Faraday Future Stops Work on the Nevada Plant
After an unsuccessful bid to look for funding, Faraday Future has halted its plans of building a $1 Billion factory in Nevada.
The electric-vehicle startup that has been backed by the LeEco founder Jia Yueting had been previously looking for an investment of $1 Billion after Jia was unable to provide further funding due to the cash crunch and further issues at LeEco. The trouble tycoon has been working to help the LeEco’s car business’ survival.
As per the emailed statement, the North Las Vegas plant that was to build the Faraday Future‘s 1,050-horsepower FF 91, has already been put on hold. Faraday had claimed earlier about FF 91 being the world’s fastest electric car, with a video of the vehicle beating a souped-up version of Tesla’s Model S sedan.
Faraday gave a statement about the company identifying a manufacturing facility, which will allow a faster start of the production and will align with the company’s future strategic options.
Due to the cash crunch, Jia has ceded the position of Leshi’s CEO and will continue to focus on the role of chairman of Faraday Future and LeEco’s auto unit
Faraday Future has said that the company will keep all the rights to the site in North Las Vegas and plan to develop a vehicle production facility on the site in the long term.