Things at long-troubled EV startup Faraday Future continue to get worse as its arbitration proceedings with investor Evergrande Health drag on. Faraday released a statement on Tuesday via Twitter that attempts to offset some of the negative publicity that the arbitration and subsequent financial difficulties have brought about.
The statement outlines the position in which Faraday Future finds itself, explains that it is forced to furlough even more employees as its cashflow troubles mount and blames everything on Evergrande and the arbitration process.
It fails to mention that the arbitrator agreed to let FF seek short-term outside funding while the arbitration process goes on, but wouldn't relax Evergrande's claims on Faraday Future's intellectual property which FF CEO Jia Yueting put up as part of the initial investment deal with Evergrande.
With very little to offer investors beyond what it calls its "seasoned tech and automotive management," Faraday's immediate future is looking incredibly bleak and its assertion that it hopes to solve its funding issues in two or three months seems a bit hollow.