Faraday Future Terminates Contract With Nevada and Pays Back Rebate
Last year, Faraday Future surprised everyone by promising its high-end car that could go faster than Tesla Model S. They, then promised to develop the cars in high numbers, and even started working on mega-factory in Nevada backed by the funding of LeEco CEO Jia Yueting.
Now, the company has handed all the money that it took as an incentive from Nevada back. A total of $335 million was to be given to the company as a part of the deal that was completed in 2015, but FF didn’t reach the stipulated limit and hence, the situation came to this!
The company sent a letter to the Governer’s Office of Economic Development and voluntarily relinquishing the status as being a “qualified project”, the title which led it to get the infrastructure building package and a state tax abatement.
The company has announced that it’ll be working out of a small factory in Central California. In the recent time, Faraday Future has been more realistic and quiet, but that’s expected of a company that has been losing resources left, right and centre.