EV Firm Faraday Future Gains After Replacing CEO

EV Firm Faraday Future Gains After Replacing CEO
  • Faraday Future Intelligent Electric Inc FFIE Board of Directors has appointed FF China CEO Xuefeng (XF) Chen as Global CEO of the company, effective immediately. 
  • Chen will replace Carsten Breitfeld, who was removed as Global CEO by the Board after evaluating the company's performance since it went public in July 2021.
  • The Board has requested that Breitfeld tender his resignation from the Board in accordance with Corporate Governance Guidelines.
  • Chen is now being tasked with delivering the FF 91 Futurist to market.
  • XF is acknowledged within the industry as one of the youngest executives in charge of the China side of business in automotive joint ventures. Chen is also well-versed in U.S. markets, the company noted.
  • "The Company's top priority right now is to deliver the FF 91 Futurist to our users with high quality and minimal cost, and to successfully realize the US-China dual home market strategy with the ultimate goal to maximize Faraday Future stockholder interest," said board chair Adam He.
  • The move comes after the EV company raised concerns about continuing its operations and delivering its FF91 luxury electric car.
  • Price Action: FFIE shares are trading higher by 2.50% at $0.3113 in premarket on the last check Tuesday.
  • Photo Via Company

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