October 23, 2018 / 6:15 AM / 22 days ago

Faraday Future plans 20 pct pay cuts across the board, lay-offs

HONG KONG, Oct 23 (Reuters) - Faraday Future, a start-up that is developing electric vehicles, said on Tuesday it planned pay cuts of 20 percent for all staff, in addition to some layoffs, without providing details.

Faraday Future, which has ambitions to overtake Tesla , said the cuts were aimed at improving liquidity and reducing operational costs at the company. (Reporting By Anne Marie Roantree and Donny Kwok; Editing by Darren Schuettler)

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