Published: Tue, July 11, 2017
Entertaiment | By Lawrence Myers

Faraday stops work on North Las Vegas factory

Faraday stops work on North Las Vegas factory

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.

In a statement via the Nevada Independent, Faraday Future chief financial officer Stefan Krause said the startup will focus on other quicker ways to reach its production goals. At the moment, Faraday will also look for an existing facility in Nevada or California for manufacturing in order to meet its goal of shipping a vehicle by 2018, according to Business Insider.

"Faraday has played an important part by investing nearly $50 million in land improvements and critical design and engineering work at Apex Industrial Park". The company's primary funder, Chinese entrepreneur Jia Yueting, is in deep financial trouble.

Faraday Future previously said it planned to produce cars in 2018. SF Motors, about which little is known, is another Chinese owned electric vehicle startup that has recently agreed to take over an idle factory near South Bend, Indiana.

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

The company is attempting an exceptionally expensive feat - one that Tesla has not pulled off, Autotrader Executive Analyst Michelle Krebs said.

But, North Las Vegas city leaders said they were confident that Faraday would eventually finish the facility.

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".

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The state's agreement with Faraday required the company to fully invest a minimum of $1 billion to receive incentives, the Nevada Governor's Office of Economic Development said in an emailed statement.

Gov. Brian Sandoval and Nevada lawmakers approved $215 million in tax breaks and $120 million in infrastructure improvements for the project in 2015.

"The history of this industry is littered with grand startups that never came true", Brauer observes.

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