Faraday's future product executive director resigned, and the company had only $27 million in cash.

CTOnews.com, Nov. 30-Bloomberg News on Tuesday quoted sources as saying that Robert Kruse, Faraday's future product executive, has resigned. It is reported that Kruse joined Faraday in 2019 and was a former GM executive.

CTOnews.com learned that Faraday's future board yesterday sacked chief executive Carsten Breitfeld as global chief executive and appointed Chen Xuefeng as global chief executive.

The company had only $27 million in cash as of October 25 and is trying to cut costs through a round of vacations for several teams this week, according to people familiar with the matter.

Earlier this month, the company announced an equity purchase agreement to sell up to $350 million of shares to a Yorkville Advisors Global LP affiliate. Faraday announced at the end of October a company-wide pay cut of at least 25%.