Faraday Future's Employees Hit Go Fund Me to Support Broke Colleagues
Qian Tongxin
/SOURCE : Yicai
Faraday Future's Employees Hit Go Fund Me to Support Broke Colleagues

(Yicai Global) Nov. 12 -- Employees at troubled startup Faraday Future have kicked off a crowdfunding campaign to come up with financial aid to employees that the electric car firm has had to lay off during its investor schisms amid a race to roll out its first vehicle FF91 by year-end. 

The Futurist Manufacturing Family Fund campaign has received over USD21,000 from more than 40 donators during its first nine days. The goal is to raise USD50,000 within two weeks.

FF has reduced staff and forced its employees to take leaves without pay due to financial tensions, and therefore the fundraiser will support FF's manufacturing staff that is in urgent need of money, the program intro said.

California-based FF ran into trouble with its white knight investor Evergrande Health Industry Group in July, as the investor did not provide more cash to burn despite an agreement. If FF cannot reach its goal of mass-producing FF91s by year-end, Evergrande will take control of the startup.

Jia owns at least five luxurious houses in California and his families are still billionaires in China, so Jia is sacrificing his staff for his ownership of the company, a commentator called Dennis Zheng said on the Go Fund Me website.

Jia broke his promises and transferred the money from Leshi Internet Information & Technology and suppliers to US, while making them go broke so why would people donate and help Jia to deceive more people, Zheng added, referring to Jia's earlier failed tech company in China.

The money will be divided among employees, and priority will be given to staff members who have been forced to take leaves without pay. The rest will be primarily given to employees with families and those under financial distress who can receive aid from USD800 to USD2,000.

The company will use up all its cash reserves by the middle of next month without new investments, an insider said at FF's plenary meeting. The reserves will maintain the current about 600 employees till the end of this month, the insider added.

Hector Padilla, a manager at FF's tools and equipment department, started the fundraiser, according to the website. Dag Reckhorn, the former deputy director of FF's global manufacturing, has donated USD10,000 so far.

Editor: Emmi Laine


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Keywords: China Evergrande Group , FF , Jia Yueting