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Faraday Future Appoints Ford Motor Co. Executive as New VP Of Finance

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【Summary】Financially strapped electric vehicle startup Faraday Future (FF) announced today that Michael Agosta, former CFO of Ford Motor Company Middle East and Africa, has been appointed the position of Vice President of Finance in North America.

Eric Walz    May 18, 2018 3:17 PM PT
Faraday Future Appoints Ford Motor Co. Executive as New VP Of Finance
author: Eric Walz   

LOS ANGELES — Financially strapped electric vehicle startup Faraday Future (FF) announced today that Michael Agosta, former CFO of Ford Motor Company Middle East and Africa, has been appointed the position of Vice President of Finance in North America.

Prior to joining FF, Agosta was CFO Middle East and Africa for Ford Motor Company where he was based in Dubai. Agosta has served in additional roles as a regional controller in accounting, purchasing, product development, and marketing areas focused in the automotive Industry.

Effective immediately, Agosta will lead accounting, finance and internal controls at FF, in addition to the financial management team to coordinate daily finance-related functions.

"It's a great opportunity to join FF at this exciting time and lead its finance organization," Agosta said. "What I've seen at FF really amazed me – especially the significant efforts that everyone has put in building a clean, intelligent, connected, and shared future mobility solution. 2018 is going to be an exceptional year for FF to deliver its first FF 91 to the market, and I will lead my team to make sure we are ready for this goal and beyond."

Agosta has his work cut out for him. Faraday Future has been struggling to raise capital to build its FF91 electric vehicle. The company received a $1 billion lifeline last December to keep itself afloat. The source of the investment was not revealed, but it was announced just one day after Jia was placed on a debtor's blacklist by the Chinese government.

Last month, it was reported that Faraday Future, which is funded by LeEco founder Jia Yueting, won a bid to construct an assembly plant in Guangzhou's Nansha district through its newly-formed affiliate Ruichi Smart Car, according to the Guangzhou Public Resources Trading Center.

The plot of land designated for construction in a part of the free-trade zone dedicated to smart equipment and new energy vehicles was bought by Ruichi Smart Car on April 8th. However, the source of the funding for the RMB 364 million plot is unknown.

Jia, who is acting as Faraday's CEO, owes a reported $72 million, along with smaller amounts owed by his Chinese company, LeEco, whose own ambitious expansion plans have left it short on cash and unable to pay some suppliers.  

Faraday scrapped plans for a $1 billion U.S. factory in Arizona due to lack of funds. Other EV startups from China are moving ahead of FF with plans to release their own vehicles, including Silicon Valley-based SF Motors.


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