Faraday Future Might Not Have a Future at All

Jason Siu
by Jason Siu

Faraday Future has announced the termination of employment for its chief financial officer, Stefan Krause.

In a statement released by the company, Faraday Future said “Stefan Krause’s possible violation of law and lack of contribution to FF’s goals over the course of his leadership since March has led to severe damages to the interests of FF and its investors. FF is currently taking legal actions as a result of Stefan Krause’s malfeasance and dereliction of duty.” Taking his place temporary as chief financial officer is Pascal Coustar.

The company also announced employment has been terminated for Ulrich Kranz, who served as the company’s chief technology officer. Kranz held the position for three months and Faraday Future says his termination would not affect the R&D process and production development for the brand.

SEE ALSO: Faraday Future Reveals New California Factory

While these are terminations decided by the company, The Verge reports a number of executives and employees that have left the company within the year. One of the founding executives, Alan Cherry, left the company in August and a second founding executive, Tom Wessner who served as the head of supply chain management, just recently resigned.

After debuting a bold concept car at the 2016 Consumer Electronics Show, the company seemed to be on the right path with all the right hires and funding by Chinese billionaire Jia Yueting. But his assets were frozen by the Shanghai High People’s Court this summer, causing Faraday Future to stumble and change its plans. It had to scrap its factory in Nevada, choosing to lease a smaller building in California. In order to save money, it has almost completely pulled out of Formula E.

Other employees who have left the company based on their LinkedIn profiles include head of motorsports Nate Schroeder, Rodrigo Caula, who worked on the color, material, and finish of the FF91, Michael Snyder, a manufacturing engineer, UX designer Jui Dai, senior exterior designer Arash Badeanlou, and Eric Lopez, a surfacer and painter.

One former employee tells The Verge the “company is a sinking ship,” and that “morale is tanked.”

[Source: The Verge]

Jason Siu
Jason Siu

Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.

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  • Jonny_Vancouver Jonny_Vancouver on Nov 14, 2017

    I don't think this company never had a future. It always gave me the impression of trying to ride Tesla's coattails and passing off their cars as their own unique ideas.