Faraday Future halts construction of $1bn factory

Photo: Faraday Future

Faraday Future has halted the construction of its proposed billion-dollar factory in North Las Vegas, Nevada as it bids to find fresh investment and stay on target to deliver its first range of road cars in 2018.

Faraday Future announced back in November that it had broken ground on a “3 million square foot, 900-acre development will create approximately 4,500 direct jobs over a 10-year period to the state”.

The company’s first electric production vehicle, the FF 91, was unveiled at the Consumer Electronics Show in Las Vegas in January, and featured at the famous Pikes Peak hill climb last month, beating the existing production EV record by 20 seconds.

However, Faraday Future’s financial struggles have been well-documented, with billionaire owner Jia Yueting recently resigning from a number of roles in his Chinese technology company, LeEco, as well as having $182 million of his assets frozen in court.

In a statement issued by Faraday Future to The Nevada Independent on Monday night, it was confirmed that construction of the factory had been halted for the time being.

“We have decided to put a hold on our factory at the Apex site in North Las Vegas. We remain committed to the Apex site in Las Vegas for long-term vehicle manufacturing,” chief financial officer Stefan Krause said.

“We at Faraday Future are significantly shifting our business strategy to position the company as the leader in user-ship personal mobility — a vehicle usage model that reimagines the way users access mobility.

“As a result of this shift in direction, we are in the final stages of confirming a new manufacturing facility that presents a faster path to start-of-production and aligns with future strategic options.”

Leave a Reply

Your email address will not be published. Required fields are marked *