Faraday Future Scraps Las Vegas Plant Plans

By August 15, 2017Executive Hotline

The electric car maker said in mid July it is deserting its plan to construct a $1 billion manufacturing plant in southern Nevada eight months after suspending the project and sinking at least $120 million into it.
Faraday Future halted work on the project outside Las Vegas last November, calling the stoppage then a “temporary adjustment” that wouldn’t affect plans to begin production in 2018.
Faraday Future chief financial officer Stefan Krause said the decision to scrap the plant was due to a shift in business strategy. The Gardena, California-based company said in a statement that it will now look for an existing facility to produce its electric vehicles in California or Nevada.