Faraday Future appoints Xuefeng Chen as global CEO

Electric-vehicle startup Faraday Future Intelligent Electric said on Monday it has appointed Xuefeng Chen as global chief executive officer, sending shares up 1.4% in extended trading.

Chen, who was most recently the CEO of the company’s China division and has spent nearly two decades in the automotive industry, succeeds Carsten Breitfeld, who was removed from the role by the board, the company added in a filing.

The development comes after Faraday Future said earlier this month it had “substantial doubt” about its ability to continue as a going concern, adding that it is uncertain when it can complete first deliveries of its FF 91 luxury electric car.

Los Angeles-based Faraday Future also said in September it had reached an agreement with its largest shareholder to resolve a governance dispute, adding that Sue Swenson will step down as executive chairperson.

Earlier in August, several employees of Faraday Future had called on the board and shareholders to remove Swenson alleging the executive chairperson had organized attempts to “push the company into bankruptcy and restructuring”.