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Faraday Future Abandons $1 Bil Nevada Plant Project

EV start-up now planning to find alternative production site.

by on Jul.11, 2017

Officials dug in at the May 2016 groundbreaking ceremony for what was to be a $1b plant.

Financially struggling battery-electric automaker Faraday Future will cancel plans to build a $1 billion assembly complex in the Nevada desert near Las Vegas, raising further questions about the start-up’s long-term future – and costing about 4,500 planned U.S. jobs.

Construction work at the plant has been on hold since last November and the company has been hit by legal claims from vendors who say they have not been paid. The latest setback comes days after a court in Shanghai reportedly froze some of the assets of Jia Yueting. The tech billionaire has been a key backer of both Faraday and another EV start-up, LeEco.

Come Along for the Ride!

But Faraday officials insist their company will move forward on plans to produce a long-range, high-performance electric vehicle, the FF91, which was unveiled at a splashy news conference in Las Vegas during the Consumer Electronics Show last January.

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Chinese-Funded Faraday Future Breaks Ground on $1 Bil Las Vegas Plant

Project set to be ready within two years.

by on Apr.14, 2016

Officials dig in at the groundbreaking ceremony for the new Faraday Future plant near Las Vegas.

The Chinese-backed battery-car start-up Faraday Future has broken ground for a $1 billion assembly plant set to rise in the Las Vegas suburbs.

The factory, which will eventually employ 4,500, is expected to produce a series of new electric vehicles, though the California-based company has provided only a faint glimmer of what it has in store once production begins in 2018.

Electrifying!

“Our aim is to complete a program that would normally take four years and do it in half the time, while still doing it right,” Dag Reckhorn, the head of global manufacturing for Faraday Future, said during a groundbreaking ceremony on a desert field in the Sin City suburb of North Las Vegas.

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Start-Up Faraday Future Picks Nevada for New EV Plant

Chinese-backed firm to invest $1 bil in plant near Las Vegas.

by on Dec.11, 2015

Nevada Gov. Brian Sandoval expects Faraday Future to generate 13,000 new jobs.

Secretive start-up carmaker Faraday Future has announced plans to invest $1 billion in a new assembly plant that it will erect in suburban Las Vegas.

Backed by the Chinese billionaire Jia Yueting, Faraday is promising to build a pure battery-electric vehicle that will target, among other rivals, the products of California’s Tesla Motors. Coincidentally, Tesla earlier this year began setting up a $5 billion battery plant, the so-called Gigafactory, near Reno, Nevada.

The Last Word!

As with the Gigafactory, Faraday was lured to the gambling mecca by a large tax incentive – this one reportedly worth $250 million. In return , the North Las Vegas factory is expected to generate 4,500 jobs and should even boost tourism by offering plant tours and “other engaging experiences,” the budding carmaker promised.

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