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Jia Yueting, the founder and former CEO of Faraday Future, has filed for Chapter 11 bankruptcy in order to pay off his debts in China.Jia claims that he still owes around US$3.6 billion to over 100 creditors, mostly due to the collapse of the tech conglomerate he founded, LeEco. His history of taking on debt has earned him a spot on the national debtor blacklist in China, which prompted his move to the U.S.According to The Verge, before Jia goes court, he is offering to fulfill his debts through a trust backed by the value of his Faraday Future ownership stake. The creditors will only be paid out if Faraday Future goes public. Some 90 per cent of the people or businesses owed money need to approve the plan by November 8, and by signing the plan, the creditors also release Jia from all personal liability and claims.A separate plan is also underway wherein the creditors would vote on the Chapter 11 bankruptcy, but that would involve more court oversight and could ultimately cost more time and money things Jia doesnt have.The company has been on rocky ground since its inception. Faraday Future originally started with a US$800 million injection from Chinese real estate conglomerate Evergrande in 2018, and that translated to a US$477 million loss at the years end. Since its founding, Faraday Future has lost US$2.15
Origin: Faraday Future founder files for bankruptcy

Detroit, Michigan Ð Jan. 14, 2019 Ð Reid Bigland, Head of Ram Brand, celebrates after 2019 Ram 1500 was named North American Truck of the Year (NATOY) at the North American International Auto Show today. Selected by a jury of automotive journalists, the NATOY award joins a long list of awards won by the Ram brand this year. For more information contact Dave Elshoff at 248-797-2300 or Nick Cappa at 248-202-8039. Reid Bigland, the U.S. sales chief of Fiat Chrysler Automobiles (FCA), has filed a “whistleblower” lawsuit against the automaker, claiming he’s been made a scapegoat over a federal probe into inflated sales reporting practices. According to the suit, Bigland said he has cooperated with the Securities and Exchange Commission (SEC) and has testified about the sales reports, which he said predated his appointment to the position of sales chief in 2011. Bigland claimed that last March, as punishment for his testimony, FCA slashed his pay by about 90 per cent. The automaker would use his withheld salary to pay any penalties levied by the SEC. Bigland wrote a letter to federal investigators and to FCA last year outlining the reporting practices, which he said “he inherited.” He said he had not manipulated the methodology used to calculate sales. The lawsuit said the automaker’s actions will cost Bigland more than US$1.8 million in his bonus and stock payout. According to the suit, Bigland sold his shares in FCA last year, which the automaker did not like. The suit is asking for unspecified damages. FCA said in a statement that, like all of its corporate officers, Bigland’s bonus is subject to the company’s discretion. According to Automotive News, FCA voluntarily changed the way it reported its U.S. monthly sales, starting in July 2016. It then restated its results for the previous five years using the new method—which turned a previously-reported 75-month-long string of sales increases into about half that. Bigland said he wasn’t part of the new sales reporting process, and was only told that the automaker was considering using different methods. Born in Kamloops, British Columbia, Bigland became CEO of Chrysler Canada in 2006. Along with his position as head of U.S. sales, Bigland also heads up the Ram truck brand, and previously led Dodge, Alfa Romeo, and Maserati. According to the Detroit News, the SEC began its investigations after two dealers in Illinois filed a civil racketeering lawsuit against FCA in 2016, saying the company offered its dealers money to report unsold vehicles as sold. A judge dismissed the racketeering claims and FCA settled the civil
Origin: Fiat Chrysler’s U.S. sales chief files ‘whistleblower’ lawsuit over sales reports