Shulou(Shulou.com)11/24 Report--

According to court documents on September 20, the future majority shareholder of Faraday, an electric car start-up, filed a lawsuit against the company, demanding the removal of two board members, escalating the dispute over future board reform.

At present, Faraday has not yet started mass production of FF 91 luxury electric vehicles in the future. FF Top, a major shareholder, has been pressing the company to remove Susan Swenson, the executive chairman, and Brian Krolicki, a board member.

FF Top owns more than 20 per cent of Faraday's shares in the future and about 36 per cent of voting rights. In a lawsuit filed with the Delaware Court of Chancery (Delaware Court of Chancery) on Monday, local time, FF Top said Faraday's future was "suffering from a leadership crisis at the board level".

FF Top added that "the current board has pushed the company into a corner".

In a separate filing with the US securities regulator, FF Top said it had given notice to Faraday's future to nominate Li Han and Xin He to replace Mr Swenson and Mr Crowley.

Last month, several future Faraday employees called on the board and shareholders to oust Mr Swenson, saying he was trying to "push the company into bankruptcy and restructuring".

Earlier this month, FF Top sent a notice to Faraday's future demanding that Mr Swenson be fired.

Faraday has been grappling with high costs and supply chain disruptions in the future, delaying production of the FF 91 electric vehicle until the fourth quarter of 2022.

To make matters worse, PricewaterhouseCoopers, a third-party auditor hired by the company, resigned last month, citing a lack of effective internal controls.

Faraday's share price has fallen by about 93% since it went public in July last year through a merger with a blank cheque company.

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