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.
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