October 30, 2018 / 7:09 PM / 20 days ago

EV maker Faraday Future's co-founder Nick Sampson steps down - Verge

Oct 30 (Reuters) - Chinese electric vehicle developer Faraday Future’s co-founder Nick Sampson has resigned, tech news website Verge reported on 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. (bit.ly/2CR7X5B)

The move comes as the company is embroiled in a stand-off with its primary investor, China’s Evergrande Health Industry Group Ltd, 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. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta)

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