Friday, April 15, 2022

Troubles Swirl Around Faraday Future, As Founder Demoted

Troubles continue to swirl around Los Angeles-based electric vehicle company Faraday Future--which has yet to start shipping its vehicles--as its founder, Yueting Jia, has been demoted from his "executive officer" post and placed back into his position as Chief Product Officer. According to a regulatory filing by the company, Jia "will be limited to focusing on (a) Product and Mobility Ecosystem and (b) Internet, Artificial Intelligence, and Advanced R&D technology, and he will no longer be an executive officer". The move comes as Faraday Future struggles to regain compliance with Nasdaq rules, after failing to file a timely 2021 annual report, and faces delisting.