Robert Kruse, Faraday Future’s executive head of product, has resigned, Bloomberg News said, citing sources. Kruse, who joined Faraday in 2019, is reportedly a former executive at General Motors.
Faraday Future’s board of directors yesterday removed CEO Carsten Breitfeld as global CEO and appointed Chen Xuefeng as global CEO.
The company had just $27 million in cash as of Oct. 25 and is trying to cut costs with a round of furloughs for several teams this week, according to people familiar with the matter.
Earlier this month, the company announced an equity purchase agreement to sell up to $350 million in stock to an affiliate of Yorkville Advisors Global LP. Faraday Future had announced a company-wide pay cut of at least 25 percent in late October.
