Faraday abandons its proposed $1 billion Nevada factory

From Engadget - July 10, 2017

The idea is to move into a smaller, existing factory and hopefully have cars rolling off the assembly line by the end of next year. Nevada lawmakers insist that the state wo not be left in a lurch because there were forms of insulation between the company and tax breaks and abatements. Those payouts were dependent on Faraday hitting certain milestones along the way to its massive factory opening.

"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," Stefan Krause, Faraday Future's chief financial officer told the Independent in a statement. "We at Faraday Future are significantly shifting our business strategy to position the company as the leader in user-ship personal mobilitya 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."


Continue reading at Engadget »