Faraday Future to cut salaries and lay-off employees

An electric car startup in the South Valley is reportedly making significant cuts in order to stay in business.

Faraday Future is based in Los Angeles but has a plant in Hanford.

"The Verge" news website is reporting Faraday is cutting employees' salaries by 20-percent and laying off some others.

The company CEO has even agreed to decrease his salary to one dollar.

Just last week, Faraday Future claimed its main investor was withholding millions of dollars in funding.

That same investor committed $2 billion to the electric car start-up.

The investor made an initial payment of $800 million but never paid the rest of the funds.

The dispute is now reportedly headed to arbitration.