the financial pressure and psychological distress caused by this temporary measure to all staff and families.

In addition, according to FF insiders, the company is currently working through multi-channel, multi-dimensional financing to solve the current cash flow difficulties, very confident in about two months to restore the normal operation of the company and restore employeeswages.

The following is the full text of the FF statement:

FF statement on Interim Measures relating to short cash flow difficulties

As we all know, Evergrande Healths recent series of defaults have led to serious cash flow difficulties facing FF. Evergrande Health, as the largest shareholder, has undermined FFs capital planning and obstructed FFs use of its own asset mortgage financing, ignoring the interests of all FF employees and their families, resulting in FF having to immediately. Temporary measures should be taken.

Last week, FF won the Emergency Relief Arbitration for Evergrande, giving us the opportunity to obtain financial support from other sources. As everyone knows, FF has made great progress in the production and delivery of FF91, and on August 28 to achieve a pre-production vehicle offline, has completed all production planning, only one step away from full production. Faced with the current difficulties, we are actively advancing various solutions to achieve our goals in the shortest possible time.

In this interim transition period, most of the employees who joined FF after May 1 will be suspended in November and December. For those who joined FF before May 1, they will continue to stay in the company to promote FF91 production delivery, but their wages need to be temporarily reduced. All employees will continue to enjoy the original welfare benefits such as medical insurance.

It was a very difficult decision, and we apologize for the financial stress and psychological distress that this temporary measure has caused to all staff and families. Here, we are proud of the continuing close unity of the senior management team, only truly identify with our values, together to achieve a century of subversion of the automotive industry mission! We also understand the individual executives who choose to leave in difficult times.

We are also grateful to the approximately 500 core team members who have chosen to stay, especially the R&D, production teams that continue to work hard for the production and delivery of the FF91 and the staff who have chosen to stay on temporary pay suspension. At the same time, FF attaches great importance to the relationship with global suppliers, hope to get the understanding of global partners on this temporary financial difficulties, with your support and understanding, we can quickly resume normal operation, together to tide over difficulties.

This interim measure is expected to continue until the end of December, but it will depend on the financing progress we are actively advancing. While trying to preserve the partnership between employees and suppliers, we are currently in further negotiations with a number of investors from different backgrounds around the world and will disclose information to the public in a timely manner. In April, TheTech Tribune named FF fourth in Top 10, California, as a proof that FFs global product technology leadership and core team values have been widely recognized since its inception. Especially FF has obtained more than 300 patents worldwide, and more than 1,000 patents and core intellectual property rights, which is the competitiveness and value of FF. FF is born for change, and we are committed to fulfilling our dreams and will continue to invest in talent, products, technology and business as necessary to build a leading global smart travel ecosystem, a vision that will not compromise under any pressure. FaradayFuture10/31/2018 source: NetEase science and technology report editor: Wang Fengzhi _NT2541

This interim measure is expected to continue until the end of December, but it will depend on the financing progress we are actively advancing. While trying to preserve the partnership between employees and suppliers, we are currently in further negotiations with a number of investors from different backgrounds around the world and will disclose information to the public in a timely manner. In April, TheTech Tribune named FF fourth in Top 10, California, as a proof that FFs global product technology leadership and core team values have been widely recognized since its inception. Especially FF has obtained more than 300 patents worldwide, and more than 1,000 patents and core intellectual property rights, which is the competitiveness and value of FF.

FF is born for change, and we are committed to fulfilling our dreams and will continue to invest in talent, products, technology and business as necessary to build a leading global smart travel ecosystem, a vision that will not compromise under any pressure.

FaradayFuture

10/31/2018