Faraday Sues Ex-execs For Alleged Trade Secrets Theft
Electric automaker Faraday & Future is taking two of its former Chief Financial officers to court, alleging that he stole intellectual property and is using it in their new startup. The company is accusing both its former CFO Stefan Krause and Chief Technology Officer (CTO) Ulrish Kranz of bringing more than 20 employees of Faraday in order to rival the company. The startup, Evelozcity, is accused of using technology secrets in order to undermine their former employer.
Faraday claims that both Krause and Kranz used technology that they stole from their former employer’s development of its FF-91 prototype car that they debuted in Las Vegas last year. The company had claimed at the time that the FF-91 was faster than a Tesla, which would make it the faster production electric car in the world. The problem was that the company struggled to raise money and Faraday’s CEO Jio Yueting was ordered by a Chinese court to return to the country over a money dispute.
Krause and Krantz claim that they left Faraday over shady dealings from Yueting and that they did not steal any intellectual property from their former employer. They also said that this is just yet another shady practice from Yueting, who they say is hard up for money because of his legal problems in China. The entire dispute will hinge on the actual departure date of Stefan Krause from Faraday which Krause claims was backdated by Jueting in order to accuse him of committing improprieties later on.