Faraday Future hit with layoffs, salary cuts in attempt to stay alive

Faraday Future is cutting its employees’ salaries by 20 percent, and laying off some others, in an attempt to keep the electric car startup alive as it fights with its main investor, The Verge has learned.

The austerity measures were announced in an email to staff sent Sunday night and will go into effect next week. Faraday Future will also cut its hourly employees’ wages by 20 percent, and the same applies to the compensation of its management, according to the email, which was obtained by The Verge.

Jia will decrease his salary to $1, according to the email. The number of positions being laid off was not disclosed. A representative for the company declined to comment, and no layoffs have yet been filed with the state of California. The...

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