Start-up Faraday Future – CEO Breitfeld dismissed

Which businesses, one might ask. The American electric car manufacturer once started with high hopes. Faraday Future is now once again facing an existential crisis. It is still uncertain when the first units of the electric luxury sedan FF 91 can be delivered. In January 2017, FF presented a vehicle for the first time during the Consumer Electronics Show.

Now China takes the wheel

Xuefeng Chen, known as XF, has been in the automotive industry for almost 20 years and managed China joint ventures at Ford, Mazda, and Jaguar Land Rover. Institutional investors from Europe, America, and especially from Asia have already invested over a billion in the startup and now expect Chen to ensure the debut model FF 91 finally hits the market.

"I believe that the decision to appoint XF at this critical stage of the company was made at the right time," says FF Chairman of the Board Adam He. "XF is a top talent in the global automotive industry and has both a global perspective and extensive practical experience across the entire global automotive industry. His years of experience at Ford and Jaguar Land Rover will provide a solid foundation for leading Faraday Future's global team." The company's top priority now is to deliver the FF 91 "with high quality and minimal costs to our customers."

Faraday Future – repeatedly in existential crisis

The startup's problems have caused the previously hyped stock market value to crash by more than 90 percent this year. This was also the reason given for the dismissal of Carsten Breitfeld, stating that the resignation was due to a “comprehensive evaluation of the company’s performance since going public in July 2021.”

For the German top manager, this is already the third premature departure from an automotive startup. From 2016 to 2019, Breitfeld was the CEO at Byton. Following the failure of the Byton project, he joined the startup Iconiq, which he left the same year to take the helm at Faraday Future.