Home Tech Faraday Future furloughs hundreds more employees as it runs low on cash

Faraday Future furloughs hundreds more employees as it runs low on cash

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Electric car startup Faraday Future plans to furlough hundreds more employees as a result of an ongoing cash crunch during a battle with its main investor, the company announced on Twitter today. The startup originally placed hundreds of employees on furlough, or unpaid leave, in October, reducing its US headcount from around 1,000 to about 600. At least 250 more employees are being furloughed today, multiple sources tell The Verge.

Faraday Future had laid off workers and cut salaries before the furloughs in an attempt to claw back expenses as it waits out an arbitration case against its financial backer and biggest shareholder, Chinese real estate giant Evergrande. It lost a number of key members from the leadership team in October,…

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