Faraday Future appoints Xuefeng Chen as global CEO | The Financial Express

Faraday Future appoints Xuefeng Chen as global CEO

Chen succeeds Carsten Breitfeld, who was removed from the role by the board, the company added in a filing.

Faraday Future appoints Xuefeng Chen as global CEO
The Los Angeles-based company said it expects to start production of its FF 91 Futurist electric car at its manufacturing facility at the end of March 2023.

Electric-vehicle startup Faraday Future Intelligent Electric said on Monday it has appointed Xuefeng Chen as global chief executive officer, sending shares up 1.4% in extended trading.

Chen, who was most recently the CEO of the company’s China division and has spent nearly two decades in the automotive industry, succeeds Carsten Breitfeld, who was removed from the role by the board, the company added in a filing.

The development comes after Faraday Future said earlier this month it had “substantial doubt” about its ability to continue as a going concern, adding that it is uncertain when it can complete first deliveries of its FF 91 luxury electric car.

Los Angeles-based Faraday Future also said in September it had reached an agreement with its largest shareholder to resolve a governance dispute, adding that Sue Swenson will step down as executive chairperson.

Earlier in August, several employees of Faraday Future had called on the board and shareholders to remove Swenson alleging the executive chairperson had organized attempts to “push the company into bankruptcy and restructuring”. 

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First published on: 29-11-2022 at 10:30 IST