Faraday Future, a US-based electric vehicle (EV) start-up, said on Tuesday it plans pay cuts of 20 percent for all staff and an unspecified number of lay-offs, in a bid to reduce operational costs.

The company is embroiled in a stand-off with its primary investor, China's Evergrande Health Industry Group, after a planned $2 billion investment from the unit of Evergrande Group went sour.

Faraday Future Chief Executive Jia Yueting also agreed to an annual salary of $1, the company said. The EV start-up did not say how many staff would be laid off.

"We are in the process of implementing plans to cut staff wages by 20 percent. Hourly paid workers will also see a wage cut of 20 percent and this will take immediate effect in accordance with the law in California," the company said.

Faraday Future was founded by entrepreneur Jia, whose conglomerate LeEco is battling a cash crunch after a period of rapid expansion. The start-up posted a net loss of $339.6 million in 2017.