Faraday Future, the troubled EV startup-turned-publicly-traded firm has shuffled its govt ranks as soon as once more.
The board fired its CEO Carsten Breitfeld, in response to a regulatory filing posted Monday after the markets closed. Brietfeld, who was the previous co-founder of failed EV startup Byton, took the management position at Faraday Future in September 2019.
The board stated Monday it appointed Xuefeng Chen, a former and longtime Chery Jaguar Land Rover Car govt who most lately led the Faraday Future’s China-division, as its new CEO. As Faraday’s new international CEO, Chen will obtain a base annual wage of $900,000, a performance-based bonus of as much as $600,000, and a money signing and retention bonus of $500,000. The retention bonus have to be returned if Chen resigns or is terminated with out trigger within the subsequent 36 months. Chen can even obtain restricted shares and performance-based restricted inventory items.
The CEO upheaval is the newest in a string of inside drama and monetary issues which have plagued the corporate for years. Even its public debut at CES 2016 was controversial.
The messiness on the firm has solely ramped up because it , went public by a merger with Property Options Acquisition Corp. in July 2021. Investigations, a restructuring and a going concern warning are just some of the dramatic flip of occasions previously 18 months.
Brietfeld’s dismissal comes only a week because the company warned it may not have the ability to proceed working over the following 12 months and that it was unsure when its first FF 91 luxurious EVs can be delivered.
The corporate has repeatedly delayed the FF 91 automobile, which as of November 17, solely had acquired 369 non-binding preorders. Whereas Faraday Future did seem to snag a $350 million lifeline in latest weeks, it will not be sufficient to maintain its operations or ship on its long-promised automobile.