https://apps.facebook.com/techworeld/proo/?i=1050825 LexxyTech Corporations LexxyTech Corporation: Tech: Electric car startup Faraday Future has lost yet another executive

Wednesday, 9 August 2017

Tech: Electric car startup Faraday Future has lost yet another executive

ffzero faraday future

The company is short on cash and facing numerous difficulties.

Electric car startup Faraday Future has lost yet another executive.

The Verge is reporting that Alan Cherry, its vice president of human resources, is leaving the firm.

In a statement, a company spokesperson told the publication that Cherry will be leaving the auto industry: "We can confirm that he will be starting a new role at a non-automotive industry startup ... 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.”

Faraday Future is attempting to take on Tesla and build an electric, self-driving SUV — but it has seen multiple executive departures over the last year alongside a shortage of cash.

The Los Angeles-headquartered company recently hired Stefan Krause, formerly of BMW and Deutsche Bank, to serve as chief financial officer (CFO) — and he will also serve as chief operating officer (COO) and chief marketing officer (CMO) until replacements are found.Faraday Future does not currently have a CEO, and is on the hunt for anew one.

Earlier in August, Faraday Future signed a lease on a 1 million square-foot site in California that it says will be used for a future assembly park. As Business Insider's Bryan Logan reported:

"The challenges for Faraday remain steep. Krause is courting multiple investors in search of at least $1 billion in new funding. Some of those investors, Krause told Business Insider in an interview last month, have indicated their readiness to move forward with Faraday if it secured a factory.

"The company recently put up its Los Angeles-area headquarters as collateral to secure a $14 million loan from Innovatus Capital, and more money will be needed to finish vehicle development and get its new California site up and running."



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