Faraday Future Selects Xuefeng Chen As Its Worldwide Chief Executive Officer

Faraday Future Intelligent Electric, a startup manufacturer of electric vehicles, announced on Monday the appointment of Xuefeng Chen as worldwide chief executive officer, causing its shares to rise 1.4% in extended trading.

Chen, who most recently served as CEO of the business's China division and has over two decades of experience in the automotive sector, follows Carsten Breitfeld, who was ousted from the position by the board, according to a filing by the company.

This news follows Faraday Future's announcement earlier this month that the company has "serious uncertainty" about its ability to continue as a going concern, and that it is unsure when it will begin delivering its FF 91 premium electric vehicle.

Faraday Future, located near Los Angeles, said in September that it had resolved a governance disagreement with its largest stakeholder and that Sue Swenson will stand down as executive chair.

Earlier in August, many Faraday Future workers petitioned the board and shareholders to remove Swenson on the grounds that he orchestrated efforts to "drive the firm into bankruptcy and reorganization."