Faraday abandons its proposed $1 billion Nevada factory

Desperate for cash, Tesla competitor Faraday Future scales back plans yet again

The company is headed by Chinese billionaire Jia Yueting, who fancies himself as another Elon Musk but is really more like a latter day version of Preston Tucker.

The company says it is keeping the 900 acres it bought for the plant at Apex in case they decide to build there in the future. Electric vehicle maker Faraday Future said Monday, July 10, 2017 that it is deserting. Now, Faraday Future's short-term plans no longer include building the expensive facility, which broke ground in April 2016.

"I think the next 12 months are going to be very telling", Brauer said.

Don't forget what was said about the company's FF91 electric vehicle at its unveiling: "It no longer is just a auto". "It could drastically change the look of the electric vehicle industry".

There are a lot of companies out there nowadays that seem to be essentially nothing but PR gimmicks - Faraday Future is certainly not alone in that respect - but the company did seem to take that sort of approach to business even further than most. The company said that Jia's financial problems were not related to the decision.

Desperate for cash, Tesla competitor Faraday Future scales back plans yet again

Amid a cash crunch, Jia last week ceded the chief executive officer role at Leshi and said he would step down from its board to focus on serving as chairman of LeEco's auto unit. At the same time, he reaffirmed his commitment to Faraday. "Tesla has sold vehicles, but it's not made any money, and that whole segment is not doing particularly well", Krebs said.

Although it appears to be losing a major anchor on the Apex site, North Las Vegas Mayor John Lee said plans are in place to move forward on the site with other projects.

State Treasurer Dan Schwartz, a critic of the project, blamed state officials for giving false hope that the plant "would magically create 4,500 jobs".

"The state recognized both the opportunity a large manufacturing facility could provide as well as the inherent risk associated with a startup company attempting this endeavor", the Nevada governor's office said in an emailed statement to Automotive News.

"The history of this industry is littered with grand startups that never came true", Brauer observes. "Faraday has all the earmarks of one of those companies that promises you the world but doesn't necessarily deliver it".

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