Original title: Faraday's future employees raise money online to save themselves
Author: Qian Tongxin
Faraday's future is on the brink of life and death, and employees have launched a "self-help" program.
First Financial Journalist found a fund-raising fund for Faraday's future "Futurist Manufacturing Family Fund" on Go Fund Me, the largest U.S. website similar to China's "Water Drop Raising". The project has been launched for nine days. As of November 11, more than $21,000 has been donated from 40 people. The project is scheduled to raise $50,000 in two weeks.
According to the project introduction, due to Faraday's future financial crisis, the company has taken measures of layoffs and "suspension of salary and retention". This fund-raising is aimed at helping the production team to urgently need financial support for employees. Funding will be distributed according to the following criteria: first, to employees who have worked for less than six months and are forced to "stay without pay" and secondly, to long-term employees who receive the minimum wage. Among these employees, those with children and families, those with housing loans, those who cannot find jobs in the United States immediately, those who must stay in the United States at this stage, and those who do not have enough savings to support their families in the next two or three months will receive subsidies ranging from $800 to $2000 per month.
According to public information on Go Fund Me, the donation was initiated by Hector Padilla, Faraday's manager of future tools and equipment. Dag Reckhorn, senior vice president of FF Global Manufacturing, who had announced his departure, completed his pledge of $10,000 to the project. Reckhorn donated three sums of $4,500, $4,500 and $1,000 within three days of November 3, 4 and 5, respectively, and said, "Help employees who really need help."
However, in Go Fund Me's message, some netizens protested against Faraday's future donation to the public. A netizen named Dennis Zheng left a message questioning: "Jia Yueting owns at least five villas in California. His family members are still billionaires in China. Jia Yueting sacrifices the interests of his employees to ensure his control over the company. He also tore up his promise to transfer funds from Le Video Network and suppliers to the United States to invest in the future of Faraday, which led to the bankruptcy of a large number of investors and suppliers. Why should we donate to help him deceive more people?
Continuous litigation disputes with Hengda are constantly tearing away Faraday's dream of the future. Recently, a prospective insider in Faraday revealed at the company plenary meeting that the company would run out of cash in mid-December if no new funds came in, and that the company's existing funds were only enough to support the remaining 600 employees to maintain their salary cuts until the end of this month.
Although Faraday's ultimate goal in the future is still to put its luxury electric car into production, its primary goal at present is to survive.
Last week, Hengda formally filed a lawsuit against Faraday in the future. And Faraday has already begun cutting jobs in a big way. According to First Financial Journalist, as many as half of the remaining 1,000 employees of Faraday's future U.S. company may be in danger of being laid off. Before the company announced the pay cuts and the suspension of pay and other measures also affect the daily lives of employees.
As of press release, Faraday did not make any further explanation for the layoffs in the future. In its latest statement to First Financial Journalist in the future, Faraday said: "Despite the temporary cash flow difficulties in Faraday's future caused by Hengda's health default, the core teams of production, research and development, supply chain and other departments are still promoting the production and testing of FF 91."
Earlier this month, Faraday said that it had officially launched global financing and signed a contract with Stifel, the top US investment bank with a history of more than 100 years, to speed up the financing process in an all-round way. "Faraday's future financial management system, process specifications, financial planning, financial reporting professionalism and integrity have been fully recognized by Stifel. After assessing the future value of Faraday's tangible and intangible assets, they actively seek to cooperate with FF and promote external finance." We have made breakthrough progress.
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