Faraday Future says review found inaccurate statements made to investors:
Electric vehicle firm Faraday Future Intelligent Electric Inc said on Tuesday its review had identified certain inaccurate statements made by its employees to investors and announced changes in its leadership structure.
The company said its chief executive officer Carsten Breitfield and founder Jia Yueting would both be handed a 25% cut each in their annual base salary. Both Breitfield and Yueting would report to the newly appointed executive chairperson, according to Faraday. On Tuesday, Faraday said statements made by some of its employees to certain investors describing founder Jia Yueting's role within the company were inaccurate, and his involvement in the company's management post its merger with blank-check firm Property Solutions Acquisition Corp"was more significant than what had been represented."
Several EV companies, including Lordstown Motors, Nikola, both of which went public via acquisitions by special-purpose acquisition companies , have found themselves under investigation for misstatements by former top executives and are under the scrutiny of short-sellers.
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