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Faraday Future loses another executive amid money woes

Thu Sep 21, 2017 7:02 pm

Faraday Future loses another executive amid money woes
The company’s head of HR, and a founding leadership figure, is out
By Sean O'Kane on August 8, 2017 7:12 pm

The vice president of Faraday Future’s human resources department is leaving the company. The Verge has learned that Alan Cherry, who was part of the original leadership team that founded the ambitious electric car startup back in 2014, announced that he was “stepping away” from the company during an all-hands meeting at the company’s headquarters today. A representative for Faraday Future has confirmed his departure.

“We can confirm that he will be starting a new role at a non-automotive industry startup,” the representative tells The Verge. “Alan has been instrumental in building out Faraday Future’s talent pool to more than 1,000 employees. We thank Alan for his incredible support for FF, and wish him best of luck in his next endeavor.”

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Cherry ran human resources for Tesla from 2008 to 2012, and helped start FF with other Tesla expats like Nick Sampson and Tom Wessner. His exit is just the latest in a growing line of executive departures from the company, which has struggled in the last year as LeEco, its biggest financial investor, ran into its own serious financial troubles. This past weekend, the company finally signed a lease on a new factory in California after plans to build its own in Nevada fell through. And that move was only possible because the company just received a $14 million “rescue loan” from a new investment firm, according to The Wall Street Journal.

Just two weeks ago, Cherry had accepted a “newly created role” leading the company’s employment training and development programs, according to an internal email from COO Stefan Krause that has been obtained by The Verge. It’s unclear what prompted Cherry’s departure, but sources tell The Verge that the move to a new role was viewed as a demotion. Crystal Peterson, the company’s previous HR director, has assumed Cherry’s role.
It is one thing after another for Faraday - they can't catch a break :(

Posts: 113
Joined: Thu Oct 27, 2016 12:00 am

Re: Faraday Future loses another executive amid money woes

Thu Sep 21, 2017 7:04 pm

Faraday Future Found A New Factory To Replace Its Non-Existent One
Ryan Felton · Aug 7, 2017

Photo: Faraday Future
Weeks after Faraday Future announced it would halt construction of a $1 billion factory in Nevada, the company said on Monday that it has a new lease on life, after securing a facility in California to continue efforts to build an all-electric autonomous car.
In a statement that represents some of the most candid remarks from Faraday executives to date, the company’s chief financial officer, Stefan Krause, said there remains a number of challenges ahead.
“We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” Krause said.
“As we begin this next phase in our company’s history,” he added, “our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users, who have shown exceptional patience and resilience through the company’s difficult times.”
The company’s expecting to officially move into the factory at the beginning of 2018 when the lease terms begin, according to TheVerge, which first reported news of the deal on Sunday.
Photos posted by Nick Sampson, Faraday’s senior vice president of R&D, showed employees were on-site over the weekend to help clean up the factory, which has reportedly been mostly unused since 2001.

The new site, known as Hanford Business Park, is 1 million sq ft, and Faraday says it hopes to eventually employ up to 1,300 workers over three shifts. The building, about 200 miles north of Faraday’s corporate headquarters, is owned by a development firm called Industrial Realty Group, which is behind the controversial deal involving Elio Motors and a former General Motors factory in Shreveport, Louisiana.
The company has indicated in recent weeks that it was looking for a turn-key investment of sorts to stay on schedule and bring its flagship vehicle, the FF 91, to production by the end of 2018. But financial problems have plagued Faraday throughout this year, including a court decision that froze the assets of its main financier, billionaire LeEco founder Jia Yueting. Faraday said in May that it was looking to raise $1 billion to shore up its funds, but the effort was reportedly unsuccessful.
Faraday recently secured a $14 million emergency loan by putting its corporate headquarters up as collateral, according to the Wall Street Journal. The loan’s intended to help keep the lights on while the company tries to secure additional long-term funding, the newspaper reported.
So this article came out one day before the thread did. There is no reason to have a factory if you don't have the money to build any cars in it

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