FILE PHOTO: Nick Sampson, senior vice president of product development, research and development for Faraday Future, speaks during a revelation for the Faraday Future FF 91 electric car in Las Vegas, Nevada, January 3, 2017. REUTERS / Steve Marcus
(Reuters) – Chinese electric vehicle developer Faraday Futures co-founder Nick Sampson has resigned, technology news site Verge reported Tuesday, a week after the money-starved company planned to cut wages and layoffs to cut operating costs.
Faraday Future, who wants to overtake Tesla (TSLA.O), did not respond immediately to a request for comment. (Bit.ly/2CR7X5B)
The move comes as the company enters a stalemate with its lead investor, Evergrande Health Industry Group Ltd (0708.HK), after a $ 2 billion investment from the Evergrande Group (3333.HK) went sour.
Faraday Future, following a preliminary decision earlier this month, may seek funding from sources other than Evergrande Health, from an arbitration court in Hong Kong in a lawsuit between the startup and its lead investor.
Reporting by Vibhuti Sharma in Bengaluru; Arrangement of Shounak Dasgupta