Chinese electric-vehicle developer Faraday Futures co-founder, Nick Sampson, has resigned, tech news website Verge reported Tuesday, a week after the cash-starved company planned pay cuts and layoffs to reduce operational costs.

Faraday Future, which has ambitions of overtaking Tesla , did not immediately respond to a request for comment.

The move comes as the company is embroiled in a stand-off with its primary investor, Chinas Evergrande Health Industry Group, after a planned $2 billion investment from the unit of Evergrande Group went sour.

Faraday Future can seek financing from sources other than Evergrande Health, according to an interim ruling earlier this month, by a Hong Kong arbitration court in a dispute between the startup and its main investor.

Source: Autonews

October 30, 2018