Faraday Future Loses 2 Top Execs, Following More News Of Financial Troubles
Following closely on rumors of “dire” financial problems at the firm, Faraday Future has lost 2 more of its top execs — the Chief Brand and Commercial Officer, Marco Mattiacci, and the company’s vice president for product marketing and growth, Joerg Sommer.
Previous to joining the company 7 months ago, Mattiacci had been president and CEO of Ferrari North America and Ferrari Asia Pacific, and also managing director and team principal of Scuderia Ferrari Formula 1 racing team.
Previous to being hired at Faraday Future 3 months ago, Sommer had been an exec at Volkswagen, and before that at Daimler, Renault, and Opel.
Going by the coverage from The Verge, Mattiacci was known by former company employees as someone “attempting to right the ship and fix many of FF’s financial mistakes.”
Here’s more from that coverage: “One source said the resignations of Mattiacci and Sommer could be seen as a round of belt-tightening by FF prior to the debut of its first production model at CES in two weeks. Both executives were highly compensated, and their departure could free up needed funds for the company.”
With regard to the comments at the start of the article about the company being in a “dire” financial situation, more can be found at the very interesting piece that The Verge did on that.
Overall, things seem to be looking very bleak for Faraday Future. Though, we’ll probably get a much better idea of where things are going around the time of CES 2017 in January, which we’ll be covering live from the ground. Will things flop completely around then? Or will the company impress with the vehicle it reveals?
Considering that the Faraday Future model to be revealed is reportedly aimed at the luxury market, rather than a more affordable segment, and that the competition there is high (and getting tougher with the Lucid Motors Air), I remain skeptical that the CES 2017 show will right the ship in any real way.
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